Cr Lake’s past to present bullying behaviour is not the only concern for the Monash Community.
He sits on many superannuation boards and a private equity and property funds company. While he is a director of Vision Super (the fund management entity that manage the Defined Superannuation funds for council employees), he also own shares.
It is common knowledge that many superannuation funds are the key players in property investments – they fund property developers. Cr Lake leads the Glen Waverley Activity Centre subcommittee, and a key influencer in directing the massive redevelopment of Glen Waverley and the sale of the Glen Waverley central car park. Obviously he did not consider any conflict of interest between his personal and council work to date, because he did not declare any potential conflict of interest, even indirect ones.
Alarm bells were ringing last year when the Mayne report (July, 2015) highlighted that Lake failed to disclose that he is pocketing $70,000 a year from his Vision Super board seat as one of two representatives of the Municipal Association of Victoria. The report said “He wouldn’t be getting this much as deputy chair without the voting support of the four ASU directors and broader support from Labor councillors in Victoria. At City of Melbourne, we have a policy that councillors appointed to board seats return any fees paid to council. This is just one of many governance issues at the MAV which Lake, as a former President and the longest serving director, needs to sort out following this damning report by the Victorian Auditor General earlier this year.”
The 26 April 2016 Waverley Leader recently reported that he is regular recipient of gifts, which the Monash community hears for the first time, including his connections with Asian targeted property investment funds, which fund property developers.