CBA in favour of sovereign wealth fund backing

Company News

Commonwealth Bank of Australia’s (ASX:CBA) chief executive is strongly in favour of a Norwegian-style sovereign wealth fund, according to Fairfax Media.

Ralph Norris reportedly said Australia should look to get a return from mining companies recovering resources.

Fairfax Media reports that chief executives from Lend Lease, Tabcorp, Mirvac, CSL, Foster’s, Orica, Coca-Cola Amatil as well as Reserve Bank governor Glenn Stevens are said to be in favour of a fund to ensure Australia benefits from the current mining boom in the future.

Commonwealth Bank reported a half yearly net profit of $3 billion to December 31, 2010.