AustralianSuper, Australia’s largest superannuation fund, has fully divested its US$580 million stake in logistics software company WiseTech Global due to governance concerns.

The decision follows the return of founder Richard White as executive chairman and the resignation of four independent directors, which breached ASX requirements. A board-commissioned review found White misled the company about personal relationships with employees.

Reports also revealed he paid US$2 million to settle a dispute with a former partner and bought a US$7 million property for an employee he had a long-term relationship with.

Despite WiseTech’s governance issues, it continues to attract investment bank analysts, with 14 buy recommendations. Shares have dropped over 30% since the independent directors resigned but rose slightly to US$85.40 on Mar. 26.

Other shareholders, including Aware Super and HESTA, hold around 2.5% of the company and have expressed concerns, with HESTA calling for changes to the board.

WiseTech has not commented on AustralianSuper’s divestment.