IFM Investors Pty Ltd

[2015] FWCA 1617

[2015] FWCA 1617

FAIR WORK COMMISSION

DECISION

Fair Work Act 2009
s 185 - Application for approval of a single-enterprise agreement

IFM Investors Pty Ltd
(AG2015/1927)

IFM INVESTORS AGREEMENT 2015

Banking finance and insurance industry
DEPUTY PRESIDENT SAMS	SYDNEY, 10 MARCH 2015

Application for approval of the IFM Investors Agreement 2015.

[1] This is an application, pursuant to s 185 of the Fair Work Act 2009 (the ‘Act’), filed by IFM Investors Pty Ltd (the ‘applicant’) which seeks the approval of the Fair Work Commission (the ‘Commission’) of a single enterprise agreement to be known as the IFM Investors Agreement 2015 (the ‘Agreement’). The Agreement was negotiated with the Finance Sector Union of Australia (the ‘Union’) and is to cover 162 employees who are engaged in the provision of investment services.

[2] The employees were last notified of their representational rights on 8 October 2014, and voting for the Agreement’s approval took place between 3 and 5 February 2015. The time limits under s 181(2) of the Act are thereby satisfied. In an electronic ballot, 112 of the 124 employees who cast a valid vote, agreed to approve the Agreement. The application for approval of the Agreement was lodged on 17 February 2015, thereby satisfying s 185(3) of the Act.

[3] In a well prepared Employer’s Declaration in support of the application (Form F17) Ms K Sarcevic, Human Resources Director, identified the Banking, Finance and Insurance Award 2010 [MA000019] as the relevant reference instrument for the purposes of the Better Off Overall Test (the ‘BOOT’). Ms Sarcevicsaid that the Agreement does provide for some terms and conditions that are less beneficial than those under the Award, including the removal of a job search entitlement in case of termination, the removal of a number of allowances and a lack of provision of penalty rates for work performed on weekends and public holidays. However, the Agreement provides for a wide range of terms and conditions that are in excess of, or more beneficial than those under the Award, including higher rates of pay, reduced span of ordinary hours, additional leave around the Christmas/New Year period and more generous superannuation entitlements. I am satisfied that the Agreement passes the BOOT. The Agreement provides for the mandatory flexibility and consultation terms at clauses 3.3 and 10 respectively, and a disputes resolution procedure at clause 11 provides for conciliation and arbitration by the Commission.

[4] At a hearing of the application on 3 March 2015, Ms K Sarcevic appeared for the applicant and Mr R Lowrey for the Union. Ms Sarcevic outlined the main features of the Agreement and submitted that all of the legislative requirements for approval of the Agreement have been satisfied and the Agreement should be approved by the Commission. She explained that rates of pay are to be increased by 3.5% on 1 July of each year during the nominal term of the Agreement. Mr Lowrey supported the submissions of Ms Sarcevic. The Union had filed a Declaration in relation to the application (Form 18) supporting the approval of the Agreement and giving notice that it wishes to be covered by the Agreement (s 183). For the purposes of s 201(2) of the Act, I note that the Union is to be covered by the Agreement.

[5] Having heard the parties’ submissions and upon reviewing the terms of the preapproval process documentation and the Agreement itself, I am satisfied that all of the requirements of the Act, in particular ss 180, 186, 187 and 188, in so far as relevant to this application, have been met. Accordingly, I approve a single enterprise agreement known as the IFM Investors Agreement 2015.Pursuant to s 54 of the Act and in accordance with the Agreement, the Agreement shall operate from 1 July 2015 and have a nominal expiry date of 1 July 2018.

DEPUTY PRESIDENT

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