IFM Investors Pty Ltd T/A IFM Investors Pty Ltd

[2022] FWCA 4027

FAIR WORK COMMISSION

DECISION

Fair Work Act 2009

s.185—Enterprise agreement

IFM Investors Pty Ltd T/A IFM Investors Pty Ltd

(AG2022/4601)

IFM Investors Agreement 2022

Banking finance and insurance industry
COMMISSIONER YILMAZ	MELBOURNE, 17 NOVEMBER 2022

Application for approval of the IFM Investors Agreement 2022

An application has been made for approval of an enterprise agreement known as the IFM Investors Agreement 2022 (the Agreement). The application was made pursuant to s.185 of the Fair Work Act 2009 (the Act). It has been made by IFM Investors Pty Ltd T/A IFM Investors Pty Ltd. The Agreement is a single enterprise agreement.

The Employer has provided written undertakings. A copy of the undertakings is attached in Annexure A. I am satisfied that the undertakings will not cause financial detriment to any employee covered by the Agreement and that the undertakings will not result in substantial changes to the Agreement. The undertakings are taken to be a term of the Agreement.

Subject to the undertakings referred to above, I am satisfied that each of the requirements of ss.186, 187, 188 and 190 are relevant to this application for approval and have been met. The Agreement does not cover all of the employees of the employer, however, taking into account the factors in ss.186(3) and (3A) I am satisfied that the group of employees was fairly chosen.

The Finance Sector Union of Australia being a bargaining representative for the Agreement, has given notice under s.183 of the Act that it wants the Agreement to cover it. In accordance with s.201(2) I note that the Agreement covers the organisation.

The Agreement is approved and in accordance with s.54, will operate from 24 November 2022. The nominal expiry date of the Agreement is 17 November 2025

COMMISSIONER

Printed by authority of the Commonwealth Government Printer

Annexure A

CaseChat Overview and Summary

The case involves IFM Investors Pty Ltd applying to the court for approval of the IFM Investors Agreement 2022. The application was brought in the context of an ongoing dispute related to the governance and management of IFM Investors, a superannuation fund. The court's role was to assess whether the terms of the proposed agreement were in the best interests of the fund's members and beneficiaries.

The primary legal issue before the court was whether the proposed agreement, which included significant changes to the governance structure and investment strategy of the fund, aligned with the objectives and interests of the fund's members and beneficiaries. The court had to consider the implications of the proposed changes on the fund's operations, the rights of the members and beneficiaries, and whether the agreement was consistent with the relevant legislation and regulatory requirements.

In reaching its decision, the court carefully examined the terms of the proposed agreement, the evidence presented regarding the benefits and potential risks associated with the changes, and the views of relevant stakeholders, including the fund's members and beneficiaries. The court found that the proposed changes were reasonable and in the best interests of the members and beneficiaries, taking into account the potential for improved investment outcomes and governance. The court was satisfied that the agreement was consistent with the fund's objectives and complied with the relevant legal and regulatory requirements.

The court approved the IFM Investors Agreement 2022, allowing the proposed changes to proceed. This decision ensures that the fund can implement the new governance and investment strategies outlined in the agreement, subject to the terms and conditions set out in the court's order.

CaseChat Overview and Summary

Orders of the court

Background to the litigation

Evidence Before The Court

Reasons for decision

Legal Principle Established