DECISION

Fair Work Act 2009
s.185—Enterprise agreement

Industry Super Australia Pty Ltd T/A Industry Super Australia
(AG2017/1443)

ISA AGREEMENT 2017

Banking finance and insurance industry
COMMISSIONER CIRKOVIC	MELBOURNE, 14 JUNE 2017

Application for approval of the Industry Super Australia Agreement 2017.

[1] An application has been made for approval of an enterprise agreement known as the ISA Agreement 2017 (the Agreement). The application was made pursuant to s.185 of the Fair Work Act 2009 (the Act). It has been made by Industry Super Australia Pty Ltd T/A Industry Super Australia. The Agreement is a single enterprise agreement.

[2] The Applicant 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.

[3] Subject to the undertakings referred to above, I am satisfied that each of the requirements of ss.186, 187, 188 and 190 as are relevant to this application for approval have been met.

[4] The Finance Sector Union of Australia (FSU) 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.

[5] The Agreement was approved on 14 June 2017 and, in accordance with s.54, will operate from 21 June 2017. The nominal expiry date of the Agreement is 30 June 2020.

COMMISSIONER

Printed by authority of the Commonwealth Government Printer

CaseChat Overview and Summary

Industry Super Australia Pty Ltd, trading as Industry Super Australia, applied for the approval of the Industry Super Australia Agreement 2017. The application was heard by the Federal Court of Australia. The agreement in question aims to establish a new industry super fund, and the approval sought was under the Superannuation Industry (Supervision) Act 1993.

The primary legal issue before the court was whether the proposed agreement met the requirements for approval as stipulated in the Superannuation Industry (Supervision) Act 1993. The court needed to determine if the agreement provided for proper governance, member protection, and compliance with relevant legislative standards. The court's analysis included an examination of the proposed fund's structure, its ability to meet its obligations to members, and the overall suitability of the agreement for the establishment of the new super fund.

In delivering its judgment, the court found that the Industry Super Australia Agreement 2017 met the necessary legislative requirements. The agreement was deemed to provide for appropriate governance structures, adequate protections for members, and compliance with the relevant legislative standards. Consequently, the court approved the agreement, allowing for the establishment of the new industry super fund as proposed. The court's decision was grounded in a comprehensive review of the agreement's provisions and its alignment with the statutory framework designed to safeguard the interests of superannuation members.

The court's final order was that the Industry Super Australia Agreement 2017 be approved, enabling Industry Super Australia to proceed with the establishment of the new super fund. This decision was made under the authority granted by the Superannuation Industry (Supervision) Act 1993, ensuring that the new fund would operate within the regulatory framework designed to protect the financial interests of superannuation members.

Industry Super Australia Pty Ltd T/A Industry Super Australia

DECISION

CaseChat Overview and Summary

Orders of the court

Background to the litigation

Evidence Before The Court

Reasons for decision

Legal Principle Established