Is Liberal-led committee picking on IFM Investors?
Industry funds-owned investment management firm, IFM Investors has signalled it believes it is being particularly targeted by the House of Representatives Standing Committee on Economics with no other investment manager being subjected to similar scrutiny.
In a letter to the committee sent just before the Christmas shutdown, IFM Investors noted that “it is the only funds manager called to appear before this inquiry”.
The letter was signed by David Whiteley as IFM Investors global head of external relations. Whiteley was previously the chief executive of Industry Super Australia (ISA).
“At the request of the committee, IFM has appeared before the Inquiry on two occasions over a 12-month period and its parent company, Industry Super Holdings (ISH), has appeared once,” the letter to the committee said.
“None of IFM’s competitors have been called before the inquiry (Macquarie appeared in its capacity as a bank, not for its funds management business).”
“IFM has responded to almost 100 questions in writing from the committee, all but three of which are from committee chair, Mr Wilson. IFM has responded to many more questions during its appearances before the Inquiry,” the letter said.
“IFM has no objection to assisting the committee in its oversight of the financial services sector and is supportive of the role of the Parliament in this endeavour. However, this oversight should not place one sector or institution at a competitive or commercial disadvantage to others,” the IFM Investors letter said.
IFM Investors also used the letter to raise concerns about its chairman appearing before the committee.
“As IFM has previously advised, its chief executive is the appropriate representative of the firm before the committee. IFM has fully cooperated with this Inquiry for over 12 months, sending three witnesses – its current chief executive, its former chief executive, and its global head of infrastructure – to appear before the Inquiry,” it said.
“Furthermore, IFM’s deputy chief executive has appeared on behalf of ISH. To IFM’s knowledge, the committee is not seeking to call the chairs of any other fund managers before it, nor has any other non-operational holding company of a financial institution been called.”
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