The Assistant Minister for Superannuation, Financial Services and Financial Technology, Senator Jane Hume, has taken a direct swipe at the practices of industry funds-backed asset consultant, IFM Investors, questioning a $12.7 million bonus paid to an unnamed director.
In doing so, Hume accused the Federal Opposition Labor party of double standards.
The Assistant Minister described IFM Investors as being “notoriously opaque” and claimed that the business had paid “a whopping $12.7 million bonus to an unnamed director, on top of their $2.8 million salary".
“It’s concerning that the owners of IFM – 27 all profit for members super funds – a pouring their members’ money into an entity generating super-profits for executive, with alarmingly little transparency for members about where that money goes,” she said.
Hume said she could only wonder if a $12.7 million director’s payday was consistent with IFM’s ‘responsibility’ to put their fund members’ interests first.
“All profits for members, or fat profits for executives – what does Labor say?” she asked.