Ms Abildgaard’s claims have been supported by copies of WhatsApp messages and witness statements from current and former IFM employees. Mr Michel-Verdier, who is still employed by IFM, has denied the allegations. The tribunal, which held hearings in January, is due to hear closing submissions on April 17.
‘Diversity and equality a priority’
IFM told The Australian Financial Review that it was working towards a “mutually agreeable settlement” with Ms Abildgaard and wanted to ensure her charitable endeavours were supported.
Ms Abildgaard, who declined to comment on the case, set up a charity, Legal Aid for Business Diversity, to help people pay for litigation when they experience harassment or discrimination at work after resigning from IFM in April 2018, when she informed IFM of the alleged harassment.
IFM said it investigated harassment complaints promptly, and that diversity and equality in its workplace was “a priority” with 51 per cent of new hires in 2018 female.
“The IFM board and senior management are committed to continuous improvement, and we are implementing further measures to strengthen our workplace culture,” a spokesman said.
IFM’s human resources team has been based in Melbourne and Sydney but the group hired a human resources manager, Sarah Momoko Green, in late 2018 for its London office and is appointing a human resources manager for its New York office.
As well as detailing harassment allegations against Mr Michel-Verdier during the tribunal hearings, Ms Abildgaard raised concerns over how the investment group handled her allegations, claiming she was subjected to “retaliation” and “victimisation” after making a formal complaint.
“I perceived IFM Investors to have an incentive to ‘brush the whole thing under the carpet’: it does not look good to investors (pension funds in particular) when a very senior member of staff is found to have behaved highly inappropriately towards several female employees for years (and the organisation has ignored several complaints for years) in particular when IFM brands itself as being pro-diversity and equality,” Ms Abildgaard said in statements provided to the tribunal.
Defended the allegations
Ms Abildgaard alleged that IFM executives were aware of Mr Michel-Verdier’s history of “questionable behaviour” including bullying and making sexist comments to women but did not take enough action to stop it.
Witness statements were made in support of the bullying and sexism allegations.
IFM and Mr Michel-Verdier have defended the allegations, arguing in tribunal proceedings that Ms Abildgaard’s claims are a “misconceived attempt to cause inconvenience, expense and embarrassment” and an attempt to force IFM into paying her substantial sums of money.
IFM board director Carol Gray is understood to have raised concerns with IFM chief executive Brett Himbury in 2018 about the numbers of women reported to be leaving the investment group. Ms Gray did not respond to a request for comment.
An internal diversity and inclusion update to IFM’s people and remuneration committee stated that 25 people globally voluntarily left between December 2017 and June 2018, including 19 women, of which 14 were “regretted exits”, but said feedback from exit interviews did not indicate specific gender-related issues contributed to their reasons for leaving IFM.
Annabel Wiscarson, IFM’s former European head of investor relations who left in March 2018 and is now head of investor relations at Global Infrastructure Partners, is also understood to have called Mr Himbury after resigning to discuss issues in the London office. Ms Wiscarson declined to comment.
Governance culture
Former IFM associate director Lucy Dale, who worked for IFM between November 2013 and April 2018, has alleged that she was not promoted in early 2016 due to being on maternity leave and was told by her manager that IFM had a policy of not promoting anyone who was “not in the office”. Ms Dale was told she had been promoted when she returned to work in August 2016.
The UK’s Financial Conduct Authority (FCA), which said in September it viewed sexual harassment as “misconduct” and was examining how firms handled poor personal conduct, has met with Ms Abildgaard to discuss her claims.
There is no direct equivalent of the UK’s FCA in Australia, with regulation of financial groups split between the Australian Securities and Investments Commission and the Australian Prudential Regulation Authority (APRA).
ASIC said its jurisdiction did not extend to sexual harassment. APRA said it had “an interest” in conduct that could tarnish firms’ reputation or indicate broader problems with governance and risk culture, but does not typically engage with entities about their response to individual allegations of misconduct.
The Australian Human Rights Commission is undertaking a national inquiry into sexual harassment in Australian workplaces, examining drivers of harassment and measures taken to address harassment.
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