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Superannuation giant under microscope for huge corporate hospitality cash splash

IFM Investors, owned by 27 Australian industry funds, has been caught spending millions of dollars on commercial events.

A review will evaluate the millions spent on sponsorship, hospitality and marketing since 2014.

The Herald Sun reports the Melbourne-headquartered IFM spent $14,000 for CFMEU dinners and $21,000 on reusable coffee cups.

More than $68,000 was spent on golf days and tournament sponsorships over the five-year period.

Liberal MP Tim Wilson tells John Stanley there needs to be more transparency.

“It’s money that’s being held for nurses and teachers and hospital cleaners.

“There needs to be proper scrutiny because this is industry funds and they trade very strongly on trust, and we’re making sure there’s nothing untoward going on.”

Click PLAY below to hear the full interview

Image: Getty/Shannon Fagan

JOHN STANLEY
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