IOOF exec named in harassment case

A female former IOOF employee has accused deputy CIO and head of equities Stanley Yeo of repeated sexual harassment, including on her wedding day. The woman also alleges she was sexually discriminated against by her direct boss Osvaldo Acosta, and that the conduct of both men left her humiliated and distressed.

“IOOF takes these matters very seriously. IOOF is committed to providing a safe and secure environment that embraces diversity. Once the complaint was raised, which was after the complainant’s departure, IOOF immediately commenced its formal grievance handling processes,” a spokesperson for IOOF told ifa sister brand InvestorDaily.

“IOOF is confident that it has acted appropriately at all times and continues to support the legal process. IOOF will defend the action. As the matter is now before the courts, we will be making no further comment.”

The unnamed woman also alleges that she was passed up for promotion and later unfairly dismissed as a result of the harassment, and is seeking damages for loss of opportunity and future income.

The Australian financial services have been rocked by a number of high-profile sexual harassment claims in recent years. AMP Australia chief executive Alex Wade exited the business following rumours that he had sexually harassed a junior female colleague, while AMP Capital high-flyer Boe Pahari was demoted from the role of CEO following a barrage of media coverage of his harassment of Julia Szlakowski.

AMP was raked across the coals in response to the stories, with multiple parliamentary committees demanding answers from CEO Francesco De Ferrari as to how a culture of sexual harassment could be allowed to fester at the wealth giant. The allegations have also resulted in a string of executive departures.