Australia's largest super fund is investing money from its 'Socially Aware' option in the coal, oil and gas industries, despite excluding shares and corporate bonds of companies with fossil fuel reserves.
Australia's largest super fund has invested money from its ' Socially Aware ' option in the coal, oil and gas industries, despite excluding investments in shares and corporate bonds of companies with fossil fuel reserves.
While AustralianSuper's Socially Aware option excludes investments in shares and bonds issued by fossil fuel companies, it has no restrictions on other types of assets like property, infrastructure projects and direct loans to businesses. "Screens are applied to the Australian shares and international shares asset classes and the corporate securities component of the fixed interest asset class of the Socially Aware option.
When AustralianSuper responded that the investments were within its guidelines, Mr Bourne took his complaint to the industry regulator, the Australian Securities and Investments Commission .An ABC investigation into the financial disclosures of sustainable or ethical-labelled super options finds extensive investment in shares of companies in the fossil fuel, gambling, alcohol and weapons manufacturing industries.
"Many investors are not going to understand the difference between securities and other kinds of assets. They have to be very clear and up-front about that."
Australian Super Australiansuper Superannuation Socially Aware Greenwashing Adaro Baytex Magnolia Oil And Gas ASIC Australian Securities And Investments Commission Ampol Mineral Resources
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