Superannuation funds have been accused of failing to act in the best interests of members by ignoring the financial risks associated with the Barossa gas project.
Last year the Federal Court ordered Santos to suspend drilling pending better consultation with Indigenous communities.
The letter accused the funds of “deficiencies in accordance with international human rights principles and fiduciary obligations to act in the best financial interests of members and with the requisite degree of care, skill and diligence”. Equity Generation Lawyers associate Vidhya Karnamadakala said there had been “a wholesale failure” by these funds to listen to Indigenous people’s concerns about the project, posing a financial and legal risk for their members.
“Super funds really should be thinking about these costs and these risks that are intrinsically tied to respecting human rights ... as the risk to Santos then affects the investments the super funds have and their financial interests.”
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