Eight super funds have been singled out for voting against the majority of shareholder resolutions on climate change despite being members of the Investor Group on Climate Change
defied the board in a vote to set harder targets on carbon reductions.
"It's pathetic, really. It really suggests they are not paying attention. If they are just following advice, perhaps they should be looking at the quality of this advice," Mr Gocher said.Institutional investors often rely on advice from proxy firms to guide voting decisions and Mr Gocher said in some cases, the funds simply agree with board recommendations.
AustralianSuper's environmental, social and governance director Andrew Gray said the fund had engaged with BHP on the proposal and decided involvement with industry groups such as the Minerals Council was necessary to encourage emissions reductions.VicSuper was among four funds that supported more than 70 per cent of all climate-related proposals last year, including demanding Rio Tinto release a plan to transition away from fossil fuels. It also pushed insurer QBE for.
"Whilst both funds had different voting and engagement policies and procedures in place, we share very similar objectives and are absolutely committed to the important role that responsible investment plays in helping shape better outcomes for all our stakeholder."Unisuper, another member of IGCC, voted against more than half the climate-related shareholder proposals between 2017 and 2019.
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