AustralianSuper off-loads WiseTech stake amid scandal

27 March 2025
| By Jessica Penny |
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Australia’s largest super fund, AustralianSuper, has divested its stake in WiseTech Global, citing concerns over the company’s governance and management, which failed to meet the fund’s expectations. 

The decision comes amid ongoing scandals surrounding the ASX-listed tech firm’s leadership.

In a statement given to Super Review this week, AustralianSuper’s head of Australian equities, Shaun Manuell, confirmed that the fund no longer has an active position in the company.

According to The Australian, AustralianSuper has gradually reduced its $580 million position in WiseTech Global in recent weeks, after once holding a $700 million stake. At its peak, the country’s largest super fund was the tech company’s fourth-largest shareholder with a 2.79 per cent stake.

“We have been a shareholder and strong supporter of the business since its IPO in 2016, and it has created a significant amount of value for AustralianSuper members,” Manuell said.

“We believe good governance is essential to delivering the value we identify in a company. As a long-term active manager, our role is to allocate members’ retirement savings to the companies we think are most likely to create value over the years to come.”

Manuell highlighted that the fund needed to see “a sensible transition plan that got the balance right between governance and managing the founder’s role over time in order to continue to remain a shareholder”.

“We have sold because recent developments have not met our expectations. We may reconsider our position should circumstances change,” Manuell said.

AustralianSuper’s divestment comes amid continued scrutiny of WiseTech, following CEO Richard White’s resignation in October after media reports surfaced regarding allegations about his personal life.

At the time, CFO Andrew Cartledge was appointed to replace White, but in a surprise move, White returned to the company last month, taking up the role of executive chairman on the board.

White’s return as executive chairman came only days after four independent non-executive directors – Lisa Brock, Richard Dammery, Michael Malone and Fiona Pak-Poy – left the company following “intractable differences” relating to White’s ongoing role within the company.

Since then, WiseTech has published parts of a governance review commissioned by the board, which revealed that White had made “inaccurate and incomplete disclosures” regarding the nature and duration of his relationship with an employee.

“In the circumstances, the representations Mr White made to the board and the board review about these matters were: (i) not fully transparent and candid; and (ii) misleading about personal matters concerning the ending of the relationships,” the review said.

WiseTech’s share price has fallen by more than 33 per cent this year to date. 

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