POWERED BY MOMENTUM MEDIA
Super funds are undermining climate commitments: Market Forces
Superannuation funds are squandering critical opportunities to force companies they invest in to step up on climate change, according to Market Forces analysis.
Will van de Pol, Market Forces asset management campaigner, said Market Forces had reviewed the voting records of the seven big super funds that had net zero commitments and who also disclosed their voting within days of an annual general meeting.
Active Super, BT Super, Cbus, HESTA, NGS Super, QSuper and Telstra Super populated the list.
“All but one of those funds voted against two or more key climate-related proposals in Australia since September,” van de Pol said.
“In fact, just 10 of the 32 votes identified were cast in favour of climate action. And given most funds haven’t even disclosed how they voted yet, climate voting records could be even worse across the broader superannuation sector.”
He said super fund members should demand for their super fund to vote for climate action on their behalf, with ANZ, NAB and Westpac all facing Market Forces backed shareholder votes urging them to stop funding expansion of the fossil fuel industry.
“All funds should vote in favour of these resolutions, especially those with their own net zero commitments,” he said.
“We have a chance to turn this around in the next few weeks. But we need to speak up now.”
Recommended for you
In its pre-election policy document, the FSC highlighted 15 priority reforms, with superannuation featuring prominently, urging both major parties to avoid changing super taxes without a comprehensive tax review.
The Grattan Institute has labelled the Australian super system as “too complicated” and has proposed a three-pronged reform strategy to simplify superannuation in retirement.
Super funds delivered a strong 2024 result, with the median growth fund returning 11.4 per cent, driven by strong international sharemarket performance, new data has shown.
Australian Ethical has seen FUM growth of 27 per cent in the financial year to date.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
Spire Oaktree Opportunities XI Second Close
36.43 3 y p.a(%)
2
Spire Oaktree Opportunities XI First Close USD
35.08 3 y p.a(%)
3
DomaCom Lot 21 Chellaston Road Munno Para West SA 5115 Australia
31.72 3 y p.a(%)
4
Fidante Credit Suisse Global Private Equity
29.60 3 y p.a(%)
5
Global X GlobalX FANG+ ETF
27.64 3 y p.a(%)
