Australian Ethical, AustralianSuper, First State Super, Kinetic Super, Sunsuper and VicSuper have become signatories to CFA Societies Australia’s open letter that asked managers to adhere to CFA Institute’s Asset Manager Code.
The Code outlined the ethical and professional responsibilities of those who managed assets on behalf of clients, including superannuation members, through their superannuation funds, specifically that they are responsible:
By becoming signatory to the letter and adopting the Code for their organisations, asset managers have demonstrated their united commitment to ethical behaviour and the protection of investors’ interests.
Chair of CFA Societies Australia Advocacy Council, Stephen Dunne, said a united show of support for the principles would spur managers to consider compliance with the code.
“The letter is especially relevant in Australia with its unique and mandated superannuation system, which makes every single Australian an investor and creates an even greater moral imperative for asset managers to adopt the code,” he said.
Jim Chalmers has defended changes to the Future Fund’s mandate, referring to himself as a “big supporter” of the sovereign wealth fund, amid fierce opposition from the Coalition, which has pledged to reverse any changes if it wins next year’s election.
In a new review of the country’s largest fund, a research house says it’s well placed to deliver attractive returns despite challenges.
Chant West analysis suggests super could be well placed to deliver a double-digit result by the end of the calendar year.
Specific valuation decisions made by the $88 billion fund at the beginning of the pandemic were “not adequate for the deteriorating market conditions”, according to the prudential regulator.