Super trustee targeted by ASIC for alleged greenwashing

23 December 2022
| By Laura Dew |
image
image
expand image

Superannuation trustee Diversa Trustees has received an infringement notice from the Australian Securities and Investments Commission (ASIC) regarding alleged greenwashing.

Diversa was the issuer of superannuation product Cruelty Free Super (CFS), as trustee for Professional Super, a sub-fund of the Tidswell Master Superannuation Plan.

ASIC was concerned regarding investment screens on the CFS website which may have been false as they claimed to prevent investment in companies involved ‘polluting and carbon intensive activities’, ‘financing or support of activities which cause environmental and social harm’ and ‘poor corporate governance’.

While some of these were implemented, they were done so on a more limited basis than the CFS website suggested, ASIC said.

ASIC deputy chair, Sarah Court, said: “ASIC had concerns that the statements made regarding CFS were too broad, potentially misleading consumers as to the extent of the investment screening being implemented.

“As consumers increasingly look to more sustainable and ethical investing, including via their superannuation, ASIC wants to make sure funds have the evidence to back their claims and are not promising exclusions that they can’t guarantee."

ASIC stated Diversa paid $13,320 in compliance with the infringement notices on 22 December, 2022 and that payment of an infringement notice was not an admission of guilt or liability.

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest developments in Super Review! Anytime, Anywhere!

Grant Banner

From my perspective, 40- 50% of people are likely going to be deeply unhappy about how long they actually live. ...

1 year 3 months ago
Kevin Gorman

Super director remuneration ...

1 year 3 months ago
Anthony Asher

No doubt true, but most of it is still because over 45’s have been upgrading their houses with 30 year mortgages. Money ...

1 year 3 months ago

Governor Bullock took a more hawkish stance on Tuesday, raising concerns over Trump’s escalating tariffs, which sent economists in different directions with their predict...

2 hours ago

Equity Trustees has announced the appointment of Jocelyn Furlan to the Superannuation Limited (ETSL) and HTFS Nominees Pty Ltd (HTFS) boards, which have oversight of one ...

3 hours ago

Following growing criticism of the superannuation industry’s influence on capital markets and its increasing exposure to private assets, as well as regulators’ concerns a...

3 hours ago

TOP PERFORMING FUNDS