Colonial First State, Investors Mutual, Magellan, Platinum and Vanguard have scored “low” in an international study of ESG commitments.
Some of Australia’s top fund managers have been given the lowest ranking in a global study for their commitment to sustainable investing, raising questions about their seriousness in tackling the risks of climate change.
“It used to be about governance; the G in ESG, concerning remuneration of listed company chief executives and alignment of strategy between the board and management,” Popat says. Australian fund managers who scored a low rating do not purport to be ESG-intentional managers. They volunteered to be assessed by Morningstar to help them gauge where they stand compared to peers, and whether they should make changes.
“The two-person ESG team is small relative to the firm’s $70 billion [Australian dollars] in assets under management,” Morningstar says. Australian fund managers who score “advanced”, the second-highest tier, are mainly those whose investors comprise mostly institutional investors, such as superannuation funds, rather than retail investors.
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