Five of Australia's largest super funds have been accused of overstating their commitment to fight climate change, a move which could put them at risk of legal action.
Market Forces report accuses AMP, AusSuper, CSC, Aware Super, ART of misleading market on climate disclosures
ASIC, the corporate watchdog, is currently prosecuting Mercer Super over its claims about sustainable investment options after announcing last year it was seeking to crack down on companies misrepresenting their green credentials. In its report, published Wednesday, Market Forces alleges the five major super funds overstate their sustainability to retirement savers by claiming they support net-zero goals, but then failing to exercise their voting muscle to force fossil fuel companies to clean up their operations.
Fossil fuel giants Santos and Woodside are named as beneficiaries of super funds accused of greenwashing. Picture: Brendon Thorne/Bloomberg via Getty ImagesIt says that by not meeting a certain level of engagement with management of the companies they invest in the funds are exposing themselves to the possibility of legal action from ASIC or investors.
Super funds commonly invest in fossil fuel companies despite their sustainability goals as they seek to generate the best possible return for members. Santos and Woodside, two of Australia's biggest oil and gas producers, are listed as recipients of investment from the funds.
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