AustralianSuper accused of greenwashing by investing funds from ethical option in coal, oil and gas industries
8 months ago

AustralianSuper accused of greenwashing by investing funds from ethical option in coal, oil and gas industries

ABC  

When Paul Bourne signed up to AustralianSuper's Socially Aware option six years ago, he was lured by its promise not to invest in companies that own fossil fuel reserves. While AustralianSuper's Socially Aware option excludes investments in shares and bonds issued by fossil fuel companies, it has no restrictions on other types of assets like property, infrastructure projects and direct loans to businesses. AustralianSuper's financial disclosures show it has been lending members' funds to fossil fuel companies around the world, including Indonesian coal miner Adaro, Canadian oil and gas company Baytex and US-based Magnolia Oil and Gas. Paul Bourne was horrified to learn Australian Super had been lending his retirement savings to coal, oil and gas companies despite being in its Socially Aware investment option.

Oil Investment Investments Coal Funds Super Super Funds Fossil Signal Fossil Fuel Companies Option Socially Gas Companies Socially Aware Australiansuper Credit Assets Paul Bourne Mr Bourne  funds  socially  greenwashing  industries  ethical  fossil  investment  super  investments  option  oil  investing  australiansuper  gas  companies  coal

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Australian super fund managers eyeing trillions in the US
3 weeks, 1 day ago

Australian super fund managers eyeing trillions in the US

ABC  

TOM HARTLEY, REPORTER: It sounds like something from a DC comic - ‘The Super Summit’ MAN: Welcome to this inaugural Australian superannuation summit. TOM HARTLEY: This Embassy-organised super session is scheduled for four days showcasing Australia’s long-term contributions to the US economy through retirement funds with a delegate of Australian fund managers and business big wigs chasing capital in the …

How Australian workers' superannuation is funding new housing and property developments overseas
3 months, 2 weeks ago

How Australian workers' superannuation is funding new housing and property developments overseas

ABC  

Australians' hard-earned money is funding the construction of a mammoth "new town centre" development in London and helping to meet the city's housing shortage. The enormous Canada Water project promises 3,000 net-zero homes, office spaces for 20,000 workers and a lush retail precinct and it's just an example of international projects Australian superannuation funds are investing in. Nestled in between …

Ethical super savings found invested in controversial weapons manufacturers
8 months, 2 weeks ago

Ethical super savings found invested in controversial weapons manufacturers

ABC  

As war rages in Ukraine and the Middle East, weapons manufacturers are watching their profits and share prices soar. While there is no agreed industry definition of "controversial weapon", Morningstar's classification captures companies that make money from nuclear weapons, anti-personnel mines, cluster bombs, chemical and biological weapons, depleted uranium weapons and white phosphorus bombs. The bulk of the investments in …

Superannuation fund investors are reinventing capitalism and their proxy advisers are under fire
3 years, 2 months ago

Superannuation fund investors are reinventing capitalism and their proxy advisers are under fire

ABC  

Capitalism is undergoing a reinvention. Mr Frydenberg said the changes would "close regulatory gaps and increase the transparency and accountability of proxy advice and the voting practices of superannuation funds". "Superannuation funds rely on proxy advice to make decisions on behalf of millions of Australians who, through their superannuation, have invested their savings in listed companies," he said. Advisers to …

Australians urged to switch where they invest for retirement as best and worst superannuation funds revealed
3 years, 6 months ago

Australians urged to switch where they invest for retirement as best and worst superannuation funds revealed

ABC  

More than 1 million Australians who are members of underperforming superannuation funds will soon receive letters urging them to switch where they invest their retirement savings. APRA executive board member Margaret Cole said 84 per cent of products passed the performance test, "however APRA remains concerned about those members in products that failed". Super Consumers Australia director Xavier O'Halloran says …

Peter Costello suggests creation of national 'safety net' fund for super payments
7 years, 5 months ago

Peter Costello suggests creation of national 'safety net' fund for super payments

ABC  

Former Liberal treasurer Peter Costello has suggested a new nationally administered "safety net" fund be created to manage Australian workers' default superannuation payments. "Instead of the government arbitrating between industry funds and private funds, there is a fair argument that compulsory payments, the so-called default payments, should be allocated to a national safety net administrator," he said. 'Very dangerous' to …

Superfund industry furious over Government legislation to overhaul superannuation funds
7 years, 6 months ago

Superfund industry furious over Government legislation to overhaul superannuation funds

ABC  

Financial Services Minister Kelly O'Dwyer has rejected claims that reintroduced legislation to overhaul the governance of superannuation funds is ideological. Key points: Key proposal is to force industry boards to ensure a third of trustees are independent Another proposal is for an independent chairman to be appointed Industry Super Australia accuses Government of caving in to pressures from retail funds …

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