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AustralianSuper accused of greenwashing by investing funds from ethical option in coal, oil and gas industries
ABC NEWS (Australia)
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7/19/2024
Australia's largest super fund has invested money from its 'Socially Aware' option in the coal, oil and gas industries, despite excluding investments in shares and corporate bonds of companies with fossil fuel reserves.
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00:00
Paul Bourne signed up to Australian Super's socially aware option because it promised
00:07
not to invest his money in fossil fuel companies.
00:10
But when he learned the fund had been lending to coal, oil and gas companies, he says he
00:16
was horrified.
00:17
I was quite shocked.
00:18
It looks like it's greenwashing.
00:21
The fund's policies make clear it doesn't invest in shares of companies that directly
00:25
own thermal coal, oil or gas reserves.
00:29
But it does allow other types of investments in the sector, such as direct loans to companies.
00:35
This fund is trying to appeal to people, to investors that want to do the right thing
00:41
by the planet.
00:42
That's why they have this fund.
00:44
And when I looked at what was involved there, I thought this is not good.
00:48
Australian Super has been lending members' money to fossil fuel companies, including
00:53
Indonesian coal miner Adaro, Canadian oil and gas company Batex and US-based Magnolia
01:00
Oil and Gas.
01:01
Paul Bourne complained to the regulator when he spotted some of the investments in the
01:05
fund's financial disclosures two years ago.
01:08
ASIC told him it would investigate, but he heard nothing until last week when the ABC
01:14
asked the regulator what happened to the case.
01:17
ASIC got in touch with me to advise that they had found that legally Australian Super
01:24
had not broken any law.
01:26
We should have got back to him earlier, we've apologised for that, but we really rely on
01:30
people like Mr Bourne and others to refer these matters to us.
01:36
ASIC says it raised concerns with Australian Super about the wording of its policies, but
01:41
didn't find evidence to prove in court it was greenwashing.
01:45
We think these statements on the Australian Super website go pretty close to crossing
01:51
a line for investors.
01:53
Australian Super wouldn't comment on camera, but in a statement says its holdings and policies
01:59
are clearly communicated to members.
02:02
Paul Bourne's not planning to switch to another fund just yet, but he hopes his message to
02:08
Australian Super will push it to change.
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