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“The sector must lift its game to help members achieve a dignified retirement,” Jones said. “They must be more responsive and more innovative because members have a right to expect the highest standards from their funds.”
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ASIC, in its September quarter update, detailed the greenwashing cases it launched against Active Super and Vanguard Investments Australia; sued PayPal Australia for alleged unfair contract term with small business; and sued Westpac for failing to respond to hardship notices.
Association of Superannuation Funds of Australia interim chief executive Leeanne Turner said the sector was delivering for 17 million members.
“The industry has a strong commitment and focus on delivering the best possible member outcomes while meeting an extensive range of regulatory obligations and continues to engage constructively with regulators,” Turner said.
Market Forces superannuation funds campaigner Brett Morgan said it was great to see super funds put on notice for ineffective “active ownership” strategies that are failing to align with their own climate commitments.
“Between buying tens of millions of shares in Woodside and throwing its full support behind the company’s board, AustralianSuper has endorsed reckless oil and gas expansion plans which would lock in higher emissions for decades,” Morgan said.
“Any super fund with climate commitments that fails to demand an end to the fossil fuel expansion plans of companies like Woodside and Santos is greenwashing and undermining efforts to rein in harmful emissions.”
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