Shareholder activism has been rocking many corporations around Australia, and now Superannuation funds look like they could be in for similar treatment.
Health Industry Superannuation Fund HESTA is today sustaining member divestments as a result of a protest organised by the campaigner Market Forces.
Over 150 people are taking their super elsewhere in protest to the continuing investment of TWO billion dollars of HESTA funds in fossil fuel companies.
HESTA, in a written statement to The Wire, said in part:
“HESTA has had a long-standing active ownership approach that includes an escalation process that can consider divestment. However, divestment alone will not protect members’ superannuation investments from climate-related risks.
Our focus is improving the long-term financial outcomes for our members. This includes seeking investment opportunities with strong potential returns, as well as managing long-term risks. We are navigating the energy transition through both of these lenses.”
Produced By: Roderick Chambers
Featured In Story: Rachel Deans – Campaigner from Market Forces
First aired on The Wire, Friday 17 June 2022