Monday, 26 April 2021
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Australia is the World's largest exporter of both coal and natural gas and its government is doing everything it can to stall climate progress. It is therefore significant that Australia's massive superannuation (pension) industry is now threatening to vote against directors who do not support net zero carbon emissions by 2050.

Big super funds have threatened to vote against company directors who do not make sure their businesses are committed to action on global heating that includes hitting net zero by 2050.

The Australian Council of Superannuation Investors (Acsi), which represents investors that manage more than $1tn in retirement savings and hold about 10% of the shares in the top 200 companies in the country, said some boards were not tackling the climate crisis quickly enough.

Under a new climate policy, released on Monday, Acsi now expects companies to adopt and detail a corporate strategy in line with the international Paris agreement, which aims to limit heating to 1.5C, and commit to net zero emissions by 2050.

Acsi said that companies should also work out and fully disclose what physical and financial risk global heating poses to their assets, as well as making sure that their lobbying efforts – including through industry associations – do not undermine efforts to limit climate catastrophe.

It said it would also support “say on climate” resolutions, which ask companies to publicly report on their climate exposure, that are put forward by shareholders at annual meetings.

If companies consistently fail to comply with the new policy, Acsi may recommend a vote against directors when they come up for re-election at shareholder meetings.

Read the full story in The Guardian.

Is anyone aware of similar action being taken in other countries?

Adam Thyer, Founder at GreenExecutive

more than a month ago
As a fellow Aussie, I am pleased to see this happening because the Federal Government certainly isn't doing anything to encourage businesses to take climate change seriously.
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