Major super funds in Australia are continuing to vote, on behalf of their members (the Australian public), against the majority of shareholder proposals that would improve companies’ climate risk management.
By investing our retirement savings in company shares super funds get a say in how those companies are run. Latest analysis shows that 10 of the largest super funds in Australia supported only 38% of the climate resolutions they voted on at Australian and international companies throughout 2019.
Our super funds are using our retirement savings to support business models that would take us towards runaway global warming.
Super funds are set to vote on climate proposals at the Woodside, Rio Tinto and QBE AGMs in the next two weeks.
To learn more about how super funds influence corporate behaviour, check out this recent article in The Monthly by Richard Denniss.