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Super funds are turning their backs on climate wreckers Woodside and Santos

Our new analysis reveals Australia’s biggest super funds have started to turn their backs on the fossil gas industry, and it’s not looking good for climate wreckers Woodside and Santos.

We’ve crunched the numbers and found that Australia’s biggest super funds have started to reduce their investment exposure* to Australia’s biggest oil and gas producers – Woodside and Santos – over the past two years.

As public pressure builds on these polluting companies to cease their reckless oil and gas expansion plans, Australia’s top 30 super funds are showing signs that they might start moving their members’ money elsewhere.

While climate wreckers Woodside and Santos are taking up a bigger share of the Australian stock market compared with two years ago, super funds are starting to go cold on these companies by dedicating a smaller share of their members’ investments to them, relative to the companies’ size in the market.

Yet as funds are silently reducing their exposure, Woodside and Santos are pushing ahead with oil and gas expansion plans that are contributing to more heat waves, bushfires and floods, as we’re experiencing across Australia right now.

Take Action!

Contact your super fund and demand greater climate action today.

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I am writing to demand that you commit to voting against the re-election of Woodside and Santos’ directors and remuneration reports this year, as well as against Woodside’s woeful climate strategy.

New Market Forces analysis has revealed that Australia’s top super funds are starting to turn their backs on climate wrecking oil and gas producers Woodside and Santos. The average fund’s default investment option has seen a decrease in investment exposure to these two companies over the past two years, relative to the companies’ weights in the ASX300.[1]

While it’s great to see super funds reducing exposure to these companies, any fund still invested in these climate wreckers must also be sparing no effort to end their oil and gas expansion plans.

Despite years of increasing  pressure from investors, Woodside and Santos have failed to present credible transition plans and cease pursuing new oil and gas projects, which are incompatible with the climate goals of the Paris Agreement and a net zero emissions by 2050 pathway. There must be stronger escalation measures from super funds right now in order to continue claiming active ownership is being used to address climate risk.

Our super fund has a crucial opportunity at the annual general meetings (AGMs) of Woodside and Santos in April to vote against the re-election of incumbent company directors and against remuneration plans that incentivise fossil fuel growth. The fund must take this opportunity or risk scrutiny from ASIC for greenwashing.[2]

Any super fund making climate claims while failing to demonstrate effective action to halt Woodside and Santos’ climate wrecking plans is greenwashing. Super funds must be pulling out all the stops to end these companies’ destructive oil and gas expansion plans, and publicly divesting if the companies fail to respond.

I expect confirmation within one week that the fund will commit to voting:
• AGAINST the re-election of Woodside and Santos’ directors
• AGAINST Woodside and Santos’ remuneration plans
• AGAINST Woodside’s climate report

[1] https://www.marketforces.org.au/campaigns/super/super-funds-turning-backs-on-climate-wreckers-santos-woodside/
[2] https://www.afr.com/wealth/investing/don-t-overstate-active-engagement-claims-asic-warns-funds-20231031-p5egcz

Sincerely,

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Message for members of ethical funds (Australian Ethical, Cruelty Free Super, Future Super, NGS Super, Verve Super)

Good news! Your fund does not invest in Santos or Woodside.

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Email to Active Super

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To Active Super,

While it’s great to see super funds reducing exposure to these companies, any fund still invested in these climate wreckers must also be sparing no effort to end their oil and gas expansion plans.

Active Super voted against Woodside’s climate plan in 2022 and increased pressure by disclosing at least one vote against management in 2023. The fund has a crucial opportunity at the annual general meetings (AGMs) of Woodside and Santos in April to vote against the re-election of incumbent company directors and against remuneration plans that incentivise fossil fuel growth. Active Super must take this opportunity to live up to its active ownership claims or risk scrutiny from ASIC for greenwashing.[2]

I expect confirmation within one week that Active Super will commit to voting:
• AGAINST the re-election of Woodside and Santos’ directors
• AGAINST Woodside and Santos’ remuneration plans
• AGAINST Woodside’s climate report

Sincerely,

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Email to AMP

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To AMP,

Yet I was appalled to discover that AMP's MySuper 1970s option was the investment option third most overexposed to Woodside as at 30 June 2023, sitting 0.65% above the ASX300 benchmark weight.

AMP voted some of its shares against Woodside and Santos’ climate plans in 2022 and increased pressure by disclosing at least one vote against management in 2023. The fund has a crucial opportunity at the annual general meetings (AGMs) of Woodside and Santos in April to vote against the re-election of incumbent company directors and against remuneration plans that incentivise fossil fuel growth. AMP must take this opportunity to live up to its active ownership claims or risk scrutiny from ASIC for greenwashing.[2]

I expect confirmation within one week that AMP will commit to voting:
• AGAINST the re-election of Woodside and Santos’ directors
• AGAINST Woodside and Santos’ remuneration plans
• AGAINST Woodside’s climate report

Sincerely,

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Email to Australian Retirement Trust

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To Australian Retirement Trust (ART),

While it’s great to see super funds reducing exposure to these companies, any fund still invested in these climate wreckers must also be sparing no effort to end their oil and gas expansion plans.

ART voted against Woodside’s climate plan in 2022 and increased pressure by disclosing at least one vote against management in 2023. The fund has a crucial opportunity at the annual general meetings (AGMs) of Woodside and Santos in April to vote against the re-election of incumbent company directors and against remuneration plans that incentivise fossil fuel growth. ART must take this opportunity to live up to its active ownership claims or risk scrutiny from ASIC for greenwashing.[2]

I expect confirmation within one week that ART will commit to voting:
• AGAINST the re-election of Woodside and Santos’ directors
• AGAINST Woodside and Santos’ remuneration plans
• AGAINST Woodside’s climate report

Sincerely,

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Email to AustralianSuper

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To AustralianSuper,

Yet I was appalled to discover that AustralianSuper’s Balanced option was the investment option most overexposed to Woodside as at 30 June 2023, sitting 1.69% above the ASX300 benchmark weight.

AustralianSuper voted against Woodside’s climate plan in 2022 but then backpedalled on climate action by failing to disclose a single vote against management in 2023. The fund has a crucial opportunity to do better this year by voting against the re-election of incumbent company directors and against remuneration plans that incentivise fossil fuel growth at the annual general meetings (AGMs) of Woodside and Santos in April. AustralianSuper must take this opportunity to live up to its active ownership claims or risk scrutiny from ASIC for greenwashing.[2]

I expect confirmation within one week that AustralianSuper will commit to voting:
• AGAINST the re-election of Woodside and Santos’ directors
• AGAINST Woodside and Santos’ remuneration plans
• AGAINST Woodside’s climate report

Sincerely,

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Email to Aware Super

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To Aware Super,

While it’s great to see super funds reducing exposure to these companies, any fund still invested in these climate wreckers must also be sparing no effort to end their oil and gas expansion plans.

Aware Super voted against Woodside and Santos’ climate plans in 2022 and increased pressure by disclosing at least one vote against management at both companies in 2023. The fund has a crucial opportunity at the annual general meetings (AGMs) of Woodside and Santos in April to vote against the re-election of incumbent company directors and against remuneration plans that incentivise fossil fuel growth. Aware Super must take this opportunity to live up to its active ownership claims or risk scrutiny from ASIC for greenwashing.[2]

I expect confirmation within one week that Aware Super will commit to voting:
• AGAINST the re-election of Woodside and Santos’ directors
• AGAINST Woodside and Santos’ remuneration plans
• AGAINST Woodside’s climate report

Sincerely,

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Email to Brighter Super

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To Brighter Super,

While it’s great to see super funds reducing exposure to these companies, any fund still invested in these climate wreckers must also be sparing no effort to end their oil and gas expansion plans.

I was appalled to learn that Brighter Super has failed to disclose a single vote against Woodside or Santos’ management in 2022 and 2023. The fund has a crucial opportunity to do better this year by voting against the re-election of incumbent company directors and against remuneration plans that incentivise fossil fuel growth at the annual general meetings (AGMs) of Woodside and Santos in April. Brighter Super must take this opportunity to live up to its active ownership claims or risk scrutiny from ASIC for greenwashing.[2]

I expect confirmation within one week that Brighter Super will commit to voting:
• AGAINST the re-election of Woodside and Santos’ directors
• AGAINST Woodside and Santos’ remuneration plans
• AGAINST Woodside’s climate report

Sincerely,

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Email to CareSuper

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Your message to CareSuper(Required)

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To CareSuper,

While it’s great to see super funds reducing exposure to these companies, any fund still invested in these climate wreckers must also be sparing no effort to end their oil and gas expansion plans.

CareSuper voted some shares against Woodside’s climate plan in 2022 and increased pressure by disclosing at least one vote against management in 2023. The fund has a crucial opportunity at the annual general meetings (AGMs) of Woodside and Santos in April to vote against the re-election of incumbent company directors and against remuneration plans that incentivise fossil fuel growth. CareSuper must take this opportunity to live up to its active ownership claims or risk scrutiny from ASIC for greenwashing.[2]

I expect confirmation within one week that CareSuper will commit to voting:
• AGAINST the re-election of Woodside and Santos’ directors
• AGAINST Woodside and Santos’ remuneration plans
• AGAINST Woodside’s climate report

Sincerely,

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Email to Cbus

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To Cbus,

While it’s great to see super funds reducing exposure to these companies, any fund still invested in these climate wreckers must also be sparing no effort to end their oil and gas expansion plans.

Cbus voted against Woodside and Santos’ climate plans in 2022 and increased pressure by disclosing at least one vote against management at both companies in 2023. The fund has a crucial opportunity at the annual general meetings (AGMs) of Woodside and Santos in April to vote against the re-election of incumbent company directors and against remuneration plans that incentivise fossil fuel growth. Cbus must take this opportunity to live up to its active ownership claims or risk scrutiny from ASIC for greenwashing.[2]

I expect confirmation within one week that Cbus will commit to voting:
• AGAINST the re-election of Woodside and Santos’ directors
• AGAINST Woodside and Santos’ remuneration plans
• AGAINST Woodside’s climate report

Sincerely,

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Email to Colonial First State

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To Colonial First State (CFS),

While it’s great to see super funds reducing exposure to these companies, any fund still invested in these climate wreckers must also be sparing no effort to end their oil and gas expansion plans.

CFS voted some of its shares against Woodside and Santos’ climate plans in 2022 and increased pressure by disclosing at least one vote against management in 2023. The fund has a crucial opportunity at the annual general meetings (AGMs) of Woodside and Santos in April to vote against the re-election of incumbent company directors and against remuneration plans that incentivise fossil fuel growth. CFS must take this opportunity to live up to its active ownership claims or risk scrutiny from ASIC for greenwashing.[2]

I expect confirmation within one week that CFS will commit to voting:
• AGAINST the re-election of Woodside and Santos’ directors
• AGAINST Woodside and Santos’ remuneration plans
• AGAINST Woodside’s climate report

Sincerely,

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Email to Commonwealth Super Corp

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To Commonwealth Super Corp (CSC),

While it’s great to see super funds reducing exposure to these companies, any fund still invested in these climate wreckers must also be sparing no effort to end their oil and gas expansion plans.

CSC has a crucial opportunity at the annual general meetings (AGMs) of Woodside and Santos in April to vote against the re-election of incumbent company directors and against remuneration plans that incentivise fossil fuel growth. The fund must take this opportunity to live up to its active ownership claims or risk scrutiny from ASIC for greenwashing.[2]

I expect confirmation within one week that CSC will commit to voting:
• AGAINST the re-election of Woodside and Santos’ directors
• AGAINST Woodside and Santos’ remuneration plans
• AGAINST Woodside’s climate report

Sincerely,

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Email to Equipsuper

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To EquipSuper,

Yet I was appalled to discover that EquipSuper’s MySuper option was the investment option third most overexposed to Santos as at 30 June 2023, sitting 1.41% above the ASX300 benchmark weight.

EquipSuper voted against Woodside’s climate plan in 2022 and increased pressure by disclosing at least one vote against management in 2023. The fund has a crucial opportunity at the annual general meetings (AGMs) of Woodside and Santos in April to vote against the re-election of incumbent company directors and against remuneration plans that incentivise fossil fuel growth. EquipSuper must take this opportunity to live up to its active ownership claims or risk scrutiny from ASIC for greenwashing.[2]

I expect confirmation within one week that EquipSuper will commit to voting:
• AGAINST the re-election of Woodside and Santos’ directors
• AGAINST Woodside and Santos’ remuneration plans
• AGAINST Woodside’s climate report

Sincerely,

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Email to ESSSuper

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To ESSSuper,

Yet I was appalled to discover that ESSSuper’s Growth option was the investment option most overexposed to Santos as at 30 June 2023, sitting 3.05% above the ASX300 benchmark weight. ESSSuper's Growth option was also the investment option second most overexposed to Woodside at the same date, sitting 1.47% above the benchmark weight.

ESSSuper voted against Woodside’s climate plan in 2022 and increased pressure by disclosing at least one vote against management in 2023. The fund has a crucial opportunity at the annual general meetings (AGMs) of Woodside and Santos in April to vote against the re-election of incumbent company directors and against remuneration plans that incentivise fossil fuel growth. ESSSuper must take this opportunity to live up to its active ownership claims or risk scrutiny from ASIC for greenwashing.[2]

I expect confirmation within one week that ESSSuper will commit to voting:
• AGAINST the re-election of Woodside and Santos’ directors
• AGAINST Woodside and Santos’ remuneration plans
• AGAINST Woodside’s climate report

Sincerely,

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Email to GESB

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To GESB,

While it’s great to see super funds reducing exposure to these companies, any fund still invested in these climate wreckers must also be sparing no effort to end their oil and gas expansion plans.

GESB has a crucial opportunity at the annual general meetings (AGMs) of Woodside and Santos in April to vote against the re-election of incumbent company directors and against remuneration plans that incentivise fossil fuel growth. The fund must take this opportunity to live up to its active ownership claims or risk scrutiny from ASIC for greenwashing.[2]

I expect confirmation within one week that GESB will commit to voting:
• AGAINST the re-election of Woodside and Santos’ directors
• AGAINST Woodside and Santos’ remuneration plans
• AGAINST Woodside’s climate report

Sincerely,

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Email to HESTA

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To HESTA,

While it’s great to see super funds reducing exposure to these companies, any fund still invested in these climate wreckers must also be sparing no effort to end their oil and gas expansion plans.

I am pleased to see the news that our fund is advocating for its own director nominees to be considered for election at Woodside’s upcoming annual general meeting.[2] Yet this needs to be backed up with a firm public commitment to vote against the company's climate-wrecking oil and gas expansion plans.

HESTA voted against Woodside and Santos’ climate plans in 2022 and increased pressure by disclosing several votes against management at both companies in 2023. The fund has a crucial opportunity ahead of the annual general meetings (AGMs) of Woodside and Santos in April to commit to voting against the re-election of incumbent company directors and against remuneration plans that incentivise fossil fuel growth. HESTA must take this opportunity to live up to its active ownership claims or risk scrutiny from ASIC for greenwashing.[2]

I expect confirmation within one week that HESTA will commit to voting:
• AGAINST the re-election of Woodside and Santos’ directors
• AGAINST Woodside and Santos’ remuneration plans
• AGAINST Woodside’s climate report

[1] https://www.marketforces.org.au/campaigns/super/super-funds-turning-backs-on-climate-wreckers-santos-woodside/
[2] https://www.afr.com/business-summit/hesta-pushes-for-climate-friendly-directors-at-woodside-20240306-p5fad7
[3] https://www.afr.com/wealth/investing/don-t-overstate-active-engagement-claims-asic-warns-funds-20231031-p5egcz

Sincerely,

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Email to Hostplus

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To Hostplus,

Yet I was appalled to discover that Hostplus' Balanced option was the investment option second most overexposed to Santos as at 30 June 2023, sitting 1.64% above the ASX300 benchmark weight.

I was also alarmed to learn that Hostplus has failed to disclose a single vote against Woodside or Santos’ management in 2022 and 2023. The fund has a crucial opportunity to do better this year by voting against the re-election of incumbent company directors and against remuneration plans that incentivise fossil fuel growth at the annual general meetings (AGMs) of Woodside and Santos in April. Hostplus must take this opportunity to live up to its active ownership claims or risk scrutiny from ASIC for greenwashing.[2]

I expect confirmation within one week that Hostplus will commit to voting:
• AGAINST the re-election of Woodside and Santos’ directors
• AGAINST Woodside and Santos’ remuneration plans
• AGAINST Woodside’s climate report

Sincerely,

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Email to Insignia Financial

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To IOOF,

While it’s great to see super funds reducing exposure to these companies, any fund still invested in these climate wreckers must also be sparing no effort to end their oil and gas expansion plans.

I was appalled to learn that IOOF has failed to disclose a single vote against Woodside or Santos’ management in 2022 and 2023. The fund has a crucial opportunity to do better this year by voting against the re-election of incumbent company directors and against remuneration plans that incentivise fossil fuel growth at the annual general meetings (AGMs) of Woodside and Santos in April. IOOF must take this opportunity to live up to its active ownership claims or risk scrutiny from ASIC for greenwashing.[2]

I expect confirmation within one week that IOOF will commit to voting:
• AGAINST the re-election of Woodside and Santos’ directors
• AGAINST Woodside and Santos’ remuneration plans
• AGAINST Woodside’s climate report

Sincerely,

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Email to Mercer

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To Mercer,

While it’s great to see super funds reducing exposure to these companies, any fund still invested in these climate wreckers must also be sparing no effort to end their oil and gas expansion plans.

Mercer voted some shares against Woodside’s climate plan in 2022 and increased pressure by disclosing at least one vote against management in 2023. The fund has a crucial opportunity at the annual general meetings (AGMs) of Woodside and Santos in April to vote against the re-election of incumbent company directors and against remuneration plans that incentivise fossil fuel growth. Mercer must take this opportunity to live up to its active ownership claims or risk scrutiny from ASIC for greenwashing.[2]

I expect confirmation within one week that Mercer will commit to voting:
• AGAINST the re-election of Woodside and Santos’ directors
• AGAINST Woodside and Santos’ remuneration plans
• AGAINST Woodside’s climate report

Sincerely,

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Email to Mine Super

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To Mine Super,

While it’s great to see super funds reducing exposure to these companies, any fund still invested in these climate wreckers must also be sparing no effort to end their oil and gas expansion plans.

Mine Super has a crucial opportunity at the annual general meetings (AGMs) of Woodside and Santos in April to vote against the re-election of incumbent company directors and against remuneration plans that incentivise fossil fuel growth.

Super funds must be pulling out all the stops to end these companies’ destructive oil and gas expansion plans, and publicly divesting if the companies fail to respond.

I expect confirmation within one week that Mine Super will commit to voting:
• AGAINST the re-election of Woodside and Santos’ directors
• AGAINST Woodside and Santos’ remuneration plans
• AGAINST Woodside’s climate report

[1] https://www.marketforces.org.au/campaigns/super/super-funds-turning-backs-on-climate-wreckers-santos-woodside/

Sincerely,

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Email to MLC

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To MLC,

While it’s great to see super funds reducing exposure to these companies, any fund still invested in these climate wreckers must also be sparing no effort to end their oil and gas expansion plans.

MLC voted against Woodside’s climate plan in 2022 and increased pressure by disclosing at least one vote against management in 2023. The fund has a crucial opportunity at the annual general meetings (AGMs) of Woodside and Santos in April to vote against the re-election of incumbent company directors and against remuneration plans that incentivise fossil fuel growth. MLC must take this opportunity to live up to its active ownership claims or risk scrutiny from ASIC for greenwashing.[2]

I expect confirmation within one week that MLC will commit to voting:
• AGAINST the re-election of Woodside and Santos’ directors
• AGAINST Woodside and Santos’ remuneration plans
• AGAINST Woodside’s climate report

Sincerely,

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Email to Qantas Super

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To Qantas Super,

While it’s great to see super funds reducing exposure to these companies, any fund still invested in these climate wreckers must also be sparing no effort to end their oil and gas expansion plans.

Qantas Super voted against Woodside’s climate plan in 2022 but then backpedalled on climate action by failing to disclose a single vote against management in 2023. The fund has a crucial opportunity to do better this year by voting against the re-election of incumbent company directors and against remuneration plans that incentivise fossil fuel growth at the annual general meetings (AGMs) of Woodside and Santos in April. Qantas Super must take this opportunity to live up to its active ownership claims or risk scrutiny from ASIC for greenwashing.[2]

I expect confirmation within one week that Qantas Super will commit to voting:
• AGAINST the re-election of Woodside and Santos’ directors
• AGAINST Woodside and Santos’ remuneration plans
• AGAINST Woodside’s climate report

Sincerely,

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Email to OnePath

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To OnePath,

While it’s great to see super funds reducing exposure to these companies, any fund still invested in these climate wreckers must also be sparing no effort to end their oil and gas expansion plans.

OnePath voted some of its shares against Woodside and Santos’ climate plans in 2022 and increased pressure by disclosing at least one vote against management in 2023. The fund has a crucial opportunity at the annual general meetings (AGMs) of Woodside and Santos in April to vote against the re-election of incumbent company directors and against remuneration plans that incentivise fossil fuel growth. OnePath must take this opportunity to live up to its active ownership claims or risk scrutiny from ASIC for greenwashing.[2]

I expect confirmation within one week that OnePath will commit to voting:
• AGAINST the re-election of Woodside and Santos’ directors
• AGAINST Woodside and Santos’ remuneration plans
• AGAINST Woodside’s climate report

Sincerely,

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Email to REST

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To Rest,

While it’s great to see super funds reducing exposure to these companies, any fund still invested in these climate wreckers must also be sparing no effort to end their oil and gas expansion plans.

Rest voted against Woodside and Santos’ climate plans in 2022 and increased pressure by disclosing at least one vote against management at both companies in 2023. The fund has a crucial opportunity at the annual general meetings (AGMs) of Woodside and Santos in April to vote against the re-election of incumbent company directors and against remuneration plans that incentivise fossil fuel growth. Rest must take this opportunity to live up to its active ownership claims or risk scrutiny from ASIC for greenwashing.[2]

I expect confirmation within one week that Rest will commit to voting:
• AGAINST the re-election of Woodside and Santos’ directors
• AGAINST Woodside and Santos’ remuneration plans
• AGAINST Woodside’s climate report

Sincerely,

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Email to Russell Investments

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To Russell Investments,

While it’s great to see super funds reducing exposure to these companies, any fund still invested in these climate wreckers must also be sparing no effort to end their oil and gas expansion plans.

Russell Investments voted against Woodside’s climate plan in 2022 and increased pressure by disclosing at least one vote against management in 2023. The fund has a crucial opportunity at the annual general meetings (AGMs) of Woodside and Santos in April to vote against the re-election of incumbent company directors and against remuneration plans that incentivise fossil fuel growth. Russell Investments must take this opportunity to live up to its active ownership claims or risk scrutiny from ASIC for greenwashing.[2]

I expect confirmation within one week that Russell Investments will commit to voting:
• AGAINST the re-election of Woodside and Santos’ directors
• AGAINST Woodside and Santos’ remuneration plans
• AGAINST Woodside’s climate report

Sincerely,

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Email to Spirit Super

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To Spirit Super,

While it’s great to see super funds reducing exposure to these companies, any fund still invested in these climate wreckers must also be sparing no effort to end their oil and gas expansion plans.

Spirit Super voted against Woodside’s climate plan in 2022 and increased pressure by disclosing at least one vote against management in 2023. The fund has a crucial opportunity at the annual general meetings (AGMs) of Woodside and Santos in April to vote against the re-election of incumbent company directors and against remuneration plans that incentivise fossil fuel growth. Spirit Super must take this opportunity to live up to its active ownership claims or risk scrutiny from ASIC for greenwashing.[2]

I expect confirmation within one week that Spirit Super will commit to voting:
• AGAINST the re-election of Woodside and Santos’ directors
• AGAINST Woodside and Santos’ remuneration plans
• AGAINST Woodside’s climate report

Sincerely,

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Email to State Super

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To State Super,

While it’s great to see super funds reducing exposure to these companies, any fund still invested in these climate wreckers must also be sparing no effort to end their oil and gas expansion plans.

State Super voted against Woodside’s climate plan in 2022 but it's unclear whether the fund increased pressure by disclosing any votes against management in 2023. The fund has a crucial opportunity at the annual general meetings (AGMs) of Woodside and Santos in April to vote against the re-election of incumbent company directors and against remuneration plans that incentivise fossil fuel growth. State Super must take this opportunity to live up to its active ownership claims or risk scrutiny from ASIC for greenwashing.[2]

I expect confirmation within one week that State Super will commit to voting:
• AGAINST the re-election of Woodside and Santos’ directors
• AGAINST Woodside and Santos’ remuneration plans
• AGAINST Woodside’s climate report

Sincerely,

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Email to Super SA

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To Super SA,

While it’s great to see super funds reducing exposure to these companies, any fund still invested in these climate wreckers must also be sparing no effort to end their oil and gas expansion plans.

Super SA has a crucial opportunity at the annual general meetings (AGMs) of Woodside and Santos in April to vote against the re-election of incumbent company directors and against remuneration plans that incentivise fossil fuel growth. The fund must take this opportunity to live up to its active ownership claims or risk scrutiny from ASIC for greenwashing.[2]

I expect confirmation within one week that Super SA will commit to voting:
• AGAINST the re-election of Woodside and Santos’ directors
• AGAINST Woodside and Santos’ remuneration plans
• AGAINST Woodside’s climate report

Sincerely,

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Email to Testra Super

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To TelstraSuper,

While it’s great to see super funds reducing exposure to these companies, any fund still invested in these climate wreckers must also be sparing no effort to end their oil and gas expansion plans.

TelstraSuper voted against Woodside’s climate plan in 2022 and increased pressure by disclosing at least one vote against management in 2023. The fund has a crucial opportunity at the annual general meetings (AGMs) of Woodside and Santos in April to vote against the re-election of incumbent company directors and against remuneration plans that incentivise fossil fuel growth. TelstraSuper must take this opportunity to live up to its active ownership claims or risk scrutiny from ASIC for greenwashing.[2]

I expect confirmation within one week that TelstraSuper will commit to voting:
• AGAINST the re-election of Woodside and Santos’ directors
• AGAINST Woodside and Santos’ remuneration plans
• AGAINST Woodside’s climate report

Sincerely,

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To UniSuper,

I am writing to demand that you commit to voting against Woodside and Santos’ oil and gas expansion plans, and divesting your remaining shares in these companies if they fail to respond to this pressure.

It’s great that UniSuper has already significantly reduced its holdings in Woodside and Santos, with the fund’s Balanced option being one of the three most underexposed investment options to both climate wreckers as at 30 June 2023. UniSuper could now set a standard for other super funds by publicly denouncing the reckless oil and gas expansion plans of Woodside and Santos and divesting its remaining shares.

UniSuper voted against Woodside’s climate plan in 2022 and increased pressure by disclosing at least one vote against management in 2023. The fund has a crucial opportunity at the annual general meetings (AGMs) of Woodside and Santos in April to vote against the re-election of incumbent company directors and against remuneration plans that incentivise fossil fuel growth.

I expect confirmation within one week that UniSuper will commit to voting:
• AGAINST the re-election of Woodside and Santos’ directors
• AGAINST Woodside and Santos’ remuneration plans
• AGAINST Woodside’s climate report

[1] https://www.marketforces.org.au/campaigns/super/super-funds-turning-backs-on-climate-wreckers-santos-woodside/

Sincerely,

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To Vision Super,

I am writing to ask that you commit to voting against Woodside and Santos’ oil and gas expansion plans, and publish a pathway to exiting your remaining holdings in these companies.

It’s great that Vision Super has already significantly reduced its exposure to Woodside and Santos, with the fund’s Balanced Growth option being one of the three most underexposed investment options to both climate wreckers as at 30 June 2023.

I appreciate Vision Super’s efforts in increasing pressure on both Woodside and Santos in recent years. But despite years of increasing  pressure from investors, both companies have repeatedly failed to present credible transition plans and cease pursuing new oil and gas projects, which are incompatible with the climate goals of the Paris Agreement and a net zero emissions by 2050 pathway.

Vision Super could now set a standard for other super funds by publicly denouncing the reckless oil and gas expansion plans of Woodside and Santos and detailing a pathway to selling off its remaining holdings.

[1] https://www.marketforces.org.au/campaigns/super/super-funds-turning-backs-on-climate-wreckers-santos-woodside/

Sincerely,

Of course I want to get updates about this campaign from Market Forces!

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TOOK ACTION: Super - Active Ownership at Santos and Woodside - March 2024

Thanks to pressure from super fund members, some funds have started to express concerns about fossil fuel expansion by voting against the re-election of key company directors at Woodside and Santos’ annual general meetings (AGMs). These actions form part of a strategy called ‘active ownership.’

But action in this area has been far too weak and far too slow. While all of Australia’s top 30 funds are committed to active ownership as a strategy for addressing issues like climate change risk, only half of them have escalated pressure on Woodside and / or Santos through their voting behaviour over two consecutive years.

We’re approaching a crucial opportunity for super funds to demonstrate their commitment to climate action, with the AGMs of both Woodside and Santos just around the corner.

Tell your super fund to vote against Woodside and Santos’ climate wrecking growth plans and the directors responsible for them, or face scrutiny for greenwashing.

Take action

* Exposure as a proportion of each fund’s default investment option’s Australian listed equities, relative to Woodside and Santos’ weights in the ASX300 index.

Woodside and Santos getting the cold shoulder from the superannuation industry

The investment performance of super funds’ Australian share portfolios is measured against the performance of the 300 biggest companies on the Australian share market, also known as the ASX300.

While fossil fuel companies have underperformed in the broader global share market over the past decade, super funds have remained invested in them and are stubbornly convinced they can push these companies to align with global climate goals, despite failing to deliver meaningful progress to date.

Yet our analysis has found the average super fund’s default investment option is showing a trend of reducing investment exposure to Woodside and Santos over a two-year period, relative to the ASX300 benchmark. This indicates that super funds’ outlook on these companies may be changing and funds are finally waking up to the fact that Woodside and Santos are failing to take the clean energy transition – and the existential risks it poses to oil and gas companies – seriously.

The market capitalisation (size) of Woodside accounts for about 3% of the top 300 companies in the Australian share market, and Santos accounts for just over 1%. This proportion is known as their ‘weight’ in the market. In their Australian share investment portfolios, super funds may choose to follow (or ‘track’) the weight of these companies, or they may choose to invest more or invest less in them. In the charts below, we show the difference between the weight of Woodside and Santos in super funds’ Australian share portfolios and the weight of these two climate wreckers in the broader share market. Our results are expressed in the form of percentage points, or in other words the difference between two percentages.

If the number on the chart is positive, it means the fund has allocated relatively more of its members’ retirement savings to the company than the company’s weight in the broader share market. If the number is negative, the fund has allocated relatively less than the company’s weight in the broader market.

Is your super fund turning its back on Woodside and Santos?

Check out our interactive charts below to find out

Australian listed equities exposure to Woodside of the top 30 super funds vs the ASX300 benchmark, December 2021 – June 2023

Positive number = Fund invests relatively more in Woodside than the broader share market
Negative number = Fund invests relatively less in Woodside than the broader share market

Australian listed equities exposure to Santos of the top 30 super funds vs the ASX300 benchmark, December 2021 – June 2023

Positive number = Fund invests relatively more in Santos than the broader share market
Negative number = Fund invests relatively less in Santos than the broader share market

The average super fund option’s investment exposure to Woodside has dropped below the ASX300 benchmark weight by 0.26 percentage points (written as “%” below for brevity). Given the average option’s exposure was previously 0.05% above the benchmark in December 2021, this means a total drop of 0.31% over a two-year period. That might sound miniscule, but it’s equivalent to about one-tenth of Woodside’s entire weight on the share market today.

While the average investment option’s exposure to Santos is still higher than the benchmark weight, there has still been a clear downward trend, starting at 0.59% above the benchmark in December 2021 and dropping to 0.46% above the benchmark by June 2023 (a total drop of 0.13% over two years).

The top three super fund investment options most overexposed to Woodside at the latest reporting date of 30 June 2023 are:

AustralianSuper’s Balanced option: 1.69% above the ASX300 benchmark weight
ESSSuper’s Growth option: 1.47% above the ASX300 benchmark weight
AMP’s MySuper 1970s option: 0.65% above the ASX300 benchmark weight

The top three super fund investment options most overexposed to Santos at the latest reporting date of 30 June 2023 are:

ESSSuper’s Growth option: 3.05% above the ASX300 benchmark weight
Hostplus’ Balanced option: 1.64% above the ASX300 benchmark weight
Equipsuper’s MySuper option: 1.41% above the ASX300 benchmark weight

The top three super fund investment options most underexposed* to Woodside at the latest reporting date of 30 June 2023 are:

UniSuper’s Balanced option: 2.68% below the ASX300 benchmark weight
Vision Super’s Balanced Growth option: 1.34% below the ASX300 benchmark weight
Super SA’s Triple S Balanced option: 0.88% below the ASX300 benchmark weight

The top three super fund investment options most underexposed* to Santos at the latest reporting date of 30 June 2023 are:

AustralianSuper’s Balanced option: 1.04% below the ASX300 benchmark weight
Vision Super’s Balanced Growth option: 0.41% below the ASX300 benchmark weight
UniSuper’s Balanced option: 0.36% below the ASX300 benchmark weight

* Excluding NGS Super as the fund divested all holdings in Woodside and Santos in 2022.

Woodside and Santos’ oil and gas expansion plans are incompatible with a 1.5°C global warming limit, and every fraction of a degree of further warming poses increasing financial risks to investment portfolios. All super funds must therefore pull out all the stops to end Woodside and Santos’ reckless oil and gas growth plans, and rapidly escalate pressure to the point of publicly withdrawing investment from these companies if they continue with their climate wrecking agenda.

Take action! Tell your super fund to demand an end to Woodside and Santos’ oil and gas expansion plans, and get your retirement savings out of these climate wreckers if they fail to meet this demand.

Take action

Funds are on the hook for their engagement with climate wreckers Woodside and Santos

Super funds have been telling their members for years they remain invested in climate wreckers like Woodside and Santos so that – as investors – they can ‘engage’ with these companies and influence them to clean up their act. This strategy is known as ‘active ownership,’ and all of the top 30 super funds claim to be committed to active ownership of the companies they invest their members’ retirement savings in. 29 of these funds also acknowledge that climate change poses significant risks.

Yet as our research has demonstrated, super funds are falling far short of what’s expected of them as active owners, evidenced by the fact they are currently failing to exert enough pressure and influence to bring Woodside and Santos’ plans into line with global climate goals the funds claim to support.

Despite this, we have seen some funds increasing pressure on Woodside and Santos in recent years by voting against the recommendations put forward by company management at the companies’ AGMs. This includes voting against the re-election of key company directors, against company executive remuneration arrangements, and for Market Forces-coordinated shareholder resolutions calling for plans to manage down oil and gas production in line with climate goals.

For example, of the 19 super funds that disclosed votes against Woodside’s climate strategy in 2022, 15 of these funds disclosed at least one vote against management after Woodside’s 2023 AGM. Having already taken escalation steps over several years, NGS Super took the ultimate escalation measure of divesting from Woodside after its 2022 AGM.

Funds that acknowledge climate risk and have started increasing pressure on Woodside and/or Santos through their voting behaviour are now well and truly on the hook for their stated active ownership claims and climate commitments and must now take further action this year or risk scrutiny from ASIC for greenwashing. These funds are:

Active Super
AMP*
Australian Retirement Trust
Aware Super
CareSuper*
Cbus
Colonial First State*
Equipsuper
ESSSuper
HESTA
Mercer*
MLC
OnePath*
Rest
Russell Investments
Spirit Super
TelstraSuper
UniSuper
Vision Super

The remaining funds that are yet to demonstrate active ownership of Woodside and/or Santos by increasing pressure through their voting behaviour are far behind their peers and must take steps this year to live up to their active ownership claims and stop their greenwashing. These funds are:

AustralianSuper
Brighter Super
Hostplus
IOOF
Qantas Super

Commonwealth Super Corp and Super SA don’t disclose their proxy voting activity, while GESB also doesn’t disclose votes unless members specifically request them. NGS Super no longer invests members’ retirement savings in Woodside and Santos, while the only fund that doesn’t publicly acknowledge climate risk is Mine Super. State Super disclosed a ‘combined’ vote on several items of business at Woodside’s 2023 AGM but it’s not clear from public sources whether the combination of votes included any votes against the recommendations of company management.

Australia’s biggest super fund being closely monitored

AustralianSuper will be a fund to watch closely this year. While the fund voted against Woodside’s climate plan in 2022, it backpedaled on climate action last year by failing to disclose a single vote against company management, despite the fact that Woodside made it clear its climate strategy had not materially changed.

Worse still, AustralianSuper responded to scrutiny over this backpedaling by noting that engagement with Woodside had secured a commitment from the company to another ‘say on climate’ vote in 2024, when the fund voted against Woodside’s ‘say on climate’ in 2022 but failed to escalate voting pressure when Woodside’s climate strategy remained unchanged in 2023!

As one of Woodside’s top five investors and with a firm commitment to active ownership and managing climate risk, AustralianSuper must demonstrate consequences for Woodside’s continued misalignment with global climate goals by voting against the re-election of key company directors and against Woodside’s remuneration arrangements, or face further scrutiny for greenwashing.

So-called ‘active owners’ must take further escalation steps or expect to be called out for greenwashing

Super funds have a crucial opportunity at Woodside and Santos’ AGMs in April to vote against the re-election of incumbent company directors and against remuneration plans that incentivise fossil fuel growth. They must take this opportunity to live up to their stated active ownership claims or risk scrutiny from ASIC for greenwashing.

Despite years of increasing pressure from investors, Woodside and Santos have failed to cease their destructive oil and gas expansion plans, which are incompatible with the climate goals of the Paris Agreement and a net zero emissions by 2050 pathway. Now stronger escalation measures from super funds are needed if they are to continue claiming they are using active ownership to address climate risk. Super funds must be demanding and delivering an end to Woodside and Santos’ oil and gas expansion plans and publicly divesting if these companies fail to comply.

Is your super fund on the hook for its climate and active ownership claims?

Find out below and demand further action

Note: funds with four green ticks in the Woodside and Santos columns have already taken some steps to demonstrate their commitments to active ownership and must take further steps this year in order to continue living up to those commitments. Funds with both climate and active ownership commitments but any red ticks in the Woodside and Santos columns are laggards and must do the same.

Top 30 super funds’ climate and active ownership commitments, voting history at Woodside and Santos

* These funds disclosed a ‘split’ vote on either Woodside’s 2022 climate report or at least one item at Woodside’s 2023 AGM. Market Forces has confirmed from public disclosures that at least some shares behind each recorded split vote were voted against the recommendations of company management. “Escalated pressure” is defined as voting against a company director or the remuneration report, or for a Market Forces resolution, at the 2023 AGMs.

Take action! Contact your super fund today

Methodology and further information

Process

Due to data restrictions on the actual member weights in the ASX300, we used the weights from an ETF that fully replicates the index (ASX: VAS) to establish Woodside and Santos’ weights as of each portfolio holdings disclosure date.

To calculate the size of the funds’ Australian listed equity holdings, we matched the funds’ holdings disclosures with the ASX’s company directory, which we adjusted for past mergers, IPOs and delistings using information from Bloomberg and deListed Australia.

Sources

Portfolio holdings disclosures were sourced from each fund’s website.

Voting data was sourced from a previous Market Forces publication. Brighter Super, MLC and Russell Investments had not disclosed the relevant voting data at the time of that publication and each fund’s 2023 voting data was sourced from each fund’s website and a subscription service, Diligent.

Funds’ climate and active ownership statements or commitments were sourced from public disclosures on each fund’s website.

Disclaimer

The information provided by Market Forces does not constitute financial advice. The information is presented in order to inform people motivated by environmental concerns and take actions based on those concerns. Market Forces is organising data for environmental ends.

The information and actions provided by Market Forces do not account for any individual’s personal objectives, financial situation or needs. It should not be used, relied upon, or treated as a substitute for specific professional advice.

Market Forces recommends all users obtain their own independent professional advice before making any decision relating to their particular requirements or circumstances. Switching super funds may have unintended financial consequences.

For more information about Market Forces, please visit the about page of the site.

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