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Super funds continue to block climate action

23 April 2020

23 April 2020

Major super funds in Australia are continuing to vote, on behalf of their members, 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. Our latest analysis, including data compiled by ACCR along with further disclosures, shows 10 of the largest super funds in Australia supported just 38% of the climate resolutions they voted on at Australian and international companies throughout 2019.

Just 3 of the 10 funds supported more than half of the resolutions, while 4 funds voted for a quarter or less.

Take action

Tell your super fund to vote for climate action

Super fund*
Name*
First Last
Email Address*
Postcode*
Phone number
Subject (you can edit this)
Your message to your super fund (you can personalise and amend this, your name will be automatically added at the end)*
I am dismayed that Australian super funds regularly vote to block climate change action at the companies you own on my behalf. I urge you to buck this trend and vote in favour of climate change-related resolutions at the upcoming Woodside, QBE and Rio Tinto AGMs, as well as those at international companies and beyond the current proxy season. By investing my retirement savings, you get a say in how companies are run. I expect you to use that power to ensure companies are pursuing business strategies that support the Paris climate goals, consistent with my best long term interests. Your public support for climate change-related resolutions is required to demonstrate leadership and set expectations for all companies within my portfolio. Please respond well before the AGMs in questions to confirm you will vote: - For Woodside to disclose Paris-aligned emissions reduction targets and strategies, and report on its lobbying around climate policy; - For Rio Tinto to disclose Paris-aligned emission reduction targets across its entire value chain; and - For QBE to set targets to reduce exposure to oil and gas in line with the Paris climate goals. Sincerely,
Your message to AustralianSuper (you can personalise and amend this, your name will be automatically added at the end)*
Dear AustralianSuper, I am dismayed that you voted, on my behalf, to block climate change action on 58% of climate-related shareholder resolutions in 2019. I urge you to turn this around and vote in favour of climate change-related resolutions at the upcoming Woodside, QBE and Rio Tinto AGMs, as well as those at international companies and beyond the current proxy season. By investing my retirement savings, you get a say in how companies are run. I expect you to use that power to ensure companies are pursuing business strategies that support the Paris climate goals, consistent with my best long term interests. Your public support for climate change-related resolutions is required to demonstrate leadership and set expectations for all companies within my portfolio. Please respond well before the AGMs in questions to confirm you will vote: - For Woodside to disclose Paris-aligned emissions reduction targets and strategies, and report on its lobbying around climate policy; - For Rio Tinto to disclose Paris-aligned emission reduction targets across its entire value chain; and - For QBE to set targets to reduce exposure to oil and gas in line with the Paris climate goals. Sincerely,
Your message to BT (you can personalise and amend this, your name will be automatically added at the end)*
Dear BT Super, I am dismayed that you voted, on my behalf, to block climate change action on 59% of climate-related shareholder resolutions in 2019. I urge you to turn this around and vote in favour of climate change-related resolutions at the upcoming Woodside, QBE and Rio Tinto AGMs, as well as those at international companies and beyond the current proxy season. By investing my retirement savings, you get a say in how companies are run. I expect you to use that power to ensure companies are pursuing business strategies that support the Paris climate goals, consistent with my best long term interests. Your public support for climate change-related resolutions is required to demonstrate leadership and set expectations for all companies within my portfolio. Please respond well before the AGMs in questions to confirm you will vote: - For Woodside to disclose Paris-aligned emissions reduction targets and strategies, and report on its lobbying around climate policy; - For Rio Tinto to disclose Paris-aligned emission reduction targets across its entire value chain; and - For QBE to set targets to reduce exposure to oil and gas in line with the Paris climate goals. Sincerely,
Your message to AMP (you can personalise and amend this, your name will be automatically added at the end)*
Dear AMP, I am dismayed that you voted, on my behalf, to block climate change action on over 90% of climate-related shareholder resolutions disclosed for 2019. I urge you to turn this around and vote in favour of climate change-related resolutions at the upcoming Woodside, QBE and Rio Tinto AGMs, as well as those at international companies and beyond the current proxy season. By investing my retirement savings, you get a say in how companies are run. I expect you to use that power to ensure companies are pursuing business strategies that support the Paris climate goals, consistent with my best long term interests. Your public support for climate change-related resolutions is required to demonstrate leadership and set expectations for all companies within my portfolio. Please respond well before the AGMs in questions to confirm you will vote: - For Woodside to disclose Paris-aligned emissions reduction targets and strategies, and report on its lobbying around climate policy; - For Rio Tinto to disclose Paris-aligned emission reduction targets across its entire value chain; and - For QBE to set targets to reduce exposure to oil and gas in line with the Paris climate goals. Sincerely,
Your message to First State Super (you can personalise and amend this, your name will be automatically added at the end)*
Dear First State Super, I am dismayed that you voted, on my behalf, to block climate change action on 75% of climate-related shareholder resolutions disclosed for 2019. I urge you to turn this around and vote in favour of climate change-related resolutions at the upcoming Woodside, QBE and Rio Tinto AGMs, as well as those at international companies and beyond the current proxy season. By investing my retirement savings, you get a say in how companies are run. I expect you to use that power to ensure companies are pursuing business strategies that support the Paris climate goals, consistent with my best long term interests. Your public support for climate change-related resolutions is required to demonstrate leadership and set expectations for all companies within my portfolio. Please respond well before the AGMs in questions to confirm you will vote: - For Woodside to disclose Paris-aligned emissions reduction targets and strategies, and report on its lobbying around climate policy; - For Rio Tinto to disclose Paris-aligned emission reduction targets across its entire value chain; and - For QBE to set targets to reduce exposure to oil and gas in line with the Paris climate goals. Sincerely,
Your message to Hostplus (you can personalise and amend this, your name will be automatically added at the end)*
Dear Hostplus, I am dismayed that you voted, on my behalf, to block climate change action on 79% of climate-related shareholder resolutions disclosed for 2019. I urge you to turn this around and vote in favour of climate change-related resolutions at the upcoming Woodside, QBE and Rio Tinto AGMs, as well as those at international companies and beyond the current proxy season. By investing my retirement savings, you get a say in how companies are run. I expect you to use that power to ensure companies are pursuing business strategies that support the Paris climate goals, consistent with my best long term interests. Your public support for climate change-related resolutions is required to demonstrate leadership and set expectations for all companies within my portfolio. Please respond well before the AGMs in questions to confirm you will vote: - For Woodside to disclose Paris-aligned emissions reduction targets and strategies, and report on its lobbying around climate policy; - For Rio Tinto to disclose Paris-aligned emission reduction targets across its entire value chain; and - For QBE to set targets to reduce exposure to oil and gas in line with the Paris climate goals. Sincerely,
Your message to Hesta (you can personalise and amend this, your name will be automatically added at the end)*
Dear Hesta, I am dismayed that your support for climate-related shareholder resolutions fell to just 53% in 2019. I urge you to turn this around and vote in favour of climate change-related resolutions at the upcoming Woodside, QBE and Rio Tinto AGMs, as well as those at international companies and beyond the current proxy season. By investing my retirement savings, you get a say in how companies are run. I expect you to use that power to ensure companies are pursuing business strategies that support the Paris climate goals, consistent with my best long term interests. Your public support for climate change-related resolutions is required to demonstrate leadership and set expectations for all companies within my portfolio. Please respond well before the AGMs in questions to confirm you will vote: - For Woodside to disclose Paris-aligned emissions reduction targets and strategies, and report on its lobbying around climate policy; - For Rio Tinto to disclose Paris-aligned emission reduction targets across its entire value chain; and - For QBE to set targets to reduce exposure to oil and gas in line with the Paris climate goals. Sincerely,
Your message to Local Government Super (you can personalise and amend this, your name will be automatically added at the end)*
Dear Local Government Super, I am dismayed that your support for climate-related shareholder resolutions fell to just 52% in 2019, and just 17% for those in Australia. I urge you to turn this around and vote in favour of climate change-related resolutions at the upcoming Woodside, QBE and Rio Tinto AGMs, as well as those at international companies and beyond the current proxy season. By investing my retirement savings, you get a say in how companies are run. I expect you to use that power to ensure companies are pursuing business strategies that support the Paris climate goals, consistent with my best long term interests. Your public support for climate change-related resolutions is required to demonstrate leadership and set expectations for all companies within my portfolio. Please respond well before the AGMs in questions to confirm you will vote: - For Woodside to disclose Paris-aligned emissions reduction targets and strategies, and report on its lobbying around climate policy; - For Rio Tinto to disclose Paris-aligned emission reduction targets across its entire value chain; and - For QBE to set targets to reduce exposure to oil and gas in line with the Paris climate goals. Sincerely,
Your message to REST (you can personalise and amend this, your name will be automatically added at the end)*
Dear REST, I am dismayed that you voted, on my behalf, to block climate change action on 67% of the climate-related shareholder resolutions disclosed for 2019. I urge you to turn this around and vote in favour of climate change-related resolutions at the upcoming Woodside, QBE and Rio Tinto AGMs, as well as those at international companies and beyond the current proxy season. By investing my retirement savings, you get a say in how companies are run. I expect you to use that power to ensure companies are pursuing business strategies that support the Paris climate goals, consistent with my best long term interests. Your public support for climate change-related resolutions is required to demonstrate leadership and set expectations for all companies within my portfolio. Please respond well before the AGMs in questions to confirm you will vote: - For Woodside to disclose Paris-aligned emissions reduction targets and strategies, and report on its lobbying around climate policy; - For Rio Tinto to disclose Paris-aligned emission reduction targets across its entire value chain; and - For QBE to set targets to reduce exposure to oil and gas in line with the Paris climate goals. Sincerely,
Your message to Sunsuper (you can personalise and amend this, your name will be automatically added at the end)*
Dear Sunsuper, I am dismayed that you voted, on my behalf, to block climate change action on 83% of the climate-related shareholder resolutions disclosed for 2019. I urge you to turn this around and vote in favour of climate change-related resolutions at the upcoming Woodside, QBE and Rio Tinto AGMs, as well as those at international companies and beyond the current proxy season. By investing my retirement savings, you get a say in how companies are run. I expect you to use that power to ensure companies are pursuing business strategies that support the Paris climate goals, consistent with my best long term interests. Your public support for climate change-related resolutions is required to demonstrate leadership and set expectations for all companies within my portfolio. Please respond well before the AGMs in questions to confirm you will vote: - For Woodside to disclose Paris-aligned emissions reduction targets and strategies, and report on its lobbying around climate policy; - For Rio Tinto to disclose Paris-aligned emission reduction targets across its entire value chain; and - For QBE to set targets to reduce exposure to oil and gas in line with the Paris climate goals. Sincerely,
Your message to VicSuper (you can personalise and amend this, your name will be automatically added at the end)*
Dear VicSuper, I am pleased to know you regularly vote, on behalf, in favour of climate action at companies in my portfolio. I urge you to continue this trend and vote in favour of climate change-related resolutions at the upcoming Woodside, QBE and Rio Tinto AGMs, as well as those at international companies and beyond the current proxy season. By investing my retirement savings, you get a say in how companies are run. I expect you to use that power to ensure companies are pursuing business strategies that support the Paris climate goals, consistent with my best long term interests. Your public support for climate change-related resolutions is required to demonstrate leadership and set expectations for all companies within my portfolio. Please respond well before the AGMs in questions to confirm you will vote: - For Woodside to disclose Paris-aligned emissions reduction targets and strategies, and report on its lobbying around climate policy; - For Rio Tinto to disclose Paris-aligned emission reduction targets across its entire value chain; and - For QBE to set targets to reduce exposure to oil and gas in line with the Paris climate goals. Sincerely,
Your message to UniSuper (you can personalise and amend this, your name will be automatically added at the end)*
Dear UniSuper, I am dismayed at the disparity between UniSuper's voting on climate-related resolutions in Australian versus those internationally. While I appreciate you engage with Australian companies behind closed doors, public support climate change-related resolutions is required to demonstrate leadership and set expectations for all companies within my portfolio. Voting against climate resolutions suggests UniSuper is content with a company's approach to climate risk. Unless that company's business model is demonstrably consistent with meeting the Paris climate goals, UniSuper should not be content. I urge you to buck your recent voting trend and vote in favour of climate change-related resolutions at the upcoming Woodside, QBE and Rio Tinto AGMs, as well as those at international companies and beyond the current proxy season. By investing my retirement savings, you get a say in how companies are run. I expect you to use that power to ensure companies are pursuing business strategies that support the Paris climate goals, consistent with my best long term interests. Please respond well before the AGMs in questions to confirm you will vote: - For Woodside to disclose Paris-aligned emissions reduction targets and strategies, and report on its lobbying around climate policy; - For Rio Tinto to disclose Paris-aligned emission reduction targets across its entire value chain; and - For QBE to set targets to reduce exposure to oil and gas in line with the Paris climate goals. Sincerely,
Of course I want to get updates about this campaign from Market Forces!
- Yes

Super fund voting on climate-related shareholder resolutions in 2019

Fund	Total votes FOR climate action	Votes FOR climate action (Australia)	Votes FOR climate action (international)
UniSuper	60%	0% (0/13)	89% (24/27)
Local Government Super	52%	17% (2/12)	100% (9/9)
Hesta	52%	75% (6/8)	47% (17/36)
AustralianSuper	42%	0% (0/13)	91% (10/11)
BT	41%	42% (5/12)	41% (11/27)
REST*	33%	0% (0/2)	40% (4/10)
First State Super	25%	8% (1/12)	32% (9/28)
Hostplus	21%	8% (1/13)	27% (8/30)
Sunsuper*	17%	9% (1/11)	100% (1/1)
AMP*	8%	8% (1/13)	- (0/0)

*Limited voting disclosure

Data compiled from ACCR’s Vote Like You Mean It Preliminary Report, with further disclosure and data points added by Market Forces

Sustainability is good business

A recent report found companies with better sustainability practices, including climate commitments and action, have performed better than other companies throughout the coronavirus crisis.

Yet our research shows major investors are regularly voting against proposals that would improve sustainability at the companies they own. Our super funds are using our retirement savings to support business models that would take us towards runaway global warming.

A tale of two standards

Despite not supporting 0% of climate-related shareholder resolutions in Australia in 2019, UniSuper and AustralianSuper each voted for around 90% of international resolutions.

Similarly, Local Government Super supported just 17% of Australian resolutions versus 100% of international. Most other funds also favoured international resolutions, but with a smaller discrepancy.

The two exceptions to this trend were Hesta, which supported a far greater proportion of local resolutions than any other fund, and BT, which supported about 40% across the board.

Have we turned a corner?

Australia’s first climate-related resolution of 2020, filed by ACCR, saw unprecedented levels of investor support for oil and gas major Santos to align its strategy with the Paris climate goals.

With super funds set to vote on climate proposals at Woodside, Rio Tinto and QBE’s AGMs in the next two weeks, we need to ensure the Santos vote signals a turning point, rather than a blip on the radar.

Take action – use the form above to tell your super fund to vote for all climate-related shareholder

To learn more about how super funds influence corporate behaviour, check out this recent article in the Monthly by Richard Denniss