Home > Super funds are (so far) failing to vote for greater climate action this year

Super funds are (so far) failing to vote for greater climate action this year

17 April 2024

17 April, 2024

Some super funds have started disclosing how they voted at Santos’ annual general meeting (AGM) last week. The bad news is that several of these funds are wallowing in greenwash and failing to increase pressure on Santos to end its climate-wrecking oil and gas growth plans.

With Woodside’s AGM also just around the corner, super funds have a crucial opportunity to hold the company’s board to account for its unacceptable climate plan. Funds must take this opportunity or face scrutiny for greenwashing.

Find out how your super fund voted at Santos and demand they vote for change at Woodside.

Take action!

For years, super funds have been telling their members they push for greater climate action by using their voting power at company AGMs, which is a key element of ‘active ownership.’

Yet our research has consistently found super funds are breaking this promise to their members, with many funds failing to live up to their active ownership claims through their voting behaviour.

So far, this year is no different – of the ten super funds that have disclosed their votes at Santos, only three voted against the re-election of a company director. Those three funds also voted against the re-election of a director at Santos’ 2023 AGM.

By contrast, Active Super, Australian Retirement Trust, CareSuper, Colonial First State, ESSSuper and Spirit Super all continued to support a board that is ultimately responsible for signing off on Santos’ climate-wrecking ways.

Santos’ oil and gas growth plans will massively increase emissions, threatening a safe retirement for super fund members. Meanwhile, many super funds are sitting back and watching these emissions rise, failing to rein in Santos’ dangerous plans.

Woodside’ AGM is next week, and funds must live up to their climate and active ownership claims by demanding and delivering an end to Woodside’s oil and gas growth plans. They can do this by holding Woodside’s leadership accountable for the company’s inadequate climate plan, and voting for real change.

How did your super fund vote at Santos this year? Check out the table below and take action.

Take action!

Find out how your super fund voted at Santos and demand they vote for change at Woodside.

Super fund(Required)

Name(Required)

First Last

Email Address(Required)

Hidden

Generic email

Subject(Required)

Your message to your super fund(Required)

(Note: the name of your super fund will be added to the top of the email and your name will be added to the bottom)

Hidden

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.

Hidden

Email to Active Super

Subject

(You can edit this)

Your message to Active Super(Required)

(You can edit this, too. Your name will be automatically added at the end.)

To Active Super,

I was astonished to learn that Active Super failed to vote for change at both Santos and Woodside’s annual general meetings (AGMs) this year.

Neither company has adequately responded to years of increasing investor pressure to deliver credible climate plans. Active Super had a crucial opportunity to hold both Santos and Woodside’s leadership accountable for this, yet failed to take it.

After voting against the re-election of three of Woodside’s directors last year, Active Super has taken a big step backwards by disclosing no binding votes against management this year.

By failing to use all the tools at its disposal to demand an end to Woodside’s oil and gas expansion plans, Active Super is not living up to its climate or active ownership claims. Active Super is greenwashing.

I demand to know why Active Super supported the director re-elections and remuneration plans at both Santos and Woodside this year. Please respond to me with your rationale for voting this way, within one week.

Sincerely,

Hidden

Email to Australian Retirement Trust

Subject

(You can edit this)

Your message to Australian Retirement Trust(Required)

(You can edit this, too. Your name will be automatically added at the end.)

To Australian Retirement Trust (ART),

I was astonished to learn that ART failed to vote for change at Santos’ annual general meeting (AGM) this year.

Santos has not adequately responded to years of increasing investor pressure to deliver a credible climate plan, and I demand to know why ART continues to support the company’s climate-wrecking oil and gas growth plans.

With Woodside’s AGM just around the corner, I would like to know:

1. What was ART’s rationale for supporting director re-elections and the remuneration plan at Santos this year?

2. How will ART vote on director elections, remuneration and the Climate Transition Action Plan at Woodside, and what is the rationale for each of those votes?

Some super funds, such as Active Super, CareSuper and HESTA, have already disclosed their voting intentions ahead of Woodside’s AGM and I would like our fund to do the same.

There is a crucial opportunity and imperative for ART to vote for real change at Woodside’s upcoming AGM and I urge our fund to take it. Funds must exercise their voting rights to demand greater climate action or can expect to be called out for greenwashing.

Sincerely,

Hidden

Email to AustralianSuper

Note: This will be sent to AustralianSuper’s complaints department.

Subject

(You can edit this)

Your message to AustralianSuper(Required)

(You can edit this, too. Your name will be automatically added at the end.)

Hidden

Email to Aware Super

Subject

(You can edit this)

Your message to Aware Super(Required)

(You can edit this, too. Your name will be automatically added at the end.)

Hidden

Email to CareSuper

Note: This will be sent to CareSuper’s complaints department.

Subject

(You can edit this)

Your message to CareSuper(Required)

(You can edit this, too. Your name will be automatically added at the end.)

To CareSuper,

I was astonished to learn that CareSuper failed to vote for change at both Santos and Woodside’s annual general meetings (AGMs) this year.

Neither company has adequately responded to years of increasing investor pressure to deliver credible climate plans. CareSuper had a crucial opportunity to hold both Santos and Woodside’s leadership accountable for this, yet failed to take it.

After voting against the re-election of one of Woodside’s directors last year, CareSuper has taken a big step backwards by disclosing no binding votes against management this year.

By failing to use all the tools at its disposal to demand an end to Woodside’s oil and gas expansion plans, CareSuper is not living up to its climate or active ownership claims. CareSuper is greenwashing.

I demand to know why CareSuper supported the director re-elections and remuneration plans at both Santos and Woodside this year. Please respond to me with your rationale for voting this way, within one week.

Sincerely,

Hidden

Email to Cbus

Subject

(You can edit this)

Your message to Cbus(Required)

(You can edit this, too. Your name will be automatically added at the end.)

Hidden

Email to Colonial First State

Subject

(You can edit this)

Your message to Colonial First State(Required)

(You can edit this, too. Your name will be automatically added at the end.)

To Colonial First State (CFS),

I was astonished to learn that CFS failed to vote for change at Santos’ annual general meeting (AGM) this year.

Santos has not adequately responded to years of increasing investor pressure to deliver a credible climate plan, and I demand to know why CFS continues to support the company’s climate-wrecking oil and gas growth plans.

With Woodside’s AGM just around the corner, I would like to know:

1. What was CFS’ rationale for supporting director re-elections and the remuneration plan at Santos this year?

2. How will CFS vote on director elections, remuneration and the Climate Transition Action Plan at Woodside, and what is the rationale for each of those votes?

Some super funds, such as Active Super, CareSuper and HESTA, have already disclosed their voting intentions ahead of Woodside’s AGM and I would like our fund to do the same.

There is a crucial opportunity and imperative for CFS to vote for real change at Woodside’s upcoming AGM and I urge our fund to take it. Funds must exercise their voting rights to demand greater climate action or can expect to be called out for greenwashing.

Sincerely,

Hidden

Email to Equipsuper

Subject

(You can edit this)

Your message to Equipsuper(Required)

(You can edit this, too. Your name will be automatically added at the end.)

To Equip Super,

I was astonished to learn that Equip Super abstained from voting at Santos’ annual general meeting (AGM) this year.

Santos has failed to respond to years of increasing investor pressure to deliver a credible climate plan, and this year’s AGM was a key opportunity for Equip Super to push back on the company’s climate-wrecking oil and gas growth plans.

With Woodside’s AGM just around the corner, I would like to know:

1. What was Equip Super’s rationale for abstaining from voting at Santos this year?

2. How will Equip Super vote on director elections, remuneration and the Climate Transition Action Plan at Woodside, and what is the rationale for each of those votes?

Some super funds, such as Active Super, CareSuper and HESTA, have already disclosed their voting intentions ahead of Woodside’s AGM and I would like our fund to do the same.

There is a crucial opportunity and imperative for Equip Super to vote for real change at Woodside’s upcoming AGM and I urge our fund to take it. Funds must exercise their voting rights to demand greater climate action or can expect to be called out for greenwashing.

Sincerely,

Hidden

Email to ESSSuper

Subject

(You can edit this)

Your message to ESSSuper(Required)

(You can edit this, too. Your name will be automatically added at the end.)

To ESSSuper,

I was astonished to learn that ESSSuper failed to vote for change at Santos’ annual general meeting (AGM) this year.

Santos has not adequately responded to years of increasing investor pressure to deliver a credible climate plan, and I demand to know why ESSSuper continues to support the company’s climate-wrecking oil and gas growth plans.

With Woodside’s AGM just around the corner, I would like to know:

1. What was ESSSuper’s rationale for supporting director re-elections and the remuneration plan at Santos this year?

2. How will ESSSuper vote on director elections, remuneration and the Climate Transition Action Plan at Woodside, and what is the rationale for each of those votes?

Some super funds, such as Active Super, CareSuper and HESTA, have already disclosed their voting intentions ahead of Woodside’s AGM and I would like our fund to do the same.

There is a crucial opportunity and imperative for ESSSuper to vote for real change at Woodside’s upcoming AGM and I urge our fund to take it. Funds must exercise their voting rights to demand greater climate action or can expect to be called out for greenwashing.

Sincerely,

Hidden

Email to HESTA

Subject

(You can edit this)

Your message to HESTA(Required)

(You can edit this, too. Your name will be automatically added at the end.)

Hidden

Email to REST

Subject

(You can edit this)

Your message to Rest(Required)

(You can edit this, too. Your name will be automatically added at the end.)

Hidden

Email to Spirit Super

Subject

(You can edit this)

Your message to Spirit Super(Required)

(You can edit this, too. Your name will be automatically added at the end.)

To Spirit Super,

I was astonished to learn that Spirit Super failed to vote for change at Santos’ annual general meeting (AGM) this year.

Santos has not adequately responded to years of increasing investor pressure to deliver a credible climate plan, and I demand to know why Spirit Super continues to support the company’s climate-wrecking oil and gas growth plans.

With Woodside’s AGM just around the corner, I would like to know:

1. What was Spirit Super’s rationale for supporting director re-elections and the remuneration plan at Santos this year?

2. How will Spirit Super vote on director elections, remuneration and the Climate Transition Action Plan at Woodside, and what is the rationale for each of those votes?

Some super funds, such as Active Super, CareSuper and HESTA, have already disclosed their voting intentions ahead of Woodside’s AGM and I would like our fund to do the same.

There is a crucial opportunity and imperative for Spirit Super to vote for real change at Woodside’s upcoming AGM and I urge our fund to take it. Funds must exercise their voting rights to demand greater climate action or can expect to be called out for greenwashing.

Sincerely,

Hidden

Email to Vision Super

Subject

(You can edit this)

Your message to Vision Super(Required)

(You can edit this, too. Your name will be automatically added at the end.)

To Vision Super,

I’m getting in touch to say thank you for voting against the re-election of a director and the remuneration plan at Santos this year. With Woodside’s annual general meeting (AGM) just around the corner, I would like to know:

1. What was Vision Super’s rationale for voting for Vanessa Guthrie’s re-election at Santos? Further to Vision Super’s concerns about excessive CEO pay in Santos’ remuneration plan, is Vision Super also concerned about the fossil fuel production and project growth incentives?

2. How will Vision Super vote on director elections, remuneration and the Climate Transition Action Plan at Woodside, and what is the rationale for each of those votes?

Some super funds, such as Active Super, CareSuper and HESTA, have already disclosed their voting intentions ahead of Woodside’s AGM and I would like our fund to do the same.

There is a crucial opportunity and imperative for Vision Super to vote for real change at Woodside’s upcoming AGM and I urge our fund to take it.

Sincerely,

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

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TOOK ACTION: Super – Woodside and Santos voting action – Apr 2024

Super fund votes at Santos’ 2024 AGM

Fund	Re-elect Keith Spence	Re-elect Vanessa Guthrie	Remuneration report
Active Super	FOR	FOR	FOR
Australian Retirement Trust	FOR	FOR	FOR
CareSuper	FOR	FOR	FOR
Cbus	FOR	AGAINST	FOR
Colonial First State	FOR	FOR	FOR
Equip Super	ABSTAIN	ABSTAIN	ABSTAIN
ESSSuper	FOR	FOR	FOR
HESTA	AGAINST	FOR	AGAINST
Spirit Super	FOR	FOR	FOR
Vision Super	AGAINST	FOR	AGAINST

Scope

Our analysis includes voting disclosures published by 16 April 2024, from any of Australia’s largest 30 super funds by assets under management (AUM), according to APRA’s June 2023 fund-level superannuation statistics. Further to these APRA-regulated funds, our analysis includes any state-regulated funds with AUM large enough to be included in the top 30 list.

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.

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