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

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.

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 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
Colonial First State FOR FOR FOR
Spirit Super FOR FOR FOR


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.


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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