Home > Super funds undermining climate commitments

Super funds undermining climate commitments

29 November 2021

Our super funds have had a number of critical opportunities to force companies they invest in to step up on climate action over the past couple of months. Yet our new analysis finds they’ve been squandering these opportunities by voting against climate action. With more crucial climate votes coming up, we need your help to change that right now.

Next month, ANZ, NAB and Westpac all face shareholder votes urging them to stop funding expansion of the fossil fuel industry, consistent with the goal of net zero emissions by 2050. All funds should vote in favour of these resolutions, especially those with their own net zero commitments.

Take action, demanding your super fund vote for climate action on your behalf.

By investing our retirement savings in company shares, super funds get a say in how those companies are run. This includes voting on formal proposals at companies’ annual general meetings (AGMs).

We reviewed the voting records of the seven big super funds that have net zero commitments and also disclose their voting within days of an AGM. All but one of those funds voted against two or more key climate-related proposals in Australia since September.

In fact just 10 of the 32 votes identified were cast in favour of climate action. And given most funds haven’t even disclosed how they voted yet, climate voting records could be even worse across the broader superannuation sector.

We have a chance to turn this around in the next few weeks. But we need to speak up now, and tell our super funds to vote in favour of the climate-related shareholder resolutions coming up at the big banks’ AGMs.

Take action

Super fund*
Name*
First Last
Email Address*
Good news! Your fund has a very strong recent history of voting for climate action. You can still use this form to ask the fund to keep up this trend.
Subject
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Subject
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Subject
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Your message to your super fund*
(You can edit this, too—your name will be automatically added at the end, and the salutation to your super fund will also be added to the top)
New research shows even super funds committed to the goal of net zero emissions by 2050 or sooner have been regularly failing to use their power as shareholders to vote for companies to align with that goal. Despite claiming investor stewardship is the best approach for influencing companies on ESG issues, it’s clear super funds are failing to align their climate commitments and commentary with tangible action. With this in mind, I demand you use my retirement savings to vote for climate action at every remaining opportunity this AGM season and beyond. Critical shareholder resolutions are coming up, which call on ANZ, NAB and Westpac to bring their fossil fuel leading into line with the banks’ stated commitments to net zero emissions by 2050. I cannot see how any fund committed to climate action can vote against these proposals. I therefore ask you to confirm you will vote in favour of these resolutions, and I will be watching closely for disclosure of these votes. I will not stand for any failure to live up to your claims and commitments around climate risk management and investor stewardship. Sincerely,
Your message to NGS Super*
(You can edit this, too—your name will be automatically added at the end)
Dear NGS Super, I understand the fund has voted in favour of all climate-related shareholder proposals at Australian AGMs this year. As a member, I thank you for voting, on my behalf, in line with your climate commitments. I urge you to continue this trend and vote in favour of future climate-related shareholder resolutions, including those calling on ANZ, NAB and Westpac to bring their fossil fuel leading into line with the banks’ stated commitments to net zero emissions by 2050. Sincerely,
Your message to Vision Super*
(You can edit this, too—your name will be automatically added at the end)
Dear Vision Super, I understand the fund consistently votes in favour of climate-related shareholder proposals. Thank you for voting, on my behalf, in line with your climate commitments. As a member, I urge you to continue this trend and vote in favour of future climate-related shareholder resolutions, including those calling on ANZ, NAB and Westpac to bring their fossil fuel leading into line with the banks’ stated commitments to net zero emissions by 2050. Sincerely,
Your message to Active Super*
(You can edit this, too—your name will be automatically added at the end)
Dear Active Super, I am a member and would like to lodge a formal complaint regarding the fund’s proxy voting behaviour, which is out of line with Active Super’s stated commitment to the goal of net zero emissions by 2050. Active Super’s recent proxy voting record in Australia shows votes were cast AGAINST shareholder proposals calling on: – Commonwealth Bank to align its fossil fuel lending with net zero by 2050, – Origin Energy to align its capital expenditure with 1.5°C, and – BHP to manage down its fossil fuel assets in line with net zero by 2050. Despite claiming investor stewardship is the best approach for influencing companies on ESG issues, it’s clear Active Super is failing to align your proxy voting decisions with your climate commitments. This inconsistency demonstrates a concerning lack of climate risk management, and suggests the fund’s climate commitments are little more than greenwash. As a resolution to this complaint, I am seeking confirmation as to whether these votes breached the fund’s climate and / or proxy voting policies. If a breach did not occur, I request a change to the proxy voting policy to ensure votes on climate-related proposals are cast in line with the fund’s climate commitments. However, if a breach did occur, I request information about how that breach will be dealt with by the fund, and how the fund will ensure there are no further similar breaches of policy. I also ask that Active Super vote in favour of the upcoming shareholder resolutions calling on ANZ, NAB and Westpac to bring their fossil fuel leading into line with the banks’ stated commitments to net zero emissions by 2050. Sincerely,
Your message to BT Super*
(You can edit this, too—your name will be automatically added at the end)
Dear BT Super, I am a member and would like to lodge a formal complaint regarding the fund’s proxy voting behaviour, which is out of line with Westpac’s stated commitment to the goal of net zero emissions by 2050. BT Super’s recent proxy voting record in Australia shows votes were cast AGAINST shareholder proposals calling on Whitehaven Coal and New Hope Corporation to manage down coal production assets in line with a net zero by 2050 scenario. Despite claiming investor stewardship is the best approach for influencing companies on ESG issues, it’s clear BT Super is failing to align your proxy voting decisions with your climate commitments. As a resolution to this complaint, I am seeking confirmation as to whether these votes breached the fund’s climate and / or proxy voting policies. If a breach did not occur, I request a change to the proxy voting policy to ensure votes on climate-related proposals are cast in line with the fund’s climate commitments. However, if a breach did occur, I request information about how that breach will be dealt with by the fund, and how the fund will ensure there are no further similar breaches of policy. I also ask that BT Super vote in favour of the upcoming shareholder resolutions calling on Australian banks to bring their fossil fuel leading into line with the banks’ stated commitments to net zero emissions by 2050. Sincerely,
Your message to Cbus*
(You can edit this, too—your name will be automatically added at the end)
Dear Cbus, I am a member and would like to lodge a formal complaint regarding the fund’s proxy voting behaviour, which is out of line with Cbus’ stated commitment to the goal of net zero emissions by 2050. Cbus’ recent proxy voting record in Australia shows votes were cast AGAINST shareholder proposals calling on: – Commonwealth Bank to align its fossil fuel lending with net zero by 2050 – Whitehaven Coal, New Hope Corporation, and BHP to manage down their fossil fuel assets in line with net zero by 2050. Despite claiming investor stewardship is the best approach for influencing companies on ESG issues, it’s clear Cbus is failing to align your proxy voting decisions with your climate commitments. This inconsistency demonstrates a concerning lack of climate risk management, and suggests the fund’s climate commitments are little more than greenwash. As a resolution to this complaint, I am seeking confirmation as to whether these votes breached the fund’s climate and / or proxy voting policies. If a breach did not occur, I request a change to the proxy voting policy to ensure votes on climate-related proposals are cast in line with the fund’s climate commitments. However, if a breach did occur, I request information about how that breach will be dealt with by the fund, and how the fund will ensure there are no further similar breaches of policy. I also ask that Cbus vote in favour of the upcoming shareholder resolutions calling on ANZ, NAB and Westpac to bring their fossil fuel leading into line with the banks’ stated commitments to net zero emissions by 2050. Sincerely,
Your message to Hesta*
(You can edit this, too—your name will be automatically added at the end)
Dear Hesta, I am a member and would like to lodge a formal complaint regarding the fund’s proxy voting behaviour, which is out of line with Hesta’s stated commitment to the goal of net zero emissions by 2050. Hesta’s recent proxy voting record in Australia shows votes were cast AGAINST shareholder proposals calling on: – Commonwealth Bank to align its fossil fuel lending with net zero by 2050; and – BHP to manage down their fossil fuel assets in line with net zero by 2050. Despite claiming investor stewardship is the best approach for influencing companies on ESG issues, it’s clear Hesta is failing to align your proxy voting decisions with your climate commitments. This inconsistency demonstrates a concerning lack of climate risk management, and suggests the fund’s climate commitments are little more than greenwash. As a resolution to this complaint, I am seeking confirmation as to whether these votes breached the fund’s climate and / or proxy voting policies. If a breach did not occur, I request a change to the proxy voting policy to ensure votes on climate-related proposals are cast in line with the fund’s climate commitments. However, if a breach did occur, I request information about how that breach will be dealt with by the fund, and how the fund will ensure there are no further similar breaches of policy. I also ask that Hesta vote in favour of the upcoming shareholder resolutions calling on ANZ, NAB and Westpac to bring their fossil fuel leading into line with the banks’ stated commitments to net zero emissions by 2050. Sincerely,
Your message to QSuper*
(You can edit this, too—your name will be automatically added at the end)
Dear QSuper, I am a member and would like to lodge a formal complaint regarding the fund’s proxy voting behaviour, which is out of line with QSuper’s stated commitment to the goal of net zero emissions by 2050. QSuper’s recent proxy voting record in Australia shows votes were cast AGAINST shareholder proposals calling on: – AGL to set emission reduction targets and capital expenditure plans in line with the Paris Agreement; – Commonwealth Bank to align its fossil fuel lending with net zero by 2050; – Origin Energy to align its capital expenditure with 1.5°C; and – Whitehaven Coal, New Hope Corporation, and BHP to manage down their fossil fuel assets in line with net zero by 2050. Despite claiming investor stewardship is the best approach for influencing companies on ESG issues, it’s clear QSuper is failing to align your proxy voting decisions with your climate commitments. This inconsistency demonstrates a concerning lack of climate risk management, and suggests the fund’s climate commitments are little more than greenwash. As a resolution to this complaint, I am seeking confirmation as to whether these votes breached the fund’s climate and / or proxy voting policies. If a breach did not occur, I request a change to the proxy voting policy to ensure votes on climate-related proposals are cast in line with the fund’s climate commitments. However, if a breach did occur, I request information about how that breach will be dealt with by the fund, and how the fund will ensure there are no further similar breaches of policy. I also ask that QSuper vote in favour of the upcoming shareholder resolutions calling on ANZ, NAB and Westpac to bring their fossil fuel leading into line with the banks’ stated commitments to net zero emissions by 2050. Sincerely,
Your message to Telstra Super*
(You can edit this, too—your name will be automatically added at the end)
Dear Telstra Super, I am a member and would like to lodge a formal complaint regarding the fund’s proxy voting behaviour, which is out of line with Telstra Super’s stated commitment to the goal of net zero emissions by 2050. Telstra Super’s recent proxy voting record in Australia shows votes were cast AGAINST shareholder proposals calling on: – AGL to set emission reduction targets and capital expenditure plans in line with the Paris Agreement (split vote); – Commonwealth Bank to align its fossil fuel lending with net zero by 2050; – Origin Energy to align its capital expenditure with 1.5°C; and – BHP to manage down its fossil fuel assets in line with net zero by 2050. Despite claiming investor stewardship is the best approach for influencing companies on ESG issues, it’s clear Telstra Super is failing to align your proxy voting decisions with your climate commitments. This inconsistency demonstrates a concerning lack of climate risk management, and suggests the fund’s climate commitments are little more than greenwash. As a resolution to this complaint, I am seeking confirmation as to whether these votes breached the fund’s climate and / or proxy voting policies. If a breach did not occur, I request a change to the proxy voting policy to ensure votes on climate-related proposals are cast in line with the fund’s climate commitments. However, if a breach did occur, I request information about how that breach will be dealt with by the fund, and how the fund will ensure there are no further similar breaches of policy. I also ask that Telstra Super vote in favour of the upcoming shareholder resolutions calling on ANZ, NAB and Westpac to bring their fossil fuel leading into line with the banks’ stated commitments to net zero emissions by 2050. Sincerely,
Your message to Australian Ethical*
(You can edit this, too—your name will be automatically added at the end)
Dear Australian Ethical, I understand the fund consistently votes in favour of climate-related shareholder proposals. Thank you for voting, on my behalf, in line with your climate commitments. As a member, I urge you to continue this trend and vote in favour of future climate-related shareholder resolutions, including those calling on NAB and Westpac to bring their fossil fuel leading into line with the banks’ stated commitments to net zero emissions by 2050. Sincerely,
Good news! Your fund doesn’t invest in any of the banks facing climate-related shareholder resolutions in the next few weeks.
Of course I want to get updates about this campaign from Market Forces!
- Yes
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TOOK ACTION: Super – Vote for bank resolutions Nov 2021
- TOOK ACTION: Super – Vote for bank resolutions Nov 2021

Fund	Net zero emissions commitment	Voting disclosure	AGL	Commonwealth Bank	Origin Energy	Whitehaven Coal	BHP	New Hope Corporation
Active Super	2050	Current	Not held	AGAINST	AGAINST	Not held	AGAINST	Not held
BT Super	2050 (Westpac)	Current	FOR	ABSTAIN	FOR	AGAINST	AGAINST	AGAINST
Cbus	2050	Current	FOR	AGAINST	FOR	AGAINST	AGAINST	AGAINST
HESTA	2050	Current	FOR	AGAINST	FOR	Not held	AGAINST	Not held
NGS Super	Carbon neutral by 2030	Current	FOR	FOR	FOR	Not held	FOR	Not held
QSuper	2050	Current	AGAINST	AGAINST	AGAINST	AGAINST	AGAINST	Not held
Telstra Super	2050	Current	SPLIT (against + abstain)	AGAINST	AGAINST	Not held	AGAINST	Not held

Research scope & methodology

This study reviewed all top 40 super funds by assets under management (as per APRA fund-level stats, 2020, Trustee level), and identified seven that:

Have made public commitments to the goals of net zero emissions or carbon neutrality; and
Disclose proxy voting decisions within one week of an Australian annual general meeting.

These disclosures were reviewed to find how the 7 funds voted on each of the following shareholder proposals (calling for alignment with global climate goals) at AGMs in the second half of the 2021 calendar year:

Learn more about super funds voting against climate action

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.

Market Forces does not receive funding from any super funds or other financial institutions.

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