Key: Fine
Work to do
Borderline
Out of line
Not Disclosed
21%
52%
11%
16%
0%
VicSuper discloses a full list of its shareholdings without investment amounts. From this disclosure, we calculate around 16% of the Growth option’s Australian share investments is in companies actively undermining the climate goals of the Paris Agreement, including Whitehaven Coal, New Hope, Woodside, Santos, Origin, and AGL.
This option has no explicit fossil fuel exclusions, although VicSuper claims “By working with our managers, we’ve been able to tilt our investment portfolio toward lower carbon investments, thereby reducing our portfolio exposure to fossil fuel companies.”
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Calling for Paris-alignment
VicSuper has called on a specific company to alter its strategy to bring it into line with the climate goals set out in the Paris Agreement. The fund has voted for many shareholder proposals calling on companies to align with the Paris climate goals, including Whitehaven Coal, AGL and Origin Energy, as well as Australia’s big banks and insurers.
VicSuper is a member of the Climate Action 100+, which aims to encourage 100+ emissions-intensive companies to “Take action to reduce greenhouse gas emissions across their value chain, consistent with the Paris Agreement’s goal of limiting global average temperature increase to well below 2-degrees Celsius above pre-industrial levels.”
Scenario analysis
VicSuper has conducted climate change scenario analysis and provides a discussion of its findings: “long term returns are less impacted under a 2 degrees celsius scenario, which we believe indicates that long-term investment returns will be best served by supporting the transition to a low-carbon economy.” No quantitative data is disclosed.
VicSuper also reports the carbon intensity of its share portfolio and has “a long-term objective of aligning our equities portfolio energy generation mix with a 2 degree celsius scenario.”
Climate voting record
VicSuper discloses its proxy voting decisions, so we know the fund has voted for 46% of the climate-related resolutions it has disclosed since 2017. VicSuper’s climate voting record has improved considerably since 2017.
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. To see how we profile super funds go to the methodology page.
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