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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.
At the Whitehaven Coal’s October 2018 Annual General Meeting, VicSuper voted FOR a resolution expressing an opinion that Whitehaven’s strategy should align with the Paris climate goals. The Socially Conscious option does not invest in Whitehaven Coal, so VicSuper’s votes were cast on behalf of members in other options.
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.”
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 voted for 35 of the 86 (41%) climate-related resolutions it voted on during 2017 and 2018. VicSuper’s climate voting record improved considerably from 2017 (10%) to 2018 (81%).
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