Australians have about $2.53 trillion invested in superannuation. Recent legal opinions on climate change and trustee directors’ duties have wide-reaching ramifications for the massive industry.
A legal opinion by Noel Hutley SC and James Mack, released by Environmental Justice Australia and Market Forces, states: “climate change risks can and should be considered by trustee directors to the extent that those risks intersect with the financial interests of beneficiary of a registrable superannuation entity.”
In July 2018 EJA helped Mark McVeigh, 23, launch Federal Court action against his superannuation fund REST, seeking information about what the trustees know about the impact climate change will have on its investments and what they are doing in response to that knowledge. This is the first time a super fund member has taken a fund to court over lack of information about climate change risk.
The Concise Statement in McVeigh v REST is here.