Superannuation

 

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.

More

Hutley SC advice on climate change and trustee duties: advice, background

The Concise Statement in McVeigh v REST is here.

 

NT’s deal with gas company to cost consumers $2.7 billion and enable fracking

December 10, 2018

World first legal action to test trustee duties on climate risks filed against A$50 billion fund

October 3, 2018

A 23-year-old is taking a $50bn super fund to court over climate change

July 25, 2018

Double standards on climate risks – Government protects big investors but not taxpayers

July 23, 2018

EJA files complaint with Ombudsman about EFIC

July 6, 2018

EFIC fail: support for Adani opens legal and political risks

June 8, 2018

Fracking the Northern Territory

May 25, 2018

Onslow Beach by Stu Rapley

NAIF: Any port in a storm

February 1, 2018

NAIF prepared to do risky business

September 4, 2017