We just saw some outrageous behaviour from some of our biggest super funds.
Last week, Australian Super, UniSuper and VicSuper voted their holdings in Australian oil and gas company Santos to oppose a resolution that would have forced the company to disclose the risks it faces due to climate change.
The resolution, voted on at Santos’ annual general meeting, was the work of over 100 individual shareholders from around Australia, who just wanted to see the company explain how it plans to be compatible with a world that keeps global warming to below two degrees.
That’s not the scenario that Santos is preparing for. Its chairman, Peter Coates, said the company “adopts a 4ºC pathway” when considering its future. In the words of the Climate Council’s Professor Will Steffen it means a “completely different climate system”, incapable of supporting civilisation as we know it.
Santos convinced these and other super funds with a hastily-produced “statement on climate change disclosure”, that contained exactly zero new commitments in terms of climate change risk disclosure, and at the AGM it became clear that Santos has no intention of being part of an economy that keeps a lid on global warming.
TAKE ACTION: Demand your super fund explains why it voted (with your money) in favour of runaway global warming