Pension Fund Follows Vanguard as Australia Targets Greenwashing
- ASIC sued Active Super over allegations of greenwashing
- Australia regulator is pushing to shine light on ESG claims
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Australia’s corporate watchdog notched another victory in its push to sharpen the focus of investment managers on environmental, social and governance credentials.
The Federal Court on Wednesday said the Australian Securities and Investments Commission was largely successful in proving its case that A$13.5 billion ($9 billion) pension fund Active Super made a number of misrepresentations. Those included labeling its coal and gambling investment screens as misleading and deceptive, according to the judgement from Justice O’Callaghan.