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· Posted on
February 21, 2024

HESTA members reckon they've talked the talk on their investments.. but now it's time to walk the walk

HESTA is in hot water with more than five hundred of its members.

What's the key learning?

  • HESTA's members are demanding the super fund to commit to a timeframe for divesting from Woodside and Santos, because their fossil-fuel practices haven't improved as expected.
  • For many Australians, super funds are no longer just a passive investment that you worry about in your 60's.
  • HESTA needs to make investment decisions that not only provide strong returns, but also aligns with their members' values.

👉 Background: HESTA is the super fund dedicated to people in health and community services industries. And, there are over 1 million Australians with nearly $74 billion dollars at the big H.

👉 What happened: But now, HESTA is in hot water with its members. More than five hundred of its members have demanded that HESTA denounces one of its big investments — Woodside, an oil company.

👉 What else: On top of that, they're calling on HESTA to commit to a timeframe for divesting from Woodside and Santos, another oil producer, because their fossil-fuel practices haven't improved as expected.

What's the key learning?

💡For many Australians, super funds are no longer just a passive investment that you worry about in your 60's.

💡And that means HESTA needs to make investment decisions that not only provide strong returns, but also aligns with their members' values.  Right now, HESTA members are claiming they're not actually applying any pressure to these oil and gas companies. And potentially even 'greenwashing'.

💡But HESTA ain't the only super funds accused of greenwashing; ASIC is also suing the following in separate greenwashing cases:

  • Mercer
  • Active Super
  • Vanguard

And investigating many more...

‍

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