ALGA - NEWS 13 December 2013 - Superannuation article
I thought those of us interested in where our super is heading might be interested in this report that was mentioned in today's ALGA (Australian Local Government Association) News:
A "how to guide" for protecting superannuation released
Climate Smart Super: Understanding Superannuation & Climate Risk has been released this week to highlight the necessity for superannuation nest eggs to be protected from carbon and climate change risks. Released by The Climate Institute, it's the first report of its kind and offers information for individuals to learn more about their super funds and how to engage with their super funds in relation to the investments made on their behalf.It reveals that while trustees managing superannuation funds have a fiduciary duty to manage for climate and carbon policy risks, few are able to demonstrate they are acting on that duty. The report was released alongside results of this year's global survey of 1000 of the largest asset owners, most of whom are super funds.
"Superannuation funds are often Australians' biggest or second biggest asset but until now very few have had accessible information enabling them to take an active role in managing that asset against climate and carbon policy risks," CEO of The Climate Institute, John Connor said."This report reviews superannuation in the context of climate change - both in terms of how retirement savings might be exposed to climate risk and how those savings can help transition Australia to a clean energy future."
"It offers a number of simple steps to assist people to engage with their super funds so that they can move from being accidental to active investors and start challenging the dangerous short term focus in business and politics that threatens retirement savings."
"Numerous reports from banks, investment groups and others now highlight that serious climate action means many high carbon investments may turn out to be worthless, with a large majority of fossil fuels needing to be left in the ground. This could have a huge impact on superannuation funds," Mr Connor said.
Climate Smart Super: Understanding Superannuation & Climate Risk and associated content, including infographics, videos and a podcast, can be found here.
A "how to guide" for protecting superannuation released
Climate Smart Super: Understanding Superannuation & Climate Risk has been released this week to highlight the necessity for superannuation nest eggs to be protected from carbon and climate change risks. Released by The Climate Institute, it's the first report of its kind and offers information for individuals to learn more about their super funds and how to engage with their super funds in relation to the investments made on their behalf.It reveals that while trustees managing superannuation funds have a fiduciary duty to manage for climate and carbon policy risks, few are able to demonstrate they are acting on that duty. The report was released alongside results of this year's global survey of 1000 of the largest asset owners, most of whom are super funds.
"Superannuation funds are often Australians' biggest or second biggest asset but until now very few have had accessible information enabling them to take an active role in managing that asset against climate and carbon policy risks," CEO of The Climate Institute, John Connor said."This report reviews superannuation in the context of climate change - both in terms of how retirement savings might be exposed to climate risk and how those savings can help transition Australia to a clean energy future."
"It offers a number of simple steps to assist people to engage with their super funds so that they can move from being accidental to active investors and start challenging the dangerous short term focus in business and politics that threatens retirement savings."
"Numerous reports from banks, investment groups and others now highlight that serious climate action means many high carbon investments may turn out to be worthless, with a large majority of fossil fuels needing to be left in the ground. This could have a huge impact on superannuation funds," Mr Connor said.
Climate Smart Super: Understanding Superannuation & Climate Risk and associated content, including infographics, videos and a podcast, can be found here.
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