Most super funds failing to disclose climate risk

The $2.3 trillion superannuation industry is so woeful in its disclosure of climate risk that trustees could be in breach of their legal duties.

Sixty of the 100 biggest super funds, or three out
 of five, have no disclosure of climate risk at all. 

Sixty of the 100 biggest super funds, or three out of five, have no disclosure of climate risk at all, according to the August report by Market Forces, an affiliate project of environmental group Friends of the Earth.

This includes large players such as retail fund Colonial First State, which represents 2.19 million members and $86.99 billion, and industry fund REST, with 1.96 million members and $41.52 billion under management.

Another 22 funds in the top 100 have inadequate disclosure – defined as a public position that mentions climate change, but fails to back it up with any discussion of how it's being handled in practical terms. Market Forces analyst and report author Daniel Gocher told Fairfax Media it was a "low bar" to be deemed as inadequate and there was a big gap between those making adequate disclosure and the rest.

Read the story in today’s Melbourne Age by Caitlin Fitzsimmons  - “Most super funds failing to disclose climate risk.”