Super funds more supportive of non-proliferation
Superannuation and pension funds have been found to be globally more supportive of non-proliferation than banks, according to a report.
A report by PAX and the International Campaign to Abolish Nuclear Weapons (ICAN) on nuclear investment from financial institutions found globally there were eight super and pension funds that made it onto their ‘Hall of Fame' category, along with six banks, two financial services groups, and two insurance companies.
These firms were identified to have had comprehensive policies preventing investments in nuclear weapon producers.
Australian Ethical was the only Australian firm to make it on the ‘Hall of Fame' list as it did not invest in any nuclear associated companies and applied no revenue threshold for companies for manufacture of weapons, uranium mining, and nuclear generation.
However, the report placed ANZ, the Commonwealth Bank of Australia (CBA), Macquarie Group, and Westpac and 386 other financial institutions in their ‘Hall of Shame' category.
The report found the institutions made an estimated $7.23 billion available to 27 nuclear weapon producing companies since January 2013.
ANZ made the largest investment at $2.7 billion, followed by Macquarie at $2.6 billion, Westpac at $1.3 billion, and CBA at $573 million.
Recommended for you
Financial Services Council chief executive, Blake Briggs, is urging Minister for Financial Services, Stephen Jones, to take advantage of the QAR opportunity to reduce regulatory duplication and ensure advice is affordable.
Former chair of the House of Representatives’ Standing Economics Committee, Tim Wilson, is planning a return to politics after losing his seat in the 2022 federal election.
Morningstar is going to offer research ratings of funds in the $3.5 trillion superannuation sector for the first time in response to demand from financial advisers.
Treasurer Jim Chalmers has opened a consultation into the design of the annual superannuation performance test, canvassing views on a range of reform options.