Australian super funds to vote against company directors not tackling climate crisis

Australian super funds to vote against company directors not tackling climate crisis
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Big super funds have threatened to vote against company directors who do not make sure their businesses are committed to action on global heating that includes hitting net zero by 2050. The Australian Council of Superannuation Investors (Acsi), which represents investors that manage more than $1tn in retirement savings and hold about 10% of the shares in the top 200 companies in the country, said some boards were not tackling the climate crisis quickly enough. Its tougher stance comes after a week in which regulators and ratings agencies stepped up the pressure on corporate Australia to properly consider climate risks and the US president, Joe Biden, increased the pressure on the Australian government to commit to emissions cuts sooner. Australian companies attempting to find new markets due to the trade war with China face a risk that Europe will impose border taxes due to the country’s high emissions. At the same time, new research by insurance group Swiss Re, released this week, estimates that Australia’s economy will take a hit of as much as 12.5% by 2050 if the globe warms by 2.6C. Under a new climate policy, released on Monday, Acsi now expects companies to adopt and detail […]

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