Antinuclear

Rest super fund commits to net-zero emission investments after Brisbane man sues, ABC, By national science, technology and environment reporter Michael Slezak,  2 Nov 20, 
  A 25-year-old man from Brisbane has successfully sued one of Australia’s biggest super funds over its handling of climate change, forcing it to commit to net-zero emissions for its investments by 2050.Key points:

• Mark McVeigh sued Rest in 2018 for failing to provide details on how it will minimise the risk of climate change
• Mr McVeigh’s lawyer says the case sets an important precedent
• It’s the first time a superannuation fund has been sued for failing to consider climate change

In 2018, Mark McVeigh sued Rest, his superannuation fund, in the Federal Court after it failed to provide him with information on how it was managing the risks of climate change.

Mr McVeigh alleged Rest had breached the Superannuation Industry Act and the Corporations Act by failing to manage those risks — which could include fossil fuel companies plummeting in value or infrastructure being damaged by extreme weather.

The law requires trustees of super funds to act with care, skill and diligence to act in the best interest of members — including managing material risks to its investment portfolio.

In an 11th-hour settlement reached on Monday while the case was adjourned, Rest agreed its trustees have a duty to manage the financial risks of climate change.

Because the case was settled out of court, the outcome doesn’t carry the same weight as a legal precedent decided in court. But Mr McVeigh’s lawyer, David Barnden, head of Equity Generation Lawyers, said the case still sets an important precedent globally.

“This outcome should represent a significant shift in the market’s willingness to tackle climate risk — a shift which should set a clear precedent for the industry in Australia, and also pension funds around the world,” Mr Barnden said……….. https://www.abc.net.au/news/2020-11-02/rest-super-commits-to-net-zero-emmissions/12840204