ASIC urges dobbing of MIS and super ‘greenwashers’
The Australian Securities and Investments Commission (ASIC) has confirmed it has multiple greenwashing investigations underway, including with respect to superannuation funds.
The regulator’s activities were confirmed by ASIC deputy chair, Karen Chester, in an address to this week’s Australasian Emissions Reduction Summit.
What is more, she said ASIC was asking market participants to alert it to suspected greenwashing.
“We have a number of investigations underway in relation to allegations of greenwashing,” she said “The kinds of things that we’re looking at involve potential misleading or deceptive conduct by various listed entities, super fund trustees and managed fund responsible entities.”
Chester said the investigations related “to things like net zero target statements and investment exclusions and screening for sustainability-related financial products.
“Why? The economic costs of greenwashing cannot be overstated. Companies or funds engaging in greenwashing attract capital at the expense of others that are more worthy – creating costly inefficiencies,” she said.
“But there is also the indirect and compounding cost – the loss of investor confidence. Confidence in sustainable investment products. Confidence in target statements. This is why we need to strongly deter greenwashing misconduct.”
Ok ASIC while you are investigating whether funds are true to label what about your union fund buddies. Should a “balanced” fund have over 90% invested in growth assets, and grossly over valued by unlisted assets? Is it then acceptable to compare returns to other true to label balanced funds?Advisers have been dobbing in your mates for over a decade and you have done absolutely nothing about it.
Given union funds blatantly lie about everything to do with their funds, will ASIC be giving them a free pass on this as well? Can guarantee that they’ll chase the private sector yet again, while not even attempting to look at unionised industry super.
ASIC is corrupt.
ASIC won’t go near them…they , the boards of Industry Super funds etc. are all of the same blood line. The war is lost. Move on.