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Industry funds flex shareholder activism on ASX 300

Mike Taylor26 September 2023
Blue arrows jumbling to red arrows

Yet another major industry superannuation fund has sought to flex its shareholder muscle by signalling its policy priorities with publicly-listed companies.

Health-focused fund, HESTA has written to the boards and chief executives of the publicly listed companies in which it has shareholdings listing climate change, gender equality, fair pay and biodiversity as its priority areas.

Commenting on the move, HESTA chief executive, Debby Blakey said the letter underscored the fund’s commitment to responsible investing and active ownership.

“HESTA’s 2023-24 active ownership priorities reflect a commitment to responsible investment and engagement for a growing, sustainable and inclusive economy so we can continue to deliver strong returns to our members,” Blakey said.

“In the upcoming AGM season, companies will be engaged not only in their response to immediate risks and opportunities for performance but also in their efforts to promote a sustainable and inclusive economy, benefiting shareholders, members, and all Australians.

“The Fund looks forward to working with companies to address the systemic risks that can impact long-term returns for our members. In doing so, we seek to benefit our members by enhancing the long-term value of Australian companies and pursuing a growing, sustainable, and inclusive economy.”

The HESTA letter follows similar letters from other significant industry funds sent to major ASX-listed companies.

Mike Taylor

Mike Taylor

Managing Editor/Publisher, Financial Newswire

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Far Canal
5 months ago

Welcome to socialist Australia, and not a shot fired.

No need to when for many decades they slowly weaseled in to control the thought-leadership & brainwashing higher roles in education at all levels from primary school through to university, most media outlets not just the ABC, and aside from actual state & federal Gov’s, almost all the senior roles in the official bureaucratic functions.

Via the mega-powered industry superfunds (compliments of the past and present Labor Gov carve-outs and ASIC/APRA blind-eyed corruption), unions and socialist Australia are now also seizing control and dictating direction of our corporate entities via majority or large shareholdings.

Anyone else concerned that the AustralianSuper CEO has stated (via false virtue signaling ‘We/I care a lot’ akin to that movie of the same name) that they also want to control, sorry assist, senior Australians with their Centrelink income and also access their home equity. In other words, in time they’ll also directly own/control huge wealth in Australia’s residential property.

I know I have posted a lot of comments about the left insidiously taking over, but the thing about the boy crying wolf is that even he eventually was proven to be correct… much to the misfortune of all that ignored him.