ESG risk data is taken from the websites of two Australian pension funds.

Two Australian pension funds, including one of the largest, have removed dozens of ESG risk pages from their websites to check the accuracy and reliability of the data as regulators crack down on the integrity of green claims.

UniSuper removed a 16-page section from a climate risk report first released in September after discovering what it called “anomalies”. The removed pages provided estimates of the impact of emissions on various strategies invested in by 620,000 participants.

Smaller competitor Active Super has taken down its 70-page online responsible investment report showing how its investments were assessed in terms of “the environmental, social and governance risk they pose to the world.”

The A$3.4 trillion ($2.2 trillion) Australian pension industry is under increasing pressure to back environmental claims, especially as it continues to be a key contributor to national fossil fuel companies. Climate commitments are on the radar of observers around the world as investors take on ambitious zero-emission targets. The Australian Securities and Investments Commission said last week it was suing a pension fund over greenwashing claims in its first such lawsuit.

A UniSuper spokesperson said the A$115 billion fund had amended its climate report after it was notified by an outside party of errors in the data provided, largely due to currency conversion issues. It plans to re-publish an updated version “in the coming weeks” once the data is confirmed.

“It is important that UniSuper remains committed to the goals of Paris and our advocacy and involvement in this matter continues,” the spokesperson said.

A spokesman for the A$14 billion Active Super said the fund has noted the increased regulatory focus on ESG disclosures and is “currently in the process of reviewing all ESG-related material on our website”, adding that it uses various external and internal sources. for data.

Activist investor group Market Forces alerted Bloomberg to the change, finding a revision of UniSuper last month and the removal of Active Super last week.

Climate issues are a growing concern for Australian workers, whose employers must contribute 10.5% of their wages to retirement accounts known as superannuation. UniSuper and Active Super are among the funds that voluntarily publish climate risk reports. Disclosure can help employees decide which pension fund they choose to manage their retirement savings.

The Australian government is consulting on the introduction of climate-related financial disclosure standards, and the idea appears to be gaining broader support in the investor community. The financial sector currently uses a combination of internal and external sources to collect and aggregate emissions data.

“Without climate-related financial disclosure standards, pension trustees face the challenge of ensuring that any climate-related financial data is consistently identified and reliable,” said Jonathan Steffanoni, managing partner at Melbourne-based QMV Legal Services, adding that mandatory standards will help provide trustees with more reliable data to calculate their carbon footprint and any associated risks.

Content Source

News Press Ohio – Latest News:
Columbus Local News || Cleveland Local News || Ohio State News || National News || Money and Economy News || Entertainment News || Tech News || Environment News

Related Articles

Back to top button