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ASFA reiterates approach on SRI
The Association of Superannuation Funds of Australia (ASFA) has used a submission to the ACT Government to reinforce its position on socially responsible investment (SRI).
In the submission, lodged with the ACT Government’s Investment Advisory Board last week, ASFA refers to its 2005 policy position saying it is the trustee’s fiduciary duty to consider actual and potential investments from a financial performance viewpoint, noting that a range of factors such as social and environmental considerations can affect financial performance.
“ASFA supports the development and disclosure of formal policies by trustees on their structure and processes for considering these risks,” the submission said. “Good governance requires even a case-by-case approach to have a documented structure.”
The submission said ASFA supported disclosure that assisted consumers to compare products and ensure the products were “true to label”.
“Funds that market themselves on the basis that they take these issues into account should provide the details of this process,” it said.
AUTHOR
Mike Taylor
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