AustralianSuper will remediate around $70 million to 100,000 members after a review discovered the fund had failed to identify every instance of multiple member accounts.
There could be political resistance to ESG if super fund members feel they are given a lack of choice when it comes to their investments, according to this political science professor.
HESTA chief executive, Debby Blakey, has warned companies and superannuation funds cannot just “divest away” problem companies and should be pushing them for improvements.
“There's a limit to what we can do in the equity agenda,” said Stephen Jones.
Super funds look on track to deliver strong absolute returns by the end of the financial year, though inflation continues to pose an ongoing challenge, according to SuperRatings.
The SMSF Association has pushed the government to re-open its consultation into the higher tax rate for members with more than $3 million in their total super balance.
Super funds and organisations have given a thumbs up to Treasurer’s Jim Chalmers’ federal budget but highlighted opportunities to improve the gender super gap were missed.
Treasurer Jim Chalmers has handed down his second Budget, confirming the introduction of a 30 per cent tax rate for $3m super balances but lacking any mention of super payments on paid parental leave.
Redefining the purpose of superannuation and revising the concessional tax rate are among the key themes of this evening’s federal budget announcement.
There are concerns that updated proposals to the Your Future, Your Super performance test will fail to improve the situation for ethical or ESG funds, especially if niche Choice funds are added to the test.