"This could have a shocking impact on ASX companies that have not managed climate change risks and/or have material exposures to the risks," Mr Bland said. The New York Attorney-General's office recently tried to sue ExxonMobil, which it accused of defrauding investors by misleading them about the financial risks the company faced from climate change regulations. For more information about fees and costs, please see the Product Disclosure Statement and Investment Menu. This can be useful when comparing super funds and finding which ones on average are providing the best returns, although previous performance should not be regarded as a guarantee of future success. ^ Only funds and investment products included in the Morningstar Australia database are available for fee and performance comparison. Out of the 5,494 Australian funds researched with a 10 year track record, 81% underperform the industry standard benchmarks by an average of 2.12%, with average fees of 1.79%^. "Proving that link has been tricky to date," she said. "Even if McVeigh wasn't to be successful, there may be commentary [from judges] in the case that could be used by other judges in Australia as well as other jurisdictions overseas," she said. The Federal Court will now also have to determine whether the super fund is in breach of its fiduciary duties — that is, its duty to act in the best interests of its members — by not taking enough action to mitigate climate-change-related risks. Some material is copyright and published under licence from ASX Operations Pty Limited ACN 004 523 782 ("ASXO"). REST was also limited in comments it could make but a company spokesman said that as the custodian of almost $60 billion in retirement savings, "managing climate change risks is an important part of REST's focus on delivering long-term investment returns for our 1.7 million members". REST also worked with its investment managers and the Australian Council of Superannuation Investors "to engage with the companies and entities we invest in, and to improve disclosure of climate change risks and opportunities", he added. A judicial determination in McVeigh could also give regulators a stronger platform to enforce standards on industry. He calls their leader a 'thug'. But every state has last-minute alternatives to try, 'The water seemed to boil': Rarely seen footage of the aftermath of a PM's disappearance, A notification pinged on my screen — Instagram had struck again, his case against $57 billion superannuation fund Retail Employees Superannuation Trust (REST), 2009 United Nations Climate Change Conference. He said any changes beyond that "would be a bonus". This week the CEO of the world's largest funds manager, BlackRock's Larry Fink, announced the $US1.8 trillion ($2.6 trillion) in assets the fund actively manages will no longer be invested in companies that generate more than 25 per cent of their revenue from thermal coal production. Should you decide to change investments, please read all relevant disclosure documents including the Product Disclosure Statements and if required, you may consider speaking to a financial professional for further guidance. Ross Garnaut's climate change prediction is coming true and it's going to cost Australia billions, economists warn. Data and content is provided for personal use only. The {{ modelPortfolio.name }} portfolio has fair and transparent fees to help you keep more money in your pocket. She thinks the McVeigh case will at least establish the parameters for how others pursue litigation against the private sector. ASIC meanwhile has been conducting surveillance on how companies manage climate change risks, but as yet has not released those findings. Philippines evacuates close to 1 million as world's strongest typhoon of 2020 approaches, The biggest story of the century is unfolding but it's not safe to cover it, Anglican Church of Tasmania finalises $3.65 million of compensation to survivors of sexual abuse, Melbourne Cup field set as Ashrun gets final spot with Hotham Stakes win, Here's this year's Melbourne Cup field and form guide, If you want to understand the 2020 US election, 1968 is a good place to start, Trump's bid for re-election election holds a cruel irony for Australia, Holiday hot-spots are booking out. Jonathan Steffanoni, partner at superannuation law firm QMV Legal, thinks the case could have ramifications for global pension funds but believes it is unlikely to set a precedent for similar action against company directors. "We need to look at the issue holistically, and not just the absence of a carbon tax, which is often pointed to as the determinative risk factor," she said. Brokerage costs are not included in this calculation. Experts warn it could pave the way for further litigation. IMPORTANT: This information is general financial product advice only and you should consider the relevant product disclosure statement (PDS) or seek professional advice before making any investment decision. {{ modelPortfolio.mer * 100 | number:2 }}, {{ fund.benchmark.peers.mer * 100 | number:2 }}, Average of peers ({{ fund.benchmark.peers.peerCount }}), Market index (Morningstar Aus Msec Growth TR AUD), Copyright © 1999-2020 InvestSMART Financial Services Pty Ltd. All rights reserved | Australian Financial Services Licensee: AFSL # 226435 | ABN 70 089 038 531 |, {{ fund.benchmark.peers.peerCount }} peers, Intelligent Investor Australian Growth Fund (formerly the Small Companies Fund), REST Super Core Strategy - Managed fund profile. North Korea says Biden is a 'rabid dog'. "There's also the potential for community groups and others to take the view that the Australian government isn't doing enough and look at how they can litigate off the back of that.". Mr Fink, who has faced much pressure from climate change activists over the years, told US media that he made the decision not because he was an "environmentalist" but because he was a "capitalist". does not include fees charged within any ETF held in this portfolio, estimated to be approximately 0.18% (indirect cost ratio). "It could impact on company share prices and see shareholders exit from those investments.". ", "The major economic transition underway presents substantial risks to businesses that are not adequately prepared but it also offers opportunities for forward-thinking economies and businesses.". Fees are calculated by Morningstar as the average over 10 years. All indications of performance returns are historical and cannot be relied upon as an indicator for future performance. "I think quite a few people didn't think that case would get as far as it has," she said. "And my job is, as a capitalist, to help prepare our clients for the redistribution of capital," Mr Fink said. Underperform the industry standard benchmarks. Product disclosure statements for financial products offered through InvestSMART can be downloaded from this website or obtained by contacting 1300 880 160. "2020 could be a big year for climate-change-related litigation," she said, adding that philanthropic groups in Europe were now also backing such litigation globally. Find out more at Eureka Report Professor Peel said since the conclusion of the Paris climate agreement in 2015, litigation had steadily ramped up. REST is an industry super fund tailored towards the retail sector and open to all Australians with almost 2 million members. "The specific climate-related issues we engage with our investment managers on include carbon foot-printing (in equities), stranded assets, climate-related scenario analysis and exposure to lower-carbon assets," he explained.

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