The Australian Council of Superannuation Investors’ Chief Executive Louise Davidson has taken a stand urging Australia’s super funds to take the needs of every member into consideration when voting on the direction of their investments.
“We are seeing a much greater understanding of and acceptance of the fact that big super funds and pension funds have a responsibility to be stewarding their capital to be responsible investors in the assets they are investing,’’ she said.
Her comments come at a critical time for a number of superannuation funds as they will be able to block the sale of Coal & Allied and Newcastle Port to the Chinese Government-owned Yancoal.
The Chinese company has a poor record of slashing jobs after buying up Australian assets, they laid off 225 miners in the Hunter Valley’s Abel and Austar mines and cut 92 jobs at the Donaldson mine.
Davidson says funds need to be responsible investors. She’s right, you need to tell them to block the sale of our port to China.