The entry into force of the TPNW in 2021 established a new set of norms on nuclear weapons, and Australians do not want their retirement savings invested in them.2 All Australian super funds need to adopt controversial weapons exclusion policies that include nuclear weapons in the definition of controversial weapons, and to exclude NW companies across the whole of their portfolios, with a zero-rev. [...] For each of these superannuation funds, the holdings of equities in NW companies in the MySuper default option in the accumulation phase, and in the ethical/socially aware/socially conscious investment option (responsible investment option) in the accumulation phase (where such an option exists) have been identified. [...] Risky Business: An Update on Super Funds and Nuclear Weapons 19 Controversial weapons and nuclear weapons While there is no universal definition of controversial weapons, the term is widely used to describe weapons of mass destruction which have indiscriminate effects on civilians, are excessively injurious and/or inflict damage on the natural environment.28 The exclusion of controversial weapons. [...] 29 It recognises the UN Treaty on the Prohibition of Nuclear Weapons as one of the five multilateral treaties driven by humanitarian concerns that comprehensively prohibit an entire class of weapon — the others being the Convention on Cluster Munitions, the Anti-Personnel Mine Ban Convention, the Biological Weapons Convention, and the Chemical Weapons Convention. [...] Risky Business: An Update on Super Funds and Nuclear Weapons 36 Appendices Appendix 1: Summary of funds’ holdings of equities in nuclear weapons companies Table 6 Option excludes Option excludes No exclusion of controversial weapons controversial controversial including nuclear weapons but not weapons or nuclear weapons nuclear weapons weapons My Super Hostplus48 AMP Super Australian Super Option.
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