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.
Authors
- Pages
- 47
- Published in
- Australia
Table of Contents
- Summary 8
- Introduction 10
- Nuclear weapons and risk 10
- Public opinion 12
- Methodology 13
- Selection of funds 13
- Methodological change: 2021 and 2024 reports 14
- Nuclear weapons companies 16
- Identifying investments 18
- Data validation 19
- Controversial weapons and nuclear weapons 20
- Findings 23
- Responsible investment options 23
- MySuper options 26
- Impact of exclusion on member returns 29
- Exclusions and exposure risk 33
- Conclusion 35
- Appendices 37
- Appendix 1: Summary of funds’ holdings of equities in nuclear weapons companies 37
- Appendix 2: Controversial weapons exclusions/definitions by fund 38
- Responsible Investment Options 31 December 2023 38
- AMP 38
- AMP (Pendal) Sustainable Balanced Option 38
- ART 38
- ART Super Savings Socially Conscious Balanced Option 38
- ART (Q Super) 38
- QSuper Socially Responsible Option 38
- Australian Super 38
- Socially Aware Option 38
- Aware Super 39
- High Growth Socially Conscious 39
- Balanced Socially Conscious 39
- Brighter Super 39
- Care Super 39
- Sustainable 39
- Balanced 39
- Cbus 39
- Colonial First State, FirstChoice, Employer Super 39
- Thrive+ Sustainable Growth 39
- HESTA 40
- Sustainable 40
- Hostplus 40
- Socially Responsible Investment – High Growth Option 40
- Socially Responsible Investment – Balanced Option 40
- Socially Responsible Investment – Defensive Option 40
- Mercer 40
- Mercer Sustainable Plus Growth Option 40
- REST 40
- Sustainable Growth Option 40
- Spirit Super 41
- Sustainable Option 41
- UniSuper 41
- Sustainable Balanced Option 41
- Sustainable High Growth Option 41
- Global Environmental Opportunities Option 41
- Appendix 3: My Super (Default) Options December 2023 Controversial weapons definitions, exclusions and nuclear weapons 42
- AMP Signature Super 42
- ART Lifecycle Investment Strategy — Balanced 42
- ART Q Super 42
- Lifetime Outlook, Aspire, Focus 42
- Under 60 years 42
- Australian Super 43
- Aware Super 43
- High Growth 43
- Age 55 and under 43
- Brighter Super 44
- Colonial First State FirstChoice Employer Super 44
- Lifestage 58 years and under 44
- Cbus 44
- Care Super 45
- HESTA 45
- Hostplus 45
- Mercer Super Smart Path 46
- Age 60 and under - Born 1964 to 2018 46
- REST 46
- Spirit Super 46
- Unisuper 47