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ARTICLE · 29 NOVEMBER 2024

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October 2024 ESG Policy Update – Australia

K&L Gates
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On 25 September 2024, the Federal Court ordered a large superannuation trustee (Trustee) to pay the highest penalty imposed for greenwashing conduct yet – AU$12.9 million.

AustraliaCorporate/Commercial Law
Jim Bulling
Jim Bulling
Clive Cachia
Clive Cachia
Michael Hain
Michael Hain
Lisa Lautier
Lisa Lautier
Adam Levine
Adam Levine
Tom Young
Tom Young
Nathan Bodlovich
Nathan Bodlovich
Daniel Nastasi
Daniel Nastasi

Australian Update

AU$12.9 Million Penalty Imposed on Trustee

On 25 September 2024, the Federal Court ordered a large superannuation trustee (Trustee) to pay the highest penalty imposed for greenwashing conduct yet – AU$12.9 million. This comes off the back of the Federal Court in early August this year ordering Mercer Superannuation (Australia) Limited to pay an AU$11.3 million penalty after it admitted it made misleading statements about the sustainable nature and characteristics of some of its superannuation investment options.

Justice Michael O'Bryan found that the Trustee made misleading claims about an "ethically conscious" fund (Fund), contravening sections 12DF(1) and 12DB(1)(a) and (e) of the Australian Securities and Investments Commission Act 2001 (Cth) (Act) (Contraventions).

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