Public attention on the ways Australian superannuation funds are
engaging with the challenges of climate change has never been
greater. Media reporting of Australia's position at COP26,
together with concerted advertising by some funds of their
sustainability credentials, means that members are more interested
than ever about how their monies are being deployed. This interest
was further whetted by the publicity surrounding
litigation against major industry fund REST by one of its
members alleging a failure by the trustee of REST to disclose
adequately its approach to dealing with climate change.
At the same time, there are major developments globally
affecting the ways in which climate change is measured and
disclosed by financial institutions. Many of the developments
are responding to the recommendations of
the Task Force on Climate-related Financial
Disclosures ('TCFD'), which both APRA and ASIC
have endorsed. And just last month APRA wrote to all the
