Article submitted by Engineers Australia Victoria Division Principal Partner, VicSuper.
VicSuper’s Socially Conscious investment option gives members the opportunity to invest their super savings in alignment with their social and environmental values.
The Socially Conscious option, which is certified by the Responsible Investment Association of Australasia1, was designed to respond to social and environmental issues raised by members and to help them:
- take action on climate change by not investing in companies that hold fossil fuel reserves used for energy purposes or whose principal business revenue is derived from direct fossil fuel activities;
- minimise social harm by not investing in companies that are materially involved in activities that potentially cause social harm, for example tobacco production, alcohol, gambling, military weapons, civilian firearms, pornography and genetically modified organisms;
- protect human rights, labour rights and the environment by not investing in companies that have been involved in severe incidents and/or controversies, or have been found to not be adhering to widely accepted global conventions.
This approach is applied to the equities component of the option, while an environment, social and governance (ESG) integration approach is applied to investments across other asset classes.
Importantly, there is no compromise for members as fees and investment return objectives are comparable to a typical Balanced investment option, and members still have access to the benefits and services of a large super fund.
Since the option was launched in February the number of members investing in Socially Conscious has risen significantly, demonstrating the desire of members to invest their retirement savings in a way that contributes positively to the type of world they want to retire into.
To find out more about VicSuper’s Socially Conscious Investment option, visit the VicSuper website or Socially Conscious investment page
Image: courtesy of VicSuper.
1. The Responsible Investment Certification Program does not constitute financial product advice. Neither the Certification Symbol nor RIAA recommends to any person that any financial product is a suitable investment or that returns are guaranteed. Appropriate professional advice should be sought prior to making an investment decision. RIAA does not hold an Australian Financial Services Licence.
This information does not take into account your financial situation, objectives or needs. VicSuper recommends you seek professional advice for your own circumstances. Please read the relevant Product Disclosure Statement and Financial Services Guide which are available at vicsuper.com.au or by calling 1300 366 216. VicSuper Pty Ltd ABN 69 087 619 412 AFSL 237 333 is the Trustee of VicSuper Fund ABN 85 977 964 496. Under its AFSL, VicSuper is licensed to deal in, and provide financial product advice on superannuation products. At present, VicSuper representatives are limited to providing financial product advice on VicSuper products; ESSSuper - Revised, New, SERB and Transport Schemes; providing advice on whether a member should consolidate or roll over their superannuation holdings (excluding personal advice on self-managed superannuation funds) into VicSuper; and general superannuation matters. VicSuper is also able to provide financial advice on a broader range of financial matters and products.