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AustralianSuper says no incidents of common ownership

The industry fund says it analysed its $53 billion Australian equities portfolio and found no instances of common ownership.

Common ownership of listed companies is currently the subject of a parliamentary inquiry led by MP Tim Wilson, who has said superannuation funds' growing influence on ASX-listed companies disadvantages retail investors.

In its submission to the inquiry, AustralianSuper said it analysed its most recent publicly available portfolio as well as current portfolio holdings and found no incidents of common ownership.

It said it used the Corporations Act's substantial holding threshold [5%] and considered at least two of the four largest companies in an industry.

"While we consider this threshold to be unrealistic and overly strict, it is useful for the purposes of demonstrating AustralianSuper does not hold assets where common ownership arises," the fund said in its submission.

"Using more realistic measures of control and influence (for example a 10% or 15% shareholding) would obviously also produce no evidence of common ownership in our equity portfolio."

AustralianSuper's $53 billion ASX-listed equities portfolio is about 2% of the ASX's total market capitalisation of $2.6 trillion.

The fund also said it is not aware of any instance where an investee company has been investigated or prosecuted by regulators for a finding that AustralianSuper's ownership has encouraged or resulted in unlawful conduct.

Read more: AustralianSuper