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Sunsuper, QSuper members ask for better climate disclosures

About 200 members from Sunsuper and QSuper have written to the funds, asking them to disclose holdings in thermal coal, among other climate change risks.

The two funds are set to merge this year, creating a $200 billon fund with over 600,000 members.

The $120 billion QSuper has committed to "net zero" emissions by 2050. Sunsuper has conducted climate scenario analysis since 2015, and last year approved a Climate Action Plan for its investment portfolio.

One hundred and forty-one QSuper members, who also support the Australian Conservation Foundation, sent a letter to QSuper chief of member experience Jason Murray on March 26 asking the fund what actions it is taking towards the net zero promise.

In particular, they want to know: the timeline in which QSuper will complete the promised carbon exposure analysis of its portfolio, a detailed list of stocks the fund holds and will analyse, the strategy for achieving net zero by 2050, and the fund's base case scenario for a low carbon world.

The 141 members are also seeking a copy of QSuper's ESG policy, and the details of their risk management framework for material investment risks such as climate change.

"QSuper states that its approach to climate change risks is developing this year. The delayed action to understand and manage climate change risks by the trustee is of particular concern," the QSuper members wrote in the letter.

"As QSuper members, we are entitled to documents and information about how the fund is investing our money, the fund's investments, and how the fund is being managed, including the management of financial risks."

A QSuper spokesperson pointed to the December statement and said the fund had no further comment to add.

The Sunsuper letter, which was sent to chief member officer Steven Travis by 65 members said the fund is seeking more information on the climate scenario analysis it had conducted since 2015.

They want copies of all the scenario analysis, advice received in relation to them, the board and the investment committees' responses to the scenarios among other documents.

Both letters have asked for a response in 28 days from the two funds.

Read more: QSuperSunsuperAustralian Conservation FoundationJason MurraySteven Travis