According to the Australasian Centre for Corporate Responsibility, support for shareholder resolutions by the Australian superannuation industry fell last year.
After a huge leap from 33% in 2017 to 53% in 2018, aggregate support for proposals fell back down to 48% in 2019; with at least eight members of Australia’s Investor Group on Climate Change supporting less than half of climate-related proposals during the period.
“The reasons for this decline warrant further research,” said the report, published in June.
But Andrew Gray, Director of ESG & Stewardship at AustralianSuper and the current Chair of Climate Action 100+, says there is a perfectly logical reason for the drop.
“What’s driving those numbers isn’t investors not being supportive of…