Australian super fund REST will have to disclose documentation about its membership of the Principles for Responsible Investment (PRI) and its stance on the Task Force on Climate-related Financial Disclosures (TCFD) as part of the landmark climate risk lawsuit brought against it.
The Australian federal court order, which was published this week, is the latest development in the case put forward in 2018 by REST member Mark McVeigh, who claims that the A$51bn (€31bn) fund has breached its fiduciary duties on climate risk.
It requests that REST, an industry fund with 2m members, provide “documents evidencing consideration and review by the Board and Investment Committee” of both the PRI and TCFD, including any “external advice” the fund took. The PRI declined to comment on the case.
Among the list of documents to be disclosed by REST, which were agreed upon between the parties, include its policies on climate change, risk management and str…