Australian industry superannuation fund HESTA has urged ASX300 chairs and CEOs to increase action on climate change, decent work, gender equality, and nature loss. The A$87 billion (US$58.1 billion) fund’s fifth annual letter outlined the issues on which it will engage with the 300 firms listed on the Australian Securities Exchange (ASX) during the 2024-25 financial year. “Through constructive engagement with companies, investors have encouraged big emitters to act faster on climate and significantly improved gender diversity on boards and executive teams across the ASX,” said Debby Blakey, CEO at HESTA. “But more needs to be done [and] that’s why HESTA is encouraging companies to act now … supporting us to deliver strong, long-term investment performance.” HESTA’s four active ownership priorities for the coming financial year include balancing climate goals and practical steps, connecting nature and climate, accelerating gender equality, and promoting decent work. Blakey said HESTA’s climate action engagement would focus on ensuring boards have the right mix of skills and capabilities needed to transition the business to a low-carbon future, as well as seeking credible climate plans – particularly from energy, resources and industrial firms. The fund also intends to closely monitor gender pay gaps and request companies set gender balance targets of at least 40% women across their organisations.
We’re calling on the #ASX300 to intensify efforts on climate change, nature loss, gender equality, and decent work to help create long-term investment value and build the #retirement savings of our 1m+ members https://t.co/KK9LOUptBO #HESTASuper #ActiveOwnership pic.twitter.com/bFjzIB1KB9
— HESTA (@HESTASuper) September 11, 2024
