What’s the scam with Australian Super and industry super bosses ducking for cover on Israel war crimes investments?
Peak bodies ASFA and ACSI are ducking for cover. The scam is that millions of Australians appear to have ‘genocide exposure’ in their superannuation portfolios but the industry bigwigs are pretending it’s not a thing.
Israel is on trial for ‘plausible genocide’ at the ICJ. Super funds are invested in Israeli companies benefitting financially from the genocide. The top super funds claim to adhere to international law (UNGP). Their investments appear to breach their own policies, and international law (Geneva Convention) which prohibits financing genocide. They refuse to say what their legal advice is.
And the peak bodies who represent the funds claim that this is not their purview.
Australia’s largest super fund Australian Super has invested its members’ savings in a range of Israel stocks, including leading Israeli weapons group Elbit Systems and white phosphorus company ICL (see story linked below). As these stocks are in an index it is likely that other super funds also hold them.
The Association of Superannuation Funds of Australia ASFA is the “peak policy, research and advocacy body for Australia’s superannuation industry”.
“Our policy and research team includes experts in superannuation, government relations, economics, investment, cyber security, taxation, regulation and financial services.”
When questioned, chairman Dr Don Russell was unavailable for comment. A spokesman said “we don’t have an industry position on this issue” and directed us to the Australian Council of Superannuation Investors (ACSI).
Don’t look at me!
ACSI told us that “I’m afraid this isn’t our department either”. Whose department is it then … it is the genocide of the 21st century after all and Australian super funds are invested in the weapons laboratory which is Gaza.
ACSI – despite it not being their department says it “exists to provide a strong voice on financially material environmental, social and governance (ESG) issues. Our members include Australian and international asset owners and institutional investors with more than $1.9 trillion in funds under management”.
Perhaps genocide is simply beyond ESG.
“ASFA is the voice of super,” says ASFA.
“We unite the superannuation community, supporting our members with research, advocacy, education and collaboration to help Australians enjoy a dignified retirement.”
You are entitled to contact your superannuation manager (it is your money after all) and demand to know if you are invested in assets exposed to war crimes and ask them to sell. If you are in a retail fund (non industry fund) you may also be exposed.
White phosphorus, blood-red money. Australian Super profiting from genocide
Michael West established Michael West Media in 2016 to focus on journalism of high public interest, particularly the rising power of corporations over democracy. West was formerly a journalist and editor with Fairfax newspapers, a columnist for News Corp and even, once, a stockbroker.