Australian Pension Fund Fined A$10.5 Million for Greenwashing
Australian pension fund Active Super has been fined A$10.5 million ($6.7 million) for making a number of misrepresentations about its environmental, social and governance credentials amid a regulator push to stamp out greenwashing.
In June, the Federal Court found regulator Australian Securities and Investments Commission was largely successful in proving its case that the trustee of Active Super, known as LGSS, made a number of misrepresentations about its environmental, social and governance credentials. Those included labeling its coal and gambling investment screens as misleading and deceptive, according to the judgment.
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