Australian Ethical and Vision Super to vote for carbon disclosure from ANZ

Super funds Australian Ethical and Vision Super have followed California pension fund CalPERS in pledging to vote against the ANZ Banking Group at its annual meeting this week, in a bid to force the lender to improve disclosure of its carbon risks and financing activities. An online campaign encouraged individuals to contact their super fund. However, the bid seems likely to fail, having failed to win the support of any of the bank's significant shareholders.  

Local super funds Australian Ethical and Vision Super have followed California pension fund CalPERS in pledging to vote against the ANZ Banking Group at its annual meeting on Thursday in a bid to force the lender to improve disclosure of its carbon risks and financing activities.

However the push, which has used an online campaign to encourage individuals to contact their super fund arguing for action against ANZ over its climate change credentials, looks set to fail, having failed to win the support of any of the bank's significant shareholders.

ANZ Bank looks set to get through its AGM unscathed by a shareholder push for climate change action. Credit: Getty Images

The Asset Owners Disclosure Project (AODP), a London-based group that lobbies global institutional investors to reduce the carbon risks in their portfolios, and local advocacy group the Australasia Centre for Corporate Responsibility (ACCR), co-sponsored two resolutions to be voted on at the meeting.

A statement issued on Wednesday said that Australian Ethical and Vision Super had both pledged to support motions put to shareholders by AODP and ACCR to require the bank to reduce the carbon emissions of its loan book and comply with stricter climate risk disclosure protocols.