Business
Australian super fund agrees to factor climate crisis into decisions in ‘groundbreaking’ case – The Guardian
Legal settlement recognising risk that climate change poses to economy and society has ‘far-reaching’ implications
A $57bn Australian superannuation fund has settled a court case with a 25-year-old member who accused it of failing to act in his best interests by not properly considering the risks the climate crisis poses to investments.
The settlement between the Retail Employees Superannuation Trust and Mark McVeigh, reached as a trial was due to start on Monday, requires the fund to ensure its actions are consistent with net zero carbon footprint by 2050.
The case was described as the first legal test of whether…
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