HESTA announces ambitious climate change plan

HESTA has announced the development of a Climate Change Transition Plan (CCTP) that will see the fund commit to reducing the absolute carbon emissions in its investment portfolio by 33 per cent by 2030 and to be ‘net zero’ by 2050.

“Our Climate Change Transition Plan is set to be one of the most comprehensive of its kind undertaken by a superannuation fund, mapping out how we’re going to manage climate risk, align our actions to a below-two-degrees world and support the transition to a low-carbon economy,” said HESTA CEO Debby Blakey.

“Climate change presents a financial risk to the HESTA investment portfolio and the world in which our members will retire. An urgent response is required and the actions within the Climate Change Transition Plan have been thoughtfully and carefully designed to provide an effective and tangible response.

Blakey said the CCTP would underpin investment decision making across the portfolio and would be informed by ongoing research and developments in investment practice. “We’re at the start of this journey, and we acknowledge that there is still a lot of work to be done,” she said.

Equity Trustees appointed as superannuation trustee for AMP Life

EQT Holdings Ltd has announced the appointment of Equity Trustees Superannuation Limited as superannuation trustee for AMP Life Limited’s (AMP Life) superannuation funds replacing current trustees N M Superannuation Proprietary Limited and AMP Superannuation Limited.

AMP Life has more than $7 billion invested in these superannuation funds held by more than 340,000 Australians and has been acquired by Resolution Life Group Holdings LP (Resolution Life), a global manager of in force life insurance businesses.

Following this appointment, Equity Trustees is now responsible for over $20 billion in superannuation assets for more than 700,000 members overall.

Equity Trustees managing director, Mick O’Brien, said the role of trustee was critical to a robust, secure superannuation system.