Future Super under fire for Facebook post
Future Super has been handed an infringement notice by ASIC over a Facebook post that implied all its funds under management had been invested in fossil fuels prior to transitioning to Future Super.
The $13,320 infringement notice follows ASIC raising concerns over the post which stated: "Naysayers don't join together to move nearly $400 million out of fossil fuels." At the time, Future Super only had about $400 million in funds under management. It now has about $1.5 billion.
ASIC said Future Super had no basis on which to represent that the entirety of its funds had been invested in fossil fuels prior to being rolled into the fund. The notice states that Future Super overstated the positive environmental impact of the fund.
The post was created on May 29, 2019, and remained on the page until October 2022.
"The post on the Future Super Fund Facebook page overstated the positive environmental impact of the fund and we were concerned it may be misleading to investors and potential investors," ASIC deputy chair Sarah Court said.
"This action should send a message to the financial services industry that ASIC is continuing to focus on greenwashing broadly, in statements to the market, disclosure documents, marketing material and on social media. Industry using social media to promote green claims are not immune from ASIC action.
"We expect the industry to be able to stand by their sustainability statements and back these up with evidence."
Future Super paid the notice on April 27. This brings the total amount in infringement notices over greenwashing issued to $150,000.
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