Super funds should be more influential: CPA survey
The majority of Australians want their superannuation funds to be more influential in the corporate governance, social and environmental practice standards of the companies they choose to invest in, according to new CPA Australia research.
The fifth annual “Confidence in Corporate Reporting Survey” revealed that while 90 per cent of Australians believed super funds’ role is to protect members’ savings, nearly two-thirds want these funds to encourage better conduct from the companies they invest in.
The survey also showed 65 per cent were strongly in favour of super funds investing in research and development into sustainable energy and technology and 63 per cent believed they should be required to make such investments.
About 50 per cent also said super funds should be required to invest in social infrastructure such as hospitals and schools, while economic infrastructure such as roads and ports attracted the lowest support from the survey’s respondents.
CPA Australia chief executive Geoff Rankin said the findings provided a mandate for funds to take a stronger role in encouraging better practices on behalf of their members and the wider Australian community.
“The challenge for superannuation funds is to strike the right balance between the major role of protecting members’ savings and taking a broader view of their role in shaping the behaviour of businesses in Australia and overseas,” he said.
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