BNN Bloomberg: The Australian government will on Tuesday defend a class-action lawsuit that claims it’s misleading investors by failing to disclose the impact of climate risk in its bonds.
BNN Bloomberg: A $41 billion pension fund being sued in Australia for failing to properly account for climate change in its investments has settled the lawsuit ahead of a three-day hearing Monday.
Bloomberg: A group of 16 institutional investors controlling A$850 billion ($609 billion) in assets is seeking to speed up Australia’s emissions reductions. [Full article available to Bloomberg subscribers.]
Bloomberg: Investment firms managing more than A$1 trillion ($712 billion) are calling on Australia’s biggest companies to appoint more women to executive roles, as they step up pressure for gender diversity.
Bloomberg: New Zealand plans to require financial companies to make climate-related disclosures, putting the nation in the vanguard of such reporting requirements.
The Sydney Morning Herald: In the “About Us” section of the AMP Capital website, there is a subheading about “Culture and Diversity” which assures the reader that “fostering diversity and inclusion empowers our global workforce”.
Bloomberg: Australian investments in clean energy, conservation and other initiatives that have a positive environmental or social outcome are set to rise fivefold to A$100 billion ($67 billion) in the next five years, according to a survey published Tuesday.
Bloomberg: Financing a thermal coal project in Australia just got a little bit harder after Westpac Banking Corp. said it would exit the sector by 2030, leaving Australia and New Zealand Banking Group Ltd. as the last of the country’s big four yet to commit to dropping the most polluting fuel.
Financial Standard: Market Forces has put UniSuper on the chopping block in a divestment campaign aimed at pressuring the fund to ditch shares in fossil fuel companies.
The Australian Financial Review: Former High Court judge and royal commissioner Kenneth Hayne has warned directors they have a legal duty to act on climate change risk, include it in corporate strategies and report on it to shareholders, raising the real prospect that boards failing to act could end up in court.