ASIC launches first court proceedings alleging greenwashing
ASIC has recently warned that this year it will be targeting greenwashing, predator lending and misleading insurance pricing promises. The warning coincides with the release of its latest enforcement and regulatory report (REP 757) which highlights actions taken during the last three months of 2022 and the full list of enforcement priorities for the year ahead (which includes sustainable finance practices and disclosure of climate risks as well as financial scams, cyber and operational resilience, and investor harms involving crypto-assets).
True to its word, on 28 February 2023, AISC announced that it had launched its first court action against alleged greenwashing conduct. The civil penalty proceedings in the Federal Court are against Mercer Superannuation (Australia) Limited (Mercer) for allegedly making misleading statements about the sustainable nature and characteristics of some of its superannuation investment options.
ASIC alleges Mercer made statements on its website about seven ‘Sustainable Plus’ investment options offered by the Mercer Super Trust, of which Mercer is the trustee. These statements marketed the Sustainable Plus options as suitable for members who ‘are deeply committed to sustainability’ because they excluded investments in companies involved in carbon intensive fossil fuels like thermal coal. Exclusions were also stated to apply to companies involved in alcohol production and gambling....
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