The Greens have heard from many SA public servants who do not want their retirement savings invested in areas that do not make a positive contribution to our future, such as in multinational tobacco companies.  

So we started a campaign to convince Super SA to:

1.Take a good hard look at where they are investing our money, and
2.Offer an ethical super option for its members

In March 2009, Super SA annunced they would offer an SRI (Socially Responsible Investment), but there is still much work to be done.

A victory....of sorts....

• The option is called the Socially Responsible - balanced option
• It commenced on March 1 2009
• The fund has similar return and risk characteristics to a 'balanced' fund
• It screens out companies focused on tobacco, nuclear power, armaments, gambling, alcohol and pornography

Here is the list of Australian and International companies. Companies in the list include Exxon Mobil (see below).

We would strongly encourage you to contact Super SA and:

1) congratulate them for finally offering an ethical super option, but

2) ask them to find a fund manager that does not include companies like Exxon Mobil, Royal Dutch Shell or James Hardie in their fund.

Background to the campaign:

Following the introduction of Super Choice on 1 July 2005, many Australians are now looking at ways in which they can invest all or part of their superannuation in ethical investment.

Ethical investment is an approach to investing that considers both the profit potential and the impact of the investment on society and the environment. Not only is the money invested more ethically but also, over the past few years, ethical funds have, on average, outperformed mainstream share funds.

Approximately half of Australia’s employees are eligible for Super Choice. However, government employees are not. In South Australia, government employees’ superannuation is paid into a compulsory fund, Super SA, which does not offer an ethical investment option.

The Greens believe that since government employees cannot choose a different superannuation fund, at the very least an ethical investment option should be offered to them by Super SA.

So, we've been working inside and outside Parliament for ethical investment options for government employees in South Australia. 

More information:

• Upper House passes Greens Private Members Bill forcing Super SA to offer an ethical super option for its members (June 2008)
• Upper House passes Greens amendments to reform super laws (April 2008)
• Mark Parnell introduces a private member's bill to force Super SA to offer an ethical option
• Mark Parnell's Question on the State Super Ethical Investment Options.
• Mark Parnell's speech on Ethical Investment options.
• Mark Parnell's Media Release : State Super invests millions in big tobacco, climate change sceptics.
• The Advertiser Newspaper: MP super money in petrol, tobacco

Where our money goes

For a list of companies in which Super SA invests its members’ money, see: supersa.sa.gov.au. 

Funds SA manages the compulsory superannuation funds of all South Australian public servants and politicians. Companies include Altria (the parent company of tobacco giant Philip Morris), and US oil giant and climate change sceptic ExxonMobil. Total Funds SA fund assets amount to over $10 billion.

Philip Morris promotes itself as the 'world's leading international cigarette business outside the US' with leading brands including Marlboro, Peter Jackson and Virginia Slims. More information:  altria.com

 

Exxon Mobil has been consistently funding leading international climate change sceptics including the Competitive Enterprise and the George C Marshall Institutes. On the same day the IPCC (Intergovernmental Panel on Climate Change) pronounced a more than 90% scientific certainty that climate change is human induced, the British Guardian Newspaper revealed that an ExxonMobil-funded lobby group, the American Enterprise Institute offered scientists and economists $10,000 each to spread doubt about the IPCC report. More information: planetark.com worldwatch.org

Now imagine you are a Health Department public servant working on anti-smoking campaigns or an environment official working on climate change.  How do you feel about where your money is invested?

The Greens strongly believe there should be consistency between SA government policy and their investment strategy. We think many public servants would be horrified to discover their hard earned money was being invested in companies that directly undermined the work they do.

We've started a campaign to to convince Super SA they need to: 

1) take a good hard look at where they are investing our money, and

2) offer an ethical super option for its members.  

 

Super SA say they don't offer an ethical option because not enough members want it - we have to convince them otherwise!!

• In April 2008, Mark Parnell presented a petition to State Parliament signed by hundreds of public servants.
• He has also discovered a survey of 3,000 members conducted by Super SA in March 2007 which showed 31% said they 'definitely' would choose an ethical super option, and a further 58% said they 'maybe' would consider it.  That's a whopping 89% interested in having a choice!

What you can do:

 

• Write to Super SA and Funds SA the fund manager for Super SA: urging them to provide a more comprehensive ethical investment options for members, and encourage your colleagues to do the same. Send us a copy of the response you receive:Click here
  
   
• Write to Treasurer, Kevin Foley and let him know how you feel about superannuation.
  
  
• If you are eligible for Super Choice: contact your superannuation fund to find out about ethical investment options.

For more information on ethical investing, check out these links:

Australian Securities Exchange (ASX) guide to Ethical Investing
Ethical Investment Association
Ethical Investor Magazine