VicSuper leads the way in transparent reporting - Annual report
In an industry first, VicSuper is lifting the bar on transparency, taking the active step of reporting how they are contributing to broader societal outcomes including action on climate change.
In its Annual Report suite launched today, VicSuper has reported reaching an ambitious target of $3 billion in sustainable outcomes one year early, representing 12% of its entire investment portfolio, in addition to aligning member outcomes to eight of the UN’s Sustainable Development Goals (SDG).
Through in-depth analysis, VicSuper has measured how member retirement savings support the goals, highlighting the dollar contribution to each SDG across the entire equity portfolio and through assets such as wind, solar, waste-to-energy assets and low carbon equities.
“Community expectations are growing, and Funds must have a clear strategy in place to deliver on these goals and a way of measuring and reporting, so it’s clear to members where their money is invested and the impact those investments have on broader societal outcomes,” said VicSuper CEO, Michael Dundon.
“Transparency is essential. It’s no longer enough to talk to your process – funds need to talk to outcomes.”
Climate action is one of the eight SDGs that VicSuper has prioritised alongside quality education, affordable and clean energy, and good health and wellbeing.
“With the superannuation sector managing close to $3 trillion1, its essential funds report on where that money is invested, what impact those investments are having on society, and whether that meets our community’s growing expectations of responsible investment. As our funds under management grows, so does our responsibility to the broader society, above and beyond providing our members with the best possible retirement outcomes. We can do both,” said Mr Dundon.
“We’re taking steps to align our decisions and activities with eight of these goals because we know that as a responsible super fund, we have a role to play in contributing to this important global agenda while continuing to deliver great outcomes for our members,” added Mr Dundon. Combined with a rigorous ESG process that applies across the investment portfolio and an active company engagement and voting approach, the Fund has also shown that investing in sustainable outcomes and providing consistent, competitive returns can go hand in hand with the Fund’s MySuper investment option in the Top 10 performers over 7 and 10 years2.
The report also points to a successful year for VicSuper with the underlying assets growing to $23.7B, strong investment performance and continued quality service with the Fund being recognised by independent ratings group Conexus Financial for Best Member Services for three years in a row.
VicSuper was also recently recognised as a global leader in responsible investment as part of the PRI Leaders Group. The Fund is leading the adoption of the Integrated Reporting Framework in the industry and more broadly winning the AIST Best Corporate Reporting Award in November last year whilst also taking out Runner Up for the Best Integrated report at the Australasian Reporting Awards in June.
The VicSuper 2019 Annual Report is available online and print (by request). More information is available at vicsuper.com.au/reports
Alexis Harrison | Alexis.Harrison@vicsuper.com.au | +61 3 9667 9762
VicSuper is a $23 billion-strong profit-to-member superannuation fund with approximately 240,000 members and over 25,000 employers. The underlying assets of the Fund have more than doubled over the past 6 years. VicSuper has received the SuperRatings Platinum Performance rating (their highest rating) seven years in a row (2013-2019) and recently won the Chant West award for Best Fund: Integrity 2019.
Open to all Australians, membership is strongest in Victoria where the Fund began over 20 years ago. The Fund’s strategic plan is designed to grow and build resilience into the Fund to help deliver long-term value for its members.The information in this document is of a general nature only and does not take into account your objectives, financial situation or needs. You should consider the appropriateness of the information and read the relevant VicSuper Product Disclosure Statement before making a decision on whether to join VicSuper. You may wish to seek professional advice for your own circumstances before you take any action and can contact VicSuper to make an appointment to see one of our superannuation advisers. VicSuper Pty Ltd ABN 69 087 619 412 AFSL 237333 is the Trustee of VicSuper Fund ABN 85 977 964 496