A super fund has launched what it says is the first-ever Australian gender equality index to have a direct influence over funds’ portfolio construction.
The super fund announced the news on Tuesday, revealing that it will allocate its members’ super investments in part based on how Australian companies perform on gender equality measures.
The index uses data from private sector organisations with over 100 employees that submit an annual report to the WGEA.
Verve co-founder and chief executive, Christina Hobbs, said the Verve gender equality index will “set a new standard of gender diversity and ethical investing by using data collected by WGEA to inform portfolio construction”.
“For decades research has shown that companies that promote gender equality and inclusion perform better, yet no Australian super fund has previously taken that information seriously in terms of how they invest. That’s a major missed opportunity,” Ms Hobbs said.
“Our members know all too well that money equals power, and they don’t want their own super savings invested in companies that are failing women. It’s not good enough to keep supporting the status quo – where there are more Andrew’s in CEO positions in the ASX 200 than women.
“With so much frustration about the glacial progress on gender equality at a political level, we’re giving Australians the opportunity to use their collective superannuation power to put pressure on corporates to be better employers for women.”
The ifa Excellence Awards are back in 2021 and nominations are now open! This prestigious accolade recognises exceptional professionals within the financial advice industry, shining a light on the outstanding achievements from the nation's best and brightest. If this sounds like you or someone you know, then nominate today for the ifa Excellence Awards 2021!
Dimensional has announced the launch of one of the first local funds to apply an ESG filter to emerging markets. ...
Prime Minister Scott Morrison has said reinstating JobKeeper would not be a solution to the immediate assistance required by business in the...