There’s more to super fund HESTA’s divestment than ethics

Bernard Mees –

When industry superannuation fund HESTA announced it would sell its A$23 million stake in offshore immigration detention centres Transfield, it wasn’t the first to do so. UniSuper had rather more quietly decided to divest its holding months ago -– but both divestments came in the immediate wake of campaigns by unions and refugee advocacy groups that targeted the funds.

The HESTA divestment has been decried as shareholder activism by conservative critics, but is part of a long history at HESTA and other union-sponsored funds of divesting members’ retirement savings from ethically problematic corporations.

via There’s more to super fund HESTA’s divestment than ethics.

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