Divest Catholic Super

If you are a member of Catholic Super and you would like to see them divest from fossil fuels, fill in the details below to send their CEO Mr Frank Pegan this suggested letter. Feel free to edit it, or the subject line, to personalise the email.

If you are not a member of Catholic Super, please take action via Market Forces' Superswitch page.

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Dear Mr Pegan
I am a member of Catholic Super.
I would like to congratulate Catholic Super for its enlightened approach to climate risk, but urge the Fund to do much more. It is encouraging to see that the Fund has a policy of placing 10% of its assets in sustainability-themed investments and is remarkably transparent regarding disclosure of climate risk.
As a member, I am pleased that Catholic Super is a signatory to the Carbon Disclosure Project and the Montreal Pledge, and is a founding member of the Investor Group on Climate Change.
However, given the enormity of the challenge humanity is facing, much more is needed than this. It is clear that my superannuation continues to be invested in fossil fuel extraction, when reliable analysts are warning that humanity must leave 80% of reserves in the ground. Indeed, the Equities component of the Fund is 2.18% more carbon intensive than the MSCI All Countries World Index, and 16.95% more carbon intensive in Australia alone.
Pope Francis himself has written in Laudato Si’, “We know that technology based on the use of highly polluting fossil fuels – especially coal, but also oil and, to a lesser degree, gas - has to be progressively replaced without delay.” (para. 165) He describes global warming as a “crisis” repeatedly in his encyclical and writes that action is urgent. This is a perspective I share, along with his understanding that it as a major injustice towards coming generations and those currently subject to climate-related disasters in vulnerable countries.
I am disturbed that my life savings are currently serving to perpetuate the causes of this injustice.
It is also relevant that investing in carbon intensive industries is becoming increasingly financially risky. The reasons are that (1) after the Paris Agreement governments are obliged to regulate to limit global warming; (2) renewables are increasingly price-competitive; (3) public demand for action to curb climate change is rightly intensifying. Already, MSCI demonstrates that investments excluding fossil fuels have produced better returns in recent years than those which have not.
As a long-term investor, Catholic Super should be more future-oriented. It is part of the fiduciary duty of the Fund to work in the long-term best interests of members, and I am troubled that this is not reflected in its current investment policies. I understand the Fund has holdings in fossil fuel companies in order to advocate for change. Yet what evidence do you have that this has been substantially effective? How is your effectiveness being measured?
To continue as a member I would need to see the Board of Management adopt policies which progressively exclude investments in the Carbon Underground 200 list of companies with climate risk exposure. How does the Fund intend to minimise its holdings in fossil fuel extraction? What is the Fund’s timeline for divesting from fossil fuels? Please inform me of your decisions around this so that I can consider other superannuation fund options if necessary.

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Divest Catholic Super

Help Support Arrcc's Work

Make A Donation

Become A Member

Download a Climate Action Kit for your faith

Upcoming Events

Briefing - Tanzanian earth protectors

Rally outside Woodside AGM, Perth

Faith-led Day of Action outside CitiGroup - Sydney

Faith-led Day of Action outside CitiGroup - Melbourne

Rise Up - electorate of Higgins

Rise UP! Outside Kirribilli House

Rise Up - electorate of Wills

Faith in a Better Future Conference

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A MULTI-FAITH NETWORK
COMMITTED TO ACTION
ON CLIMATE CHANGE