JoNova

A science presenter, writer, speaker & former TV host; author of The Skeptic's Handbook (over 200,000 copies distributed & available in 15 languages).


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A culture of climate bullies may be using your retirement funds against you

Who voted for Superannuation funds to decide energy policy?

And you thought we elected a government to manage our National energy policy?

Businesses must adopt Paris emissions targets even if the government fails to do so, big investors say.

The Guardian

So even if voters don’t want “climate action”, by default, it’s sneaking in the back door, unless they pay attention.

The “big investors” in this case being a small team of activists running a club that some Superannuation corporates have joined, though it’s not clear why. Perhaps they joined to “look Woke” or perhaps they are feeding the crocodile for fear of being targeted?

The Australian Council of Superannuation Investors (ACSI) is not trying to persuade funds or investors to go Green with reason, instead they seem to operate by Cancel Culture principles on a corporate scale. Their aim, apparently, is to bully Directors of your Superfund into themselves bullying the companies they invest in. In a Saul Alinsky fashion they effectively threaten Directors that they might be personally isolated and targeted if they are not seen to be supportive enough of the Woke religion (ie, climate, slavery, femo-glass-ceiling stuff). Somehow ACSI may “recommend members vote against the re-election of directors”?

In Australia the government forces everyone to put money into “Superannuation” (like the 401K in the US). ASCI gets some of that forced money from the Superfunds as membership fees, then, in turn, demands companies use your money to achieve something you wouldn’t have voted for or invested in yourself. It’s big bucks. ASCI has a “membership” of 36 Superannuation funds: together they manage over one Trillion dollars worth, or as they say… they “own on average 10% of every ASX200 company”. Last year ASCI creamed off nearly $4m in fees for themselves from superfunds in order to put greenie-woke pressure on superfunds. See how this works?

SBS leaked the news with glowing praise last night that ACSI was going to target (and bully) Directors of companies that were more concerned with making profits for you — rather than with meeting the Paris agreement. The shame!

This week ASCI has a “new climate policy” thus appointing themselves rulers and Science Geniuses.

If the media exposed this power-grab and activism, people en masse might pull their funds out and Superfunds which indulged in these pointless “fashionable” councils for misusing your money would abandon them.

Superannuation council serious about climate risk

Cliona O’Dowd, The Australian

Louise Davidson, ASCI, Superannuation Australia.

Louise Davidson, ASCI.

“Instead of just asking people to report and to talk to us about what they’re doing, we’re now saying governance for this sits with the board, and we will hold the board accountable if we don’t believe that the company is doing as much as they need to on climate.

Banks put on notice over climate risks

“Climate change risks are deeply embedded in the financial system and impact all sectors and asset classes. For long-term investors, this poses a serious challenge to long-term value creation across investment portfolios.”

ACSI’s “active and constructive engagement” with the top 200 listed companies had led to improvements in company practices, she said, as she cautioned that more needed to be done.

“Not all companies have listened to investor expectations … In order to increase the focus on climate-related risks in the companies they invest, ACSI may recommend members vote against the re-election of directors.”

One of the mysteries is why any fund would be a part of ASCI? What do they get? According to ASCI, they get lectures, and the opportunity to join their board and lecture other people, but not much else.

Is membership of this group just driven  by spineless fear or is it an advertising strategy?

Time to vote with your dollars

If your fund is  listed here, it would be helpful if you wrote to them to ask why they are members of a group that specifically says its aims are “not on returning a profit to shareholders”? Does your superannuation fund support you or the Religion of Woke? If they don’t give a satisfactory answer let them know you plan on finding another fund, and on spreading the word. If you get a response, please share it with us.

Members of ASCI

Members of ASCI

 

Who is this energy and climate genius — CEO Louise Davidson?

She knows a lot about generating electricity and making profits (not):

Appointed as the investor group’s chief executive in April 2015, Ms Davidson has more than 20 years’ experience in the financial services and superannuation industry.

She joined ACSI from Cbus, where she managed their Environmental, Social and Corporate Governance (ESG) investments.

Who’s happy to hide their role as corporate bully?

Ms Davidson says ACSI often gets described as “social activists”, but the intent is not to act against companies. She says it is to engage and help them become more successful and profitable.

Since the whole point of ASCI is “not profitability” and they don’t agitate against Directors who run unprofitable entities but against Directors who aren’t yet evangelistic about the Woke Religion, it’s clear she is happy to mislead and misinform with a straight face.

It’s just another way to take power out of your hands.

But all’s fair in love and war, and they are taking advantage of sleeping investors who think they can give their money to other people without paying attention. Parasites wouldn’t get away with this if the media cared, the politicians were brave and investors were able to invest in funds that “chose cheap profitable energy” over Voodoo and fads.

Time to pay attention.

ASCI 2020 Annual Review

 

9.8 out of 10 based on 71 ratings

82 comments to A culture of climate bullies may be using your retirement funds against you

  • #
    NuThink

    Reminds me of Woody Allen in some movie where he was asked what job he did.
    “I am an investment advisor on Wall Street” he replied.
    “And what does that entail?” was the next question.
    “I help people with their investments until there is nothing left”.

    390

    • #
      Geoff Croker

      A far more important question is just what is their relationship with China? The real beneficiary of the Climate Change Industry. What bribes have been paid?

      270

      • #
        Dennis

        Under the protection of “developing nations” status from the UN China is the beneficiary of manufacturing industry and export markets shipping goods to developed nations that once were manufacturing nations.

        60

        • #
          Sceptical Sam

          There’s an opportunity here for a smart Superfund.

          Contrarian Energy Investments, I’d call it.

          “We invest only in reliable energy stocks and energy developments. We short unreliables”.

          Some recent short opportunities:

          Carnegie Clean Energy; The company’s market capitalisation dived from a high of $202 million in late January 2017 to a mere $11.5 million ahead of its collapse in 2019.

          SolarReserve; its AU$650 million plant was touted as being the biggest of its kind in the world and was approved to incorporate eight hours of storage or 1100 megawatts-hours. The project was scrapped in April, 2019, after SolarReserve failed to secure commercial funding for the project.

          Dyesol: Formed in 2008 to be the leading supplier of 3rd Generation Solar Technology. Listed on the ASX. changed its name to GreatCell Solar Limited (ASX: GSL). Went into administration in 2018.

          There are hundreds of opportunities in this area.

          Here’s one list of more than 70 the failures from just 2009 to 2013:

          https://www.greentechmedia.com/articles/read/Rest-in-Peace-The-List-of-Deceased-Solar-Companies

          Can any of those turkeys who keep on telling us how much money is to be made out of renewable investments, provide a list of an equivalent size of all the success stories (and their capital gain since inception)?

          Don’t hold you breath.

          110

          • #
            Sceptical Sam

            Hmmm…

            All these failures.

            I reckon I know the reason why.

            However, always interested in what the green extremists might consider the reason to be, I fell upon some amazing prescience from a crackpot green site called Renewable Energy World. And, what did these all knowing jokers have to say?

            “The consumers are not as optimistic as the renewable energy companies are. Consumers generally are open to talks but when it comes to purchasing, they just back out. Consumers end up saving money without converting to renewable energy resources from non-renewable ones. So the current energy sources have to be totally flushed out so that the consumers have no other option than to shift to renewable energy resources.”

            https://www.renewableenergyworld.com/baseload/reasons-for-the-failure-of-renewable-energy-companies/

            Just read the last sentence again.

            Yes. That’s what they want. The flushing.

            50

    • #
      PeterS

      Speaking of Wall Street in the movie Wall Street Money Never Sleeps, Gekko drops the hint “Energy is the next bubble”. Hmm, I wonder if the makers of that movie knew how right they are?

      120

  • #
    Kalm Keith

    All of the money placed in trust with super fund managers is at risk.

    A significant amount of money has gone to investments in renewables.

    There isn’t much doubt that politicians are acutely aware that if they crush renewables then many of the voters are going to lose big time.

    Then they’ll look to vote for someone else.

    Pollies are trapped.

    Insane.

    400

    • #
      PeterS

      When bubbles burst the ordinary gullible people suffer greatly and the rest (bankers, politicians, elites) escape the mess they have caused. I suspect the renewables bubble has some ways to go before it bursts. If only more people were awake as to how and why bubbles of any kind start in the first place. Bubbles wouldn’t then have the chance of forming and finally bursting. Oh well, as always we learn (not) the hard way.

      90

  • #
    Enoch Root

    Problem is: which superfund does not invest in renewables? Even those that are not members of ASCI still have RE investments. Some allow you to fine tune the allocation, but that is a constant nuisance and defeats the purpose of “set and forget”…

    180

    • #
      Deano

      Similar to the advice that “If your bank isn’t passing on the full rate cut to your home loan, transfer it to another bank”. They each take it in turns to be the nasty one. Reserve Bank of Oz cuts the rate by 0.25%. ANZ, Westpac and Commonwealth cut their loan rate by 0.25% but the NAB only cut by 0.175%. But next time it will be, say, Westpac’s turn to be the scrooge. It’s a cartel.

      250

    • #
      PeterS

      It’s a bubble so all are involved. There is only way to escape much of the pain that will result from the eventual collapse of the super funds – don’t have all your money in them. Some will have some sort of insurance (put options/warrants/etc) but that requires a lot of knowledge and skill on how to “play” them with minimal costs.

      40

    • #

      Enoch
      Set up your own SMSF, or trade directly in shares, most funds these days allow this. That way you can pick the companies you want. A friend of mine has done this for years, and does very well, but warns you need to have time to do the research. Most just follow newsletters and talking heads – who surprise surprise are probably knee deep in RE investments.

      20

  • #
    robert rosicka

    If I was just starting out in my first job I would definitely have my own super , this is becoming a popular option but has its pitfalls if not done properly .

    100

  • #
    Deano

    This ‘backdoor activism’ is becoming a real problem. Unable to sell their message on its merits, they sneak into benign areas that arouse little interest or suspicion and quietly start undermining those organizations. Super funds are one such area.

    My super fund is also misusing my funds to push THEIR agenda rather than obtain good returns and seem utterly convinced it’s their right. They generally refuse to answer my questions until I ring and get given the usual round-around from one person to another (“in a meeting”, “on stress leave”, “unavailable”, “on a training course”) until someone promises to “get back to me with an answer later”. Dead end.

    They realise many people don’t think they need to worry about their super fund, believing it’s all government protected and heavily regulated. It is, but only so far as making sure your dough isn’t spent on dancing girls and sports cars for the fund manager. I’ll be moving my funds soon when I’ve done enough research into just who will behave with integrity.

    350

  • #
    roger

    I am afraid it has gone beyond that. This am the CEO of British Petroleum was on UK Sky business singing the praises of green practices, simpering about Biden and the new USA policies, and vowing to transition at pace to green technologies.
    Companies no longer belong to shareholders they are run by their boards who in turn are run by cabals that never are exposed to scrutiny.
    Small investors might just as well play a slot machine.

    240

    • #
      Klem

      I’m not a large invester. Howver I always look at the companies website to see how woke they are. If the CEO spends a lot of time trying to appear woke, then they aren’t spending their time making money for their investers. I stay away from companies like that, I invest somewhere else.

      Woke is a warning point, not a selling point.

      370

      • #
        Dennis

        When I managed a manufacturing business and reported to a publicly listed company board of directors what is now called “woke” would have been treated as a good reason for replacement of woke person.

        30

      • #

        Klem
        As noted elsewhere here, just short the woke companies. I work for one whose share price has been in the dungeon for years yet our inboxes are full to overflowing with diversity, sustainability etc etc. As you noted, more time needed on running the company!

        20

    • #
      ian hilliar

      BP has been pushing the ” Beyond Petroleum” Lie for almost 20 years

      30

      • #
        RickWill

        BP started commercial production of solar panels in 1991; now 30 years ago. They sold out in 2012.

        00

        • #
          Deano

          Interesting. I wonder if they found there were too many players in a crowded market or perhaps they know what the outlook really is.

          30

  • #
    CHRIS

    I am in Aware Super (formerly First State Super). I emailed them concerning their investment in “clean energy”. Got the usual BS reply. As I’m retired, transferring my Super Fund to another less-green fund (if they exist) is not tenable, as I’m not taxed on anything I do with my Super. However, for young people starting out on a career, I would advise them to carefully consider their Super investment (who knows what the situation will be like in 40-50 years?).

    120

    • #

      Chris, can you explain what you mean for something to be not tenable because it’s not taxed? I missed something…

      80

      • #
        Jojodogfacedboy

        Imagine talking with a VP of German Manufacturer Siemens over twenty years ago showing the design and energy flaws of their turbines…only to be told that they had no intention of exploring changes as they were perfectly satisfied with their customer base.
        Hydro turbines have a flaw that cannot use fast flowing energy as it blows back off the housing generating friction.

        I was trying to introduce particle energy that lines up flow streams to an extremely efficient turbine.
        But hey, they love profits of the many inefficient turbines.

        80

      • #
        Just Thinkin'

        Jo, I think you missed Chris’ point.

        The green stuff is untenable.

        If Chris is of a certain age he is
        able to do anything with his money in super
        because the money is not taxable (yet).

        20

      • #
        Graham Richards

        Jo,
        What would we do without you.
        Would it be possible to modify the above list into a category or two.
        IE, which belong in the “ industry “ super funds, you know the ones run by the Unions and which are totally independent.
        The constant pressure to use “industry super funds” tells me the unions are short of revenue as a result of union membership drying up. I smell a finance crisis in the room!

        100

        • #

          Graham, I’m happy to help post lists of “least worst” superfund options. I’m keen to give people a constructive choice (such as is possible, and I’m suspecting that Big Money has the Government Regs to help it maintain a monopoly of sorts.)

          But it’s not my forte. Hence if there are readers here who know more about Super than me (ie “everyone”) please speak up.

          PS: I still don’t understand Chris’s comment.

          40

      • #
        Lucky

        Older funds have tax lurks, or rather it is the older money that has the tax benefit, if the money is taken out and put into another super fund, some of the tax benefits do not carry over.

        00

    • #
      peter

      I had the same experience with Aware Super over their move into clean energy investment. I was advised over the phone to lodge a written complaint which I did. I have received no reply. That was two months ago.

      20

  • #

    I last heard the word superannuation when earning my finance MBA in the late 1970s, and never heard it again. A few years later we had voluntary 401k’s here in the US, where workers within each company were given a limited choices on where to invest their own savings. The money could also be moved from one investment fund to another. And employers sometimes provided some level of matching contributions if they were profitable that year.

    I had a 401k in addition to an old fashioned pension.
    Today in the US pensions in the private sector are rare.

    It sounds like in Australia the superannuation “savings”
    are mandatory and someone else invests the money for you.

    Are employees stuck with jut one fund
    managed by someone their employer chooses ?

    Or can Australian individuals
    move “their” money elsewhere
    whenever they want to ?

    [snip comments about moderation]

    31

    • #
      Ross

      Its complicated Richard G- but I’ll have a go. A previous government(1980’s) decided that compulsory super (superannuation) was the go. The idea being that if ordinary people put aside some of their wages from an early stage that there would be less burden on the Pension scheme when they got older (eg > 65yo). Technically its paid by the employee at a rate of about 10-11% of salary. Australia is on a Pay as you GO (PAYG) tax system, so when you get paid you pay tax and invest in your super fund “as you go”. You can choose you own super fund where that money is invested in. BUT, if you are in a union very often that choice is made for you and directed to their own super fund. That’s where it gets messy – because in some cases the Super funds are almost just extensions of Unions ( and therefore the Labor Party) with union appointees as board members. Hence, there’s politics involved, which this article is describing. A lot of people have now set up their own funds – Self Managed Super Funds (SMSF’s). But not everyone has the resources to accomplish this. Its take some time and some money but in the long term the financial result can be much better due to less fees being wasted. Has it been effective? Debatable. A lot of people retire with some Super eg. $200k- blow it on a caravan and a 4WD, go around Australia for a couple of years and then come back home and re- apply for the pension anyway. Super was always a better proposition for those on higher salaries or the ability to set up your own SMSF ( or trusts). More money in . means more money out at the other end.

      60

      • #

        Technically it’s not paid by the employee. It’s paid by the employer currently at the rate of 9.5% of gross wages. The Unions/super Funds are “encouraging” the Government to increase this over the next few years to 12%

        10

        • #

          Thank you Ross, it was complicated, and probably still not clear to us outsiders.The American system is complicated too. Governments complicate everything. as a libertarian, I hate anything official !

          For the few private US companies that still have pensions, you qualify after 10 years working there. After you retire, you get a payment every month until you die, and pay income taxes on it. Or you can get a lump sum distribution of your pension, like I did, and transfer it to a self directed Individual Retirement Arrangement (IRA) … and pay taxes only when you take money out. There is a minimum required distribution starting at age 72.

          I retired at age 51 and we lived only on our savings until starting Social Security at age 65, a few years ago I suppose Australia has some kind of old age welfare that we call Social Security here.
          .
          .
          To Phil:
          The employer sees the total cost of compensation — wages plus benefits.
          I believe they would rather pay 9.5% higher wages up front, to attract better employees, and then let their employees decide what percentage of their higher salary to save in their own individual retirement accounts

          00

          • #
            shortie of greenbank

            It gets even more complicated when you start talking public servants and their superannuation setup. for example Queensland Police put 12 % into super and for each 1% more put in is matched by 1% by the government so can have 24% of their base salary value put in super but for only 18%, not overly complicated except usually you talk ‘salary’ and then combine it with superannuation. I’m not in the public sector myself so my company calls it total remuneration, or salary PLUS superannuation.

            So of course when you next see a nurse or a policeman crying about how low their salary is think about is this before or after they have gained from the super benefits the government provides them.

            Just for comparison of overpayment of government staff the equivalent to my job in the private sector is paid about 60% more in the government and expected to do less and work shorter hours.

            10

  • #
    David Wojick

    Our new Sec of Energy knows nothing about energy.

    https://en.m.wikipedia.org/wiki/Jennifer_Granholm

    She sounds it!

    62

    • #
      PeterS

      It’s actually all about reducing CO2 emissions and that’s the energy polices are applied to do it. So, it’s two scams rolled into one. Neat trick as it’s keeps most people confused and thus avoid seeing the truth.

      60

    • #
      sophocles

      So this is Obama’s “third term” but as “almost President” of the US?

      90

  • #
    Yonniestone.

    Work changed to AustralianSuper last year from AMP because AMP was naughty?, noticed immediately the woke idealism on the website and correspondence even got a call asking if they can help answer questions told them I didn’t want investments in renewables/climate crap etc got told I can change options on areas of investments.

    As above the entire industry’s in on it but I think they have a bet each way, eggs in one basket and all that.

    120

  • #
    TdeF

    The overt support for Climate Change rubbish may be more sinister.

    Last year CareSuper improperly charged us for life insurance even though we had written cancelling it. They took it anyway and claimed they never received the letters. We noticed the missing $12,000 after six months and threatened the ombudsman and eventually it was reimbursed. Good, but very suspicious. And where was the interest on our stolen money?

    Now the second story is that they made ‘negative returns’ so there is no interest to be repaid. How lucky are we and how generous are they not to demand that we make good their losses. Which of course we do because it comes out of our super.

    It is typical of these underperforming money minders that your money not only does not earn anything, it vanishes without explanation, both the cash and the interest. And the letter cancelling the insurance. The excuses are nonsense, but what can you do? This is socialism. Your money is theirs.

    So consider their overt enthusiasm for dumping performing stocks and opting for ‘ecologically caring’ stocks is that this is a cover up for their own under performance and outright theft.

    Why take staff wage and performance cuts and bonuses in hard times to save people’s money when you can take everything from their accounts? Green Goodness is just another cover for careless, self serving ‘management’ of other people’s money. As was reported on the front of the Australian yesterday.

    If there is a real and growing scandal in the financial world, it is the utter mismanagement of compulsory super. You can add their campaign to steadily increase compulsory superannuation, crippling businesses further in these hard times and to divert conversation from whether the money taken compulsorily is wisely invested and frugally managed in the first place. They just want more.

    220

    • #
      Kalm Keith

      To use that old expression; That’s nailed it.

      It seems that the whole point of modern government, for the people, and of Unions, for the workahs, is to create new ways of fleecing their trusting “contributors”.

      But never fear, as the Americans found after the last “unforeseen” crash (aka, day of reckoning) all you have to do is up the inflation rate by printing more moolah, drop the exchange rate to reduce you debts to foreign investors and so Quantitatively Ease the mess into oblivion.

      Where’s Watt Tyler when you need him.

      110

    • #
      PeterS

      Both governments and companies are hungry for more money. I got a Telstra bill for a service that wasn’t delivered. I had lots of trouble getting them to cancel the invoice. It finally worked when I said to them it’s a criminal offence to issue an invoice to someone for a service that wasn’t delivered. I can see a lot of people ignoring such “mistakes” because they are too busy and will write them off as a nuisance and still pay the bill. I on the other hand will not stand for such nonsense.

      110

  • #
    David Maddison

    Super funds invest in useless wind and solar unreliables because, just like the Elites, they profit from the scam in an obscene transfer of wealth from the poor via their highly inflated electric bills.

    190

  • #
    Peter Fitzroy

    That list of super funds consistently outperformed the private, for profit funds. So in a financial sense this seems like a good way to make long term investments. Also the private funds are very jealous of that performance, and have a history of failed attempts to shut down those funds on your list.

    125

  • #
    • #
      Gary Simpson

      At the link from mc, the story about Coca-Cola allegedly providing it’s employees with ‘radical diversity training'(?) asking them to act ‘less white’, is typical of the woke, self-unaware, brainwashed, leftist nutjobs who infest these corporations after leaving the local looniversity with degrees in business (mis)management these days. They are so eager to insert their newly acquired ‘knowledge’ that they obviously haven’t had the time to observe the colour of the product they so eagerly proffer to the world.

      80

  • #
    Brett

    Does anyone have a list of super funds who are not Woke?

    60

    • #
      Graham Richards

      I’m suspicious of that advert to invest in “Industry Super Funds”. Smells of “hungry for revenue”
      Union run funds. Bet they’re the funds that keep pushing for ever higher contributions!

      Just wondering & very suspicious!!

      30

  • #
    Phillip Charles Sweeney

    The message is “If you do not support Australia handing over its energy independence to China – we will come after you like the mob did with Derek Chaivin after George Floyd died of a heart attack while high on drugs and resisting arrest”.

    The largest wind farm in NSW is owned and operated by a Chinese Company and uses Chinese made wind turbines.

    The “climate change” alarmists see more Chinese made solar panels and wind turbines as a “solution”.

    120

  • #
    Phillip Charles Sweeney

    The “Regulators” APRA and ASIC are just as woke as these union-dominated super funds.

    APRA and ASIC refuse to enforce superannuation laws as was confirmed by the Hayne Royal Commission.

    The National Australia Bank (NAB) and its “nor-profit” superfund trustee NULIS ‘starred” at the Royal Commission.

    NAB illegally transferred most of their Australian staff from a top 10 performing “not-for-‘profit” staff fund into the poor performing “for-profit” MLC Super Fund to allow profit gouging from most of their Australian staff.

    However elite NAB Australian staff have retained membership of Australia’s #1 performing super fund.

    There needs to be a Royal Commission into the COMPULSORY superannuation system which is a playground for white-collar criminals and woke activists.

    90

  • #

    We changed to VicSuper, from a private fund manager, 3 years ago and the performance has been much better, especially during the COVID economic roller coaster ride on the stock market. When we signed up we were given the option of choosing ‘normal” or ‘green’/ethical’ allocation of our funds. We asked which allocation has the better returns and were told “That’s not the point, you either want to go green/ethical as a matter of principle or not.” We chose normal.. There was no pressure. Anecdotally I’ve heard green/ethical funds do better from a few sources but have never seen any empirical data.

    50

    • #
      Peter Fitzroy

      look at AustralianEthical – usually number 2 in any performance list, and unashamedly green

      07

  • #
    Maptram

    Then there’s Greg Combet, former ACTU leader, former ALP MP, now Chairman of Industry Super Funds (whose members are the 15 industry super funds), and Chairman of IFM investors, that was established to protect and grow the retirement funds pension and superannuation fund members.

    Looking at the list of member funds of ASCI, it appears that the industry funds are members of both ASCI and Industry Super Funds.

    I recall probably about 6 months ago, Greg Combet was speaking in a TV ad for industry super funds, saying how these fund are investing in all sorts of infrastructure, the vision included wind turbines.

    So they have to keep pushing the green message, otherwise the superannuation member earnings would be less and bodies like ASCI, Industry Funds Management and IFM investors would receive less fees.

    As well, back in the old days, super funds were passive investors.

    40

  • #
    Kevin kilty

    “femo-glass-ceiling stuff” mentioned above. Most of the complaining about glass-ceilings is from those who have never seen one. There are a bunch of women who have the protection of glass floors. No matter how badly they fail they do not fall, they just go sideways into their next sinecure — Hillary Clinton, Kamala Harris, Jennifer Granholm (our Energy Chief in the U.S.). Thousands of them making the world a worse place. But you can’t meet a quota without them ….

    100

  • #
    Ross

    The Superannuation industry probably kicked off the ” its really cool to invest in renewables” thing many years ago along with others in the financial sector. They’re rent seekers living off an industry which is subsidised by the Federal Government in some shape or form. Now we have a veritable conga line of companies joining in. Even Carlton and United Breweries are doing it- claiming their beers are brewed using only renewable energy. Which is bunkum. Their main brewery in Abbotsford (Melbourne) still hooked up to the grid and using probably at last 70 % coal powered electricity. Even more this week because we have had a windless ( and sometimes cloudy) week. If the Federal Government ceased subsidising intermittent electricity production, the profits from this manipulated market would crumble. The wind plant sector has now been subsidised for at least 20 years, solar probably longer. It’s time it ceased. In its formative years the Coal/ gas electricity generation sector was effectively subsidised anyway, because they were largely state owned in Australia. That would have been the 1950’s and 1960’s. That’s 20 years. So its now time to stop taxpayers funding mirrors and fans.

    60

    • #
      Kalm Keith

      I agree with the rest it it but;

      “In its formative years the Coal/ gas electricity generation sector was effectively subsidised anyway”.

      Huh?

      Like roads, footpaths, tap water from dams and garbage collection were all subsidised by the rate/taxpayers?

      All of these services brought us into a new lifestyle and unlike Renewables they paid their way.

      Renewables are a parasitic infestation that is a burden on human society and nature both.

      This type of social structure is indicative of severe mental confusion and ugliness.

      160

  • #
    Mal

    Australia contributes approx 1 molecule
    In 10 million parts of the atmosphere
    Australiaa total emissions are irrelevant even if the theory of man made co2 was true
    What risks are corporations trying to manage
    Just a man made Fantasy where power and greed will kill our economy and put ten’s of thousands into serfdom at the new ruling elites
    We have to oppose this anyway we can but we’ve got to stop the propaganda arms of these elites such as the ABC and msm

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    Speedy

    Greens are like cancer – they take over a perfectly healthy cell, kill the nucleus and then use the cell to produce more of their own. They need to be stopped.

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    David Maddison

    What happens if Australia ever gets a rational government and the whole scam is cancelled?

    These “investments” will be worthless. They rely on forced purchase of the useless solar and wind power.

    These technologies are utterly useless in a free market (except for remote off-grid installations).

    And the Left keep telling us solar and wind are far cheaper than proper coal, gas, nuclear production so there should be no fear of market forces.

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    Old Goat

    I am in a self managed super fund and that gives me control where MY money is invested . I would encourage everyone else to do the same . It’s not hard to invest sensibly as long as you do due diligence and keep an eye on which businesses are acctually making something profitably. I have seen other investors invest in “green” and lose their money ( remember geothermal ?).

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    David Maddison

    A related matter to consider is that woke Australian banks (that’s about all of them) refuse to lend money for coal related projects.

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      Dennis

      Too bad about the mining industry directly employed employees who pay taxes and use banking services, small to medium business servicing the mining sector that employe people who pay income tax and pay company taxes and use banking services, etc.

      How would any banker react if told that for the above reasons the mining industry has decided to stop banking with woke banks?

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    Dennis

    “Industry Super Funds”, read Trade Union Movement superannuation businesses for profit and for targeting listed public companies by acquiring a significant shareholding resulting in boardroom influence and even seats in boardrooms.

    When the Federal Labor Government first announced their intention to create the “Superannuation Guarantee Levy” on employers, additional to the wages paid to employees the levy/tax was for investment into superannuation funds for the benefit of employees in retirement. These funds have multiplied into many billions of dollars now managed, less fees and commissions and other charges criticised by the recent Royal Commission into banking and finance.

    Labor’s SGL followed deregulation of the banking and finance sector and with no industry specific government watchdog created, not until 1998 when the Howard Coalition Government established APRA (Australian Prudential Regulatory Authority) however, as the Royal Commission discovered, corruption involving superannuation funds and members was entrenched and members lost enormous amouts of money and mostly in fees for no service from financial advisors on top of superannuation fund management fees, commissions, and other deductions.

    Many in the business community were concerned that the Union Movement would take advantage of the SGL, and for very good reasons, as exposed by the Royal Commission, and now the influence based on climate fraud, creatively accounted for warming trend and related woke decision making that is the crony capitalism trading on climate politics.

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    Bruce J

    All these posts show why a self-managed super fund (SMSF) is the way to go to avoid supporting movements you oppose (activists, unions, etc). After 37 years in an employer run scheme, I rolled my super over into an SMSF nearly 20 years ago and, while there have been ups and downs, I have no complaints about the performance by the fund or by my advisor/administrator. Put your money where you want it – not with some organisation which wants to be seen to “do the right thing”!

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    UK-Weather Lass

    Sadly the manipulation of the investment markets is a part of the whole larger problem of who is in control of political decision making. Demonising parts of a ‘free’ market place have happened before and they have never been healthy. Look at the handling of climate change and SARS-CoV-2 and ask yourselves who has benefitted most from the chaos. Whatever happened to the freedom to choose the cheapest provider of electricity for example in a market that isn’t being artificially manipulated because some people have been patently dishonest and habitually lying to us for quite some time now?

    Is it local democratic voting that determines what happens next in each and all our futures and freedoms or are our futures being manipulated in all kinds of ways via a class of people who have invaded our media sources, our education and academic institutions, have developed social media as a weapon, and are now seeking ways to ensure their feathered nests have a very secure future by pleasing their ‘masters’ who are not the least bit interested in democracy in any shape or form.

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    RickWill

    Any good super fund will let you choose how your money is invested. As far as I know employers are obliged to pay your super into any recognised fund you choose.

    Four of those listed in Jo’s list were in the top 10 performers for the 5 years to 2020. Even so, I expect all those funds would offer investment alternatives. I have always been involved in where my investments are placed.

    Everyone should be aware of the fees being charged. If you have enough money to retire comfortably then drop any life insurance. That is just a waste once you can offer remaining dependents a secure future.

    Once I retired I became very conservative with investments. Once the prospects of earning diminish then what you have could need to last a long time; hopefully.

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      RickWill

      I should add that making investment decisions on emotion or politics is not wise. I think a lot of super funds were banking on Labor winning the last election in Australia. A boost to the RET would have seen a big lift in “green” energy shares.

      I have specifically avoided investments in electricity supply because it is so screwed. But then investments in airport and road infrastructure did not fare well last year but have recovered what they lost and are making steady gains now.

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    Tony Dique

    What a complete and utter oxygen thief. Who the hell asked her for an opinion?

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    CHRIS

    JO… As I am over 60, my Super investments are not taxed (upon retirement). This (I assume) applies to all Super Funds. For people under 60, they should be checking that their investments are being taxed at the appropriate rate.

    00