ASIC sues Active Super over greenwashing

The news: The Australian Securities and Investments Commission is suing Active Super in the Federal Court over allegedly misleading claims relating to coal and Russia-connected companies.

The numbers: ASIC has alleged Active Super held 28 holdings directly or indirectly between 1 February 2021 and 30 June 2023 in coal and gambling companies, as well as Moscow-backed resources, despite claiming to members it had excluded such investments.

The context: The corporate regulator said Active’s portfolio included holdings that ran counter to representations made on its website, on social media and in its product disclosures. Active later removed such representations, it alleged. This is ASIC’s third greenwashing civil penalty proceedings after recent action against Mercer Super and Vanguard Investments Australia.