Australian super funds in showdown for Israel war crimes investments as member meetings loom

Industrial fund giants Hesta and Vision Super have cut ties with Israel, standing out for compliance among Australia’s big investors despite coming under fierce attack in the Zionist media. Stephanie Tran And Michael West report.

Hesta and Vision Super have weathered a barrage of hysterical attacks in recent weeks from Rupert Murdoch’s Australian, accusing them of fraud, “cosmic stupidity”, “madness”, “possibly breaking the law” and failing to understand the “vile” Hamas.

All this just to do the right thing. Their The exit from investments related to war crimes and genocide in Palestine comes as Australia’s $4.2 trillion superannuation fund enters its annual meeting season with members next week.

Despite the hurtful attitude of the pro-Israeli media, HESTA and Vision Super actually stand out in Australia’s investment community for their commitment to their human rights policies. This is their duty.

White phosphorus, blood red money. Australian Super profits from genocide

Other major funds, including Australian Super, refuse to comply with their own obligations under the UNGP (United Nations Guiding Principles on Human Rights), while in September HESTA, the fund for health and community services workers, was divested from various banks listed on the Tel Aviv Stock Exchange and bonds issued by the State of Israel.

The decision came after months of sustained pressure from members. More than 3,300 signatures we call the fund

“Stop using our retirement to finance genocide.”

A HESTA spokesman said the move was for risk mitigation purposes.

“To protect member returns, we exited several months ago from our holdings in several banks listed on the Tel Aviv Stock Exchange and bonds issued by the State of Israel due to higher risk assessment.”

Vision Super sold Israeli stocks and bonds at the end of October, prompting the United Nations to committed genocide We consider what happened in Gaza as a critical factor in their decision, and the need under international law for governments and companies to exercise due diligence to ensure they are not complicit.

The liquidation decision follows two years of campaigning for Palestine by the Australian Services Union.

Australian Services Association and Vision Super member Jill Sparrow hopes the decision will lead other super funds to follow suit.

“Investing in Israel no longer makes sense. Three funds have now been divested. We look forward to Australia’s remaining super funds finding their conscience and following suit, and we call on all union members to help bring down the remaining union super funds,” he said.

In December 2024 Australian Ethical, first super fund to divest from all listed companies UN Database Complicit businesses operating in occupied Palestinian territory.

Future Super also bought it steps Liquidate companies complicit in human rights violations in the occupied Palestinian territories.

Billions invested in companies linked to genocide

Despite these withdrawals, some of the country’s largest super funds continue to invest in companies accused of direct complicity in the Gaza genocide.

Australia’s largest fund Australian SuperIt still holds shares in Israel’s largest weapons manufacturer, Elbit Systems, and in ICL Group, the Israeli-owned chemical giant that produces white phosphorus. used against civilians.

Australians keep $4.2 trillion in pensions. Almost every major Australian super fund has exposure to companies complicit in the atrocities in Gaza, either through direct investments or global equity funds.

Both the Association of Superannuation Funds of Australia (ASFA) and the Council of Australian Superannuation Investors (ACSI) disclaim responsibility for providing guidance on investments linked to breaches of international law.

When contacted by MWM Earlier this year, ASFA said it “does not have an industry position on this issue”, while ACSI said it was “not our department”, despite positioning itself as the industry voice on “financially material ESG issues”.

This is in stark contrast to the Australian government’s coordinated response to Russia’s invasion of Ukraine in 2022. publicly pleaded Super funds to exit Russian assets.

Despite the International Court of Justice, no similar order was issued regarding Israel’s assets decision He said Israel was plausibly committing genocide in Gaza and ordered states to take steps to prevent it.

Hot potato: AusSuper, ASFA, ACSI duck to cover up war crimes super

International law obligations extend beyond government

Legal experts warn that both states and the private sector have an obligation to ensure they are not complicit in genocide.

A. report Leading expert on business and human rights, Dr. Irene Pietropaoli found that companies and financial institutions risk violating international law if they continue to invest in or provide financial support to actors involved in the Gaza genocide.

The report states:

A company or individual businessman who knowingly assists a State in violating customary international law, including the prohibition of genocide, may be complicit in such violation.

It warns that under the Genocide Convention, companies and their executives “may be held directly responsible for acts of genocide, as well as war crimes and crimes against humanity.”

Chris Sidoti, former Australian Human Rights Commissioner who served on the UN Commission of Inquiry on Palestine and Israel. said MWM the Commission’s findings warning both governments and companies.

“States like Australia and the private sector are now warning,” Sidoti said. “The UN Commission of Inquiry has identified war crimes, crimes against humanity and the crime of genocide, and they have responsibilities arising from this.”

The economics of genocide

In July, UN Special Rapporteur on Palestine Francesca Albanese issued a statement. report details how corporations and asset managers support the “economy of genocide.”

The report highlighted how financial institutions, including pension and pension funds, financed the occupation and genocide by investing in Israeli treasury bonds and companies that were directly complicit in the genocide.

“Despite many companies in the sector adhering to the Principles for Responsible Investment and the United Nations Global Compact, the financial sector funnels critical financing to the state and corporate actors behind Israel’s occupation and apartheid,” the report said.

“These financial institutions funnel billions of dollars into treasury bills and companies directly involved in Israel’s occupation and genocide.”

Despite their good corporate governance, the actions of super fund chiefs at Hesta and Vision Super are likely to face even more sensational coverage in the pro-Israel press as they confront their members at upcoming annual meetings.

What can you do to encourage your super fund to divest from genocide?

A number of super funds will hold their annual member meetings next week, giving members the opportunity to ask managers questions about investments linked to genocide.

Sparrow said fund members should use meetings to apply sustained pressure.

“It’s a great idea to go to your super fund’s annual meeting. Ask them why they’re not investing, ask why the fiduciary duty is being used as a reason why super funds can’t dispose when super funds have exceptions for a range of other categories. What makes this different? That’s the question we keep asking our fund. I know you’ve got a responsible investment policy, why shouldn’t that be part of it?”

It also recommends coordinated member action:

“Find out who is on the board and whether there are any union representatives. Through your union, put pressure on those representatives to vote in line with the members’ views on this issue.”

According to Sparrow, the campaign’s success is proof that collective action makes a difference.

“I think those of us who march on Sundays or cry at night about the atrocities in Gaza must have felt at times as if there was nothing we could do. But all the actions we take make a difference. We hope the success of our campaign will inspire others to do the same.”

New Future Fund chief Greg Combet tries to cover up Elbit’s war crimes investment