Skip to content
  • MyNewMarkets.com
  • Claims Journal
  • Insurance Journal TV
  • Academy of Insurance
  • Carrier Management
Insurance Journal - Property Casualty Industry News

Featured Stories

  • Most Trump Tariffs Are Not Legal: Appeals Court
  • PE Firm Bain Capital to Buy Jensten Group
  • Articles
  • Jobs
  • Markets

Current Magazine

current magazine
  • Read Online
  • Subscribe
  • Login
  • Front Page
    • National
    • International
    • Most Popular
    • Magazine
    • Forums
    • Blogs
    • Videos/Podcasts
    • Newsletters
  • News
    • Most Popular
    • National
    • International
    • East
    • Midwest
    • South Central
    • Southeast
    • West
  • Magazines
  • Research
  • Directories
  • Jobs
  • Features
    • Events
    • Forums
    • Market Directories
    • Quotes
    • Polls
    • Rankings & Awards
    • Insurance Giving Back
  • Subscribe

Australian Pension Fund Fined A$10.5 Million for Greenwashing

By Amy Bainbridge and Nasteho Said | March 18, 2025
Email This Subscribe to Newsletter
  • Article

Australian pension fund Active Super has been fined A$10.5 million ($6.7 million) for making a number of misrepresentations about its environmental, social and governance credentials amid a regulator push to stamp out greenwashing.

In June, the Federal Court found regulator Australian Securities and Investments Commission was largely successful in proving its case that the trustee of Active Super, known as LGSS, made a number of misrepresentations about its environmental, social and governance credentials. Those included labeling its coal and gambling investment screens as misleading and deceptive, according to the judgment.

Active Super merged with Vision Super on March 1 to create a A$29 billion pension fund.

Australia’s A$4.2 trillion pensions industry has come under pressure to justify ESG claims. ASIC has taken multiple cases over greenwashing allegations amid the heightened focus, resulting in a range of penalties.

“The financial penalty handed down by the Federal Court relates to historical issues with LGSS’s disclosures,” a Vision Super spokesman said in an emailed statement, adding that LGSS remained responsible for paying the penalty.

ASIC Deputy Chair Sarah Court said the regulator would continue to keep greenwashing in its sights. “This is a significant penalty that sends a strong message to companies making sustainable investment claims that those claims need to reflect the true position,” Court said in a statement.

In a separate case, Vanguard Investments Australia was fined A$12.9 million for making misleading ESG claims, the highest greenwashing penalty issued in the country. In August, Mercer Superannuation Australia was ordered to pay A$11.3 million after ASIC sued the firm for misleading investors over some sustainable products.

Australia’s financial sector has a new climate reporting framework being phased in, which includes mandatory climate disclosures. It’s also developing ESG labeling standards for products being marketed as sustainable.

Photograph: A man with a cane walks in Sydney, Australia, on Tuesday, Nov. 28, 2023. Photo credit: Brent Lewin/Bloomberg

Related:

  • Vanguard Investments Fined for Greenwashing as Australia Eyes ESG Claims
Copyright 2025 Bloomberg.

Topics Australia

Was this article valuable?

Thank you! Please tell us what we can do to improve this article.

Thank you! % of people found this article valuable. Please tell us what you liked about it.

Here are more articles you may enjoy.

DHS Secretary Noem Fires Two Dozen at FEMA Citing Cyber Lapses
‘Big Four’ Reinsurers Maintain Property-Cat Appetite, Despite Signs of Rate Softening
When Luck Runs Out: Where $100B Hurricanes Might Happen
Farmers Insurance Data Breach Could Impact More Than a Million Customers

Written By Amy Bainbridge

More From Author

The most important insurance news,
in your inbox every business day.

Get the insurance industry's trusted newsletter

Email This Subscribe to Newsletter
  • Categories: International & Reinsurance NewsTopics: Australia climate change, Australian market, Climate Change, environmental social and governance (ESG) criteria, greenwashing, pension funds
  • Have a hot lead? Email us at newsdesk@insurancejournal.com
More News
Skyward Specialty Agrees to $555M Buy of Apollo Group From PE Firm Alchemy
Frequency Perils Helping to Boost Global Insured Losses to $152B, Verisk Report Says
Disputed Ballots Could Swing Union Vote Outcome at EV Battery Plant in Kentucky
Florida’s Once-Pristine Springs Threatened by Pollution, Development, Climate
More News Features

Read This Next

  • Australian Pension Fund Fined A$10.5 Million for Greenwashing
  • When Luck Runs Out: Where $100B Hurricanes Might Happen
  • Viewpoint: Why Reinsurance Industry Often Struggles to Manage Market Cycles
  • Tesla Asks Court to Throw Out $243M Award; Says Comments About Musk Misled Jury
  • 'Big Four' Reinsurers Maintain Property-Cat Appetite, Despite Signs of Rate Softening

Insurance Jobs

  • Property Adjuster – Field Estimating Fort Wayne, IN - Fort Wayne, IN
  • Property Adjuster – Inside Coordinated - Indiana, IN
  • Software Engineer II (Mobile, Node, React, AWS) - Saint Paul, MN
  • Underwriting Associate Operations Account Specialist – Large Construction Accounts - Alpharetta, GA
  • Director, Product Owner – Digital Experience Platform - Hartford, CT
MyNewMarkets
  • Turning Non-Standard Risks Into New Revenue: How Agents Can Capitalize
  • When Insurance Isn't the Optimal Risk Management Approach
  • Reputation Risk Can Overshadow Ransom in Cyberattacks, Aon Says
  • Tackling Cyber Risks: The Vital Role of Brokers in Third-Party Data Protection
  • DIY Home Inspections Are Taking Over, Firms Say
Claims Journal
  • Disney Paying $10M to Settle Claim of Allowing Unlawful Collection of Children's Data
  • The Success of AI Music Creators Sparks Debate on Future of Music Industry
  • Jaguar Land Rover Hit by Cyber Incident, Affecting Production
  • California Wildfire Claims: Delay, Deny, Defend?
  • How Tesla And Waymo's Radically Different Robotaxi Approaches Will Shape The Industry
Academy of Insurance education
  • August 7 EPLI Basics
  • August 14 Managing and Insuring Reputational Risk
  • August 19 How To Write: Flood
  • August 21 Workers' Comp Crash Course

Insurance News

  • News by Region
  • News by Topic
  • Yesterday

Site Search

Features

  • Insurance Markets Directory
  • Forums
  • A.M. Best Company Ratings
  • Industry Events
  • Agencies For Sale
  • Newswire
  • Insurance Jobs
  • Rankings & Awards

Connect with us

  • Email Newsletters
  • Magazine Subscriptions
  • For Your Website
  • RSS Feeds
  • Twitter
  • Facebook
  • LinkedIn
  • Do Not Sell My Info

Insurance Journal

  • Submit News
  • Advertise
  • Subscribe
  • Reprints
  • Link to Us
  • Contact Us

Wells Media Group Network

  • Insurance Journal
  • MyNewMarkets.com
  • Claims Journal
  • Insurance Journal TV
  • Academy of Insurance
  • Carrier Management
© 2025 by Wells Media Group, Inc. Privacy Policy | Terms & Conditions | Site Map