Super industry failing to meet members’ ethical demands
Super funds are performing poorly when it comes to providing high-quality, ethical and sustainability investment options.
This was the principal finding from a survey of advisers, to be launched on a new ratings site by the Ethical Adviser’s Cooperative (EAC) this Wednesday, 5 June.
ETHICAL ADVISERS’ CO-OPERATIVE – WHAT WE HAVE ACHIEVED
2019 PLANS IN PLACE
Ethical Investment Advisers
In the Banking Royal Commission Ken Henry of the NAB said that the capitalism is about “businesses have no responsibility other than to maximise profits to shareholders.’’
Over the years when I have talked with Trustees of supers and fund managers they have all told me that boards should be focused on the maximisation of profits for shareholders.
In the Banking Royal Commission it appears that Rowena Orr is suggesting to the banks that profit shouldn’t come at the expense of mistreated customers. The argument probably would run that by ripping off customers the short-term interests of shareholders are considered, but possibly not in the long-term interests.
But it appears that the banks did not put their customers before profits and certainly not before bonuses. For the banks customers are seen cash cows to pay shareholder profits, rather than the customer being the focus of good products and service.
Thanks to the magnificent efforts of Adam Carey and Murdo MacLeod, the Ethical Advisers' Co-op has made a submission to the Banking Royal Commission.
The full submission can be downloaded below.