Australian superannuation firm Mercer Super faces A$11.3m fine for greenwashing, first case by ASIC.

Australian superannuation firm Mercer Superannuation has been fined A$11.3 million ($7.3 million) by the Federal Court of Australia for greenwashing, marking ASIC's first case on the issue. The company falsely claimed its "Sustainable Plus" investment options excluded investments in alcohol, gambling, and fossil fuels, while six of the seven options were actually connected to these industries. Mercer admitted the breaches and has cooperated with ASIC, conducting a comprehensive review of their marketing processes and procedures. The regulator emphasized the importance of accurate ESG claims to investors and will continue monitoring the market for unsubstantiated ESG-related claims.

August 02, 2024
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