Vision Super in hot water over coal investment

Vision Super has found itself in hot water after analysis revealed it has purchased $2.2 million worth of Whitehaven Coal stocks after walking back its fossil fuel exclusion policy last year.

The super fund changed its environmental, social and governance policy, removing its revenue-based coal, oil and gas investment restrictions and replacing them with a "carbon budget framework".

Market Forces analysis revealed Vision Super's default investment option has since picked up investment exposure to Whitehaven.

"Vision Super must explain to its members why their retirement savings are once again invested in Whitehaven Coal, one of Australia's worst climate wreckers," Market Forces superannuation funds campaigner Brett Morgan said.

"By scrapping its coal exclusion policy, Vision Super is out of step with member expectations as many super funds are dumping all investments in thermal coal.

"It's alarming that Vision Super has withdrawn its thermal coal exclusion policy after previously demonstrating climate leadership."

To complicate matters, Vision Super is set to merge with Active Super in March 2025, with the latter found guilty of greenwashing earlier this month with its investment in Whitehaven Coal being one of investments scrutinised.

In addition, Whitehaven recently purchased two of BHP's metallurgical coal mines, claiming this would transform the company into a metallurgical coal producer. The miner also has six coal mine expansion plans ongoing.

In the financial year 2023, Whitehaven generated more than 90% of its revenue from thermal coal but said this purchase would see that drop to 30%.

"Whitehaven will try every dirty trick in the book to keep expanding coal production and deserves no financial support from any super fund serious about ensuring a stable climate and retirement for members," Morgan said.

"Members are crying out for all super funds to dump all coal for good."