ESG Enforcement Tracker

Key facts:

ASIC issued an infringement notice to Diversa, a superannuation trustee, in relation to alleged greenwashing.

Diversa is the issuer of superannuation product Cruelty Free Super (CFS), as trustee for Professional Super, a sub-fund of the Tidswell Master Superannuation Plan. ASIC was concerned that statements on CFS’s website may have been false or misleading by overstating exclusions, otherwise known as investment screens. In those statements, CFS claimed to prevent investment in companies involved in “polluting and carbon intensive activities”, “financing or support of activities which cause environmental and social harm”, and “poor corporate governance”. ASIC found that these statements may have been false or misleading as they overstated these ‘investment screens’ or exclusions. ASIC found that while CFS did apply some investment screens, they were more specific and implemented on a more limited basis than CFS’s website had suggested.

Diversa complied with the infringement notice, paying AUD$13,320 on 22 December 2022. Compliance with an infringement notice does not equate to an admission of guilt or acceptance of liability.