Vision Super maintains a list of directly held listed equity securities that we consider to be prohibited investments – the Excluded Securities List (ESL). The ESL is reviewed regularly by the Vision Super Responsible Investment (RI) team and Investments team. Using the methodology and definitions of our ESG service provider MSCI we have identified listed equity securities in the excluded categories for smoking products and controversial weapons. The MSCI methodology can be found here.
The ESL is reviewed at least bi-annually and where new listed equity securities are identified for exclusion we seek to divest our holdings within a reasonable timeframe. The ESL is only available to Vision Super members with positive account balances by contacting member services, as MSCI has requested that access to the list is restricted in this manner.
Our exposure to fossil fuels in our directly held listed equities portfolio is managed through carbon intensity limits under our carbon budget framework. refer to our Carbon budget page
From time to time, it will be necessary for some of our investment managers to transition the portfolios they manage to reflect the ESL and agreed carbon budget, for example where a portfolio has been transferred into Vision Super as part of a merger, or where there is a change in our approach to managing carbon risk.
In these circumstances, we will instruct our managers that they must comply within a nominated transition period. If these circumstances apply, we will provide a notice that this is occurring on our website.