Vision Super only excludes listed equities directly held where engagement is impracticable, where we don’t believe engagement can reduce harm, or where we believe there is a long-term risk to our members’ money. Our directly held listed equity exclusions are for smoking products producers and controversial weapons producers, given it is impractical to effect this for pooled funds, derivatives or listed pooled vehicles (such as Exchange Traded Funds (ETFs)). These exclusions are based on the methodologies and definitions from our responsible investment data service provider. These exclusions are outlined below. Refer to the Definitions page for more information on the exclusion categories.
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 Responsible Investment data provider MSCI we have identified listed equity securities in the excluded categories. 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.
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.
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