Today UniSuper circulated a proposal “to exclude the alcohol, gaming, weapons and fossil fuel sectors from our SR options.”
First, the offering of ‘options’ rather than complete divestment is superficial and misleading. Shifting the risk of particular industries around within a fund is not the same thing as divesting from those industries.
Secondly, we are baffled as to why this list of issues is considered as a higher priority, or is exclusive of, divestment from the internment camp industry. There are no excuses for why retirement savings are being invested in this industry or being used as collateral for it. On this, please see the note below.
We call on UniSuper Board to divest completely from an industry that with documented predictability causes psychological damage and injury to those it interns without charge or trial, is part of a brutal system of deterrence that has resulted in deaths either inside the camps or through refoulement, and engages in forcible people-trafficking throughout the region.
We urge those who have their retirement saving to read UniSuper’s defense of Transfield here.
We also note that the Chair on the UniSuper Board, Chris Cuffe, is also the Chair of Primary Ethics Future Trust, the long term capital arm of the charity, Primary Ethics. See here for the links between Transfield and Primary Ethics.