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ASIC takes action against super trustee for greenwashing

19 January 2023

ASIC has issued an infringement notice to Diversa Trustees Limited in respect of alleged greenwashing by Cruelty Free Super.

The infringement notice relates to ASIC's concerns that statements on the website of Cruelty Free Super may have been false or misleading by overstating exclusions, otherwise known as investment screens. In the statements, Cruelty Free Super 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'.  While some investment screens were applied by Cruelty Free Super, they were more specific and implemented on a more limited basis than its website had suggested. 

Diversa paid $13,320 in compliance with the infringement notices on December 22, 2022. Payment of an infringement notice is not an admission of guilt or liability. 

A link to the infringement notice can be found at: https://asic.gov.au/online-services/search-asic-s-registers/additional-searches/credit-and-asic-act-infringements-notices-register/

ASIC's Media Release can be found at: https://asic.gov.au/about-asic/news-centre/find-a-media-release/2022-releases/22-379mr-asic-issues-infringement-notice-against-superannuation-trustee-for-greenwashing/

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