Super fund HESTA has been fined $37,560 by corporate watchdog ASIC for greenwashing in misleading advertising.
Between 2021 and 2024, HESTA had paid advertisements across search platforms Google and Bing that stated: "HESTA is committed to remove all investment in carbon emissions by 2050…."
ASIC found this to be misleading, representing a commitment to remove all investment in carbon emissions by 2050 when HESTA’s actual target was to achieve net zero carbon emissions across its investment portfolio, which doesn’t account for offsetting.
ASIC's deputy chair Sarah Court said the company overstated its commitments with consumers given a false impression of its environmental goals.
"In making the representations, HESTA overstated its commitment to reducing investment in carbon emissions,” said Court.
“Consumers relying on HESTA’s representation may have been denied the opportunity to make informed decisions about their preferred superannuation provider when HESTA gave a false impression that its commitment to reducing carbon emissions was more ambitious than it actually was.”
Back in 2023, the company was also issued with three infringement notices for false statements about the performance figures of its Balanced Growth superannuation investment option (23-299MR).
HESTA reported the incident to ASIC and paid the notices on November 3.
Payment of an infringement notice is not an admission of guilt or liability.
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