Thousands of GESB & UniSuper fund members are investing in ExxonMobil, an oil company with a long history of controversy in a range of areas. The company is in the Top 10 International Holdings of GESB Super’s ‘Balanced Conservative’ and ‘Growth’ plans (as at 31/03/11), and also UniSuper’s top 10 listed international shareholdings (most recent information available, listed at 30 June 2010). See: http://www.unisuper.com.au/investments/our-investments/australian-international-shares; http://www.gesb.com.au/cps/rde/xbcr/internet/gesb_super_balanced_conservative.pdf; http://www.gesb.com.au/cps/rde/xbcr/internet/gesb_super_growth.pdf
Exxon Valdex
Most people remember the Exxon Valdez catastrophe in 1989. However did you know that Exxon is still in court, fighting payments of punitive damages (and interest) stemming from the spill? http://articles.latimes.com/2011/jun/11/news/la-pn-palin-emails-exxon-valdez-20110611
Other ongoing issues for ExxonMobil include:
Fracking
ExxonMobil is defending natural-gas drilling techniques that landowners and environmental groups say are contaminating drinking water, causing cluster earthquakes and polluting soil and air. Check out the amazing documentary ‘Gasland‘ for an insight into this issue (http://www.youtube.com/watch?v=dZe1AeH0Qz8). Read more: http://www.smh.com.au/business/exxonmobil-on-defensive-over-controversial-fracking-technique-20110526-1f6fu.html#ixzz1QWqrFmWb
Funding of Climate Change Sceptic Groups
Records show that ExxonMobil gave hundreds of thousands of dollars to lobby groups that have published ‘misleading and inaccurate information’ about climate change – after making pledges to stop doing so: http://www.theaustralian.com.au/news/world/exxon-still-aids-climate-sceptics/story-e6frg6so-1225894256861; http://www.guardian.co.uk/environment/2009/jul/01/exxon-mobil-climate-change-sceptics-funding
Looking at these issues, why would these large Super funds invest on behalf of their members in ExxonMobil? JustInvest calls on GESB & UniSuper members to contact their Super fund to say:“I don’t want to profit from investing in a company with this reputation!”
Many JustInvest clients have given themselves peace of mind by choosing to invest according to their ethics. To learn more about investing ethically in your Super portfolio, talk to us today.
