Principal Walter MacCallum has had an article published in the Governance Institute of Australia magazine, Directions, titled ‘REST super case to set climate risk precedent’.
The article examines a unique, world first case, McVeigh v REST, in which a 23 year old has filed legal action concerning the intersection of climate change risk and investments by an Australian industry superannuation fund.
The case will be heard in the Federal Court of Australia and is likely to examine the standard of care required of superannuation fund trustees to identify and evaluate climate change as a financial investment risk. McVeigh, an ecology graduate, has alleged that the Super fund is is in breach of the fiduciary duties owed to members by failing to adequately consider climate change risks.
The article goes on to look at a number of preceding cases regarding the evolution of a trustee’s best interest duty when it comes to investment.
You can find the full article in the February edition of the Directions magazine.
If you have any questions, please contact Walter MacCallum.
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