Change size

Print

VicSuper second sustainability covenant

VicSuper signed its second sustainability covenant with EPA on 17 August 2005, committing both organisations to further develop the sustainability practices and future sustainability opportunities of VicSuper and the wider superannuation industry.

The 10-year partnership established in this sustainability covenant enables EPA to recognise VicSuper's environmental sustainability leadership under a statutory agreement. EPA and VicSuper believe that this partnership will continue to stimulate change and innovation across the superannuation sector.

For details:

Reporting

As part of the sustainability covenant, EPA and VicSuper commit to being transparent about their activities. Following each bi-annual review meeting, a progress report on the commitments made in the covenant and the activities undertaken by both parties will be made available.

1st year activities

2nd year activities

The steering committee together with the CEOs of both EPA and VicSuper, met in January 2007 to review the activities of the parties over the first half of the 2nd year of the covenant. Activities including participation in the Investor Group on Climate Change and involvement in the Principles for Responsible Investment continued for both EPA and VicSuper and it was agreed that all other commitments made for the 2nd year were still appropriate. Other opportunities for collaboration were discussed and plans made for the next six months.

It was agreed that two formal meetings a year remained appropriate for the steering committee, together with regular communications between the project managers of the covenant with meetings on an as-needs basis.

Information on VicSuper's other sustainability achievements is available on the organisation website.

VicSuper first sustainability covenant

The first sustainability covenant with VicSuper was signed in May 2003 and concluded on 16 August 2005. It committed to reducing VicSuper's ecological impact and increasing its resource use efficiency. That sustainability covenant was the first to be endorsed under new provisions introduced to the Environment Protection Act in 2002.

The second sustainability covenant builds on the successes of the first covenant in furthering these aims and reflects the fact that sustainability is now deeply embedded into VicSuper's business strategy.

Initiatives and achievements

Some of the achievements from the first covenant include:

  • increasing the amount of funds under management in the Equity Growth Sustainability Option as a result of VicSuper member investment choice
  • connecting all offices to 100 per cent renewable energy supply, resulting in zero greenhouse gas emissions from electricity use
  • integrating sustainability and sustainability investing information into all Product Disclosure Statements
  • releasing the VicSuper Sustainability Report, the first sustainability report by a superannuation company in Australia
  • including sustainability information in employee induction and training programs.

For further information:

Top

Background

VicSuper is one of Australia's largest regulated superannuation funds with more than 200,000 members and $3.3 billion in assets (at the commencement of this covenant). Aiming to build a sustainable superannuation fund, VicSuper believes that the long term success of the companies it invests in is linked with their environmental, social and economic performance.

This covenant emphasises that superannuation and sustainability are natural partners that can work together to create positive and necessary change in the long-term for the benefit of superannuation fund members, the economy, society and the environment.

Top