AWARE SUPER: UPDATE
Update to Quit Nukes 2024 Report – Aware Super
July 2025
Summary
Since the 2024 Report was published, Aware Super has revised its definition of controversial weapons (including nuclear weapons) companies for the purposes of exclusion from the Socially Conscious and MySuper options.
The fund has now adopted an exclusion policy for nuclear weapons companies for the MySuper (default) option. Companies which derive 5% or more of their revenues from involvement in nuclear weapons have been excluded from Aware Super’s MySuper portfolio since March 2025.
The definition of controversial weapons which applies to the MySuper option is narrower than the definition adopted for the Socially Conscious option.
2024 Report – Aware Super
The 2024 Report made specific reference to Aware Super. The research showed that on 31 December 2023 Aware Super held 0.91% of its MySuper Option in nuclear weapons companies, with no exclusions in place.
The Fund had excluded nuclear weapons companies from its Socially Conscious option, but with a narrow definition of involvement in the manufacturing or production of controversial weapons including nuclear weapons.
Aware Socially Conscious Option
The 2024 Report noted that in relation to the Socially Conscious option:
Aware Super’s exclusion is stated to apply to companies involved in the development, production and maintenance of nuclear weapons, but also that the exclusion applies to “companies manufacturing whole systems only and not to companies assembling these types of weapons where one or more components are manufactured by another company” (page 24 of the Report).
The definition of controversial weapons including nuclear weapons companies in the Socially Conscious option for the purpose of exclusion was amended in March 2025 to include
“Companies verifiably involved in the development, production, acquisition, stockpiling, retention or transfer of controversial weapons (whole systems or key components), as well as companies that provide assistance in any of these activities. Controversial weapons means anti-personnel mines, biological weapons, chemical weapons, cluster munitions, depleted uranium, incendiary weapons, white phosphorous weapons and nuclear weapons.”
The Socially Conscious option continues to exclude nuclear weapons companies, with a zero-revenue threshold, meaning that a company that earns any revenue from nuclear weapons/controversial weapons is excluded.
Aware Super MySuper Option
We noted at page 24 of the 2024 Report that Aware Super did not include nuclear weapons in the definition of controversial weapons for the MySuper option.
The definition of controversial weapons for the MySuper option has been updated, and now includes nuclear weapons, but with a 5% revenue threshold for nuclear weapons companies.
There is a zero-revenue threshold for companies involved in the production of other controversial weapons.
The updated fund-wide investment restrictions and exclusions (effective March 2025) apply across the whole fund, except for the Socially Conscious option, including the MySuper option.
The exclusion in relation to controversial weapons that applies to the MySuper option is as follows:
- “Controversial weapons We have no direct investments in companies verifiably involved in the manufacture and/or production of anti-personnel mines, biological weapons, chemical weapons, cluster munitions, depleted uranium, incendiary weapons and white phosphorous weapons (whole systems or key components).
- We have no direct investments in companies verifiably involved in, and deriving 5% or more revenue from, the manufacture and/or production of nuclear weapons (whole systems or key components5). 5 A component is a key component if it plays an essential role in the functionality of the specified weapon system or is specifically designed or modified for the specified weapons.”
https://aware.com.au/member/about-us/responsible-ownership
The definition of controversial weapons which applies to the MySuper option is narrower than the definition adopted for the Socially Conscious option.
The Socially Conscious option, as well as excluding companies involved in the manufacture and/or production of controversial/nuclear weapons, now excludes companies involved in the development, acquisition, stockpiling, retention or transfer of controversial/nuclear weapons (whole systems or key components), as well as companies that provide assistance in any of these activities.