ABOUT CBUS SUPER
The Construction and Building Unions Superannuation Fund (Cbus Super) is a major industry superannuation fund with $55 billion in assets and 776,575 member accounts as of June 2020.
Cbus Super’s default MySuper option, Growth, is the fourth largest MySuper product in Australia by value, managing $44.6 billion and 672,833 member accounts.
Cbus Super should update its defintion of controversial weapons to include nuclear weapons. Cbus should ensure all companies that derive revenue from nuclear weapons are excluded with 0% revenue threshold, and update the exclusion policy for clarity.
Cbus Super does not have an adequate policy on nuclear weapon exclusion. A definition of controversial weapons is not given, and nuclear weapons are not mentioned. Cbus Super does not address controversial weapons in its Responsible Investment Principles.
Examination of holdings and proxy voting records indicates that in the financial year 2020/2021 Cbus Super held shares in six nuclear weapons producers.
Cbus Super reviewed their investments in nuclear weapons companies in 2021 and decided not to change them. Cbus advised of an intention to review this decision in Q3 2022.
Read our detailed assessment of Cbus Super’s policy and practice in our 2021 report.