ABOUT CSC
Commonwealth Superannuation Corpora tion (CSC) is a corporate Commonwealth entity that provides superannuation services to Australian Government employees and employers and Australian Defence Force members and their families.
As of 30 June 2020, CSC had about $44 billion in funds under management in its Default, Balanced and MySuper Balanced scheme options.
KEY FINDINGS
CSC should extend its divestment policy to also exclude nuclear weapons, with a 0% revenue threshold, publish full details of its holdings, including proxy voting records, and divest from all current nuclear weapons holdings.
Policy
CSC does not have an adequate policy on nuclear weapons exclusion.
CSC policy is to divest only in accordance with international agreements that Australia has signed or ratified; CSC does not qualify nuclear weapons for exclusion.
CSC ESG and Product Disclosure Statement Policy does not mention controversial weapons. CSC does not have a sustainable or responsible investment policy, or sustainable or responsible investment option for CSC Super. Product disclosure statements similarly provide no detail on policies or investments in controversial or nuclear weapons.
Holdings
CSC discloses its largest international equity holdings for each option.
For ‘PSSap My-Super Balanced’, CSC discloses the largest 100 holdings, accounting for $1,896 million or 48.1% of the asset class. One holding disclosed is a nuclear weapons company.
Read our detailed assessment of CFC’s’ policy and practice in our 2021 report