ABOUT LGIA SUPER + ENERGY SUPER
LGIAsuper is a superannuation fund targeted at Queensland local government employees, although anyone can become a member.
In July 2021, LGIA merged with Energy Super. Energy Super is now the brand for certain products offered by LGIAsuper.
The merger has created a fund of around $22 billion, managed on behalf of approximately 120,000 members.
LGIAsuper and Energy Super should include nuclear weapons in the definition of armaments, divest from current nuclear weapons holdings, disclose voting records for LGIAsuper products, and ensure all companies that derive revenue from nuclear weapons are excluded with a 0% revenue threshold across all portfolios.
LGIAsuper does not have an adequate policy on nuclear weapon exclusion, and does not properly define terms such as ‘armaments’ or explain revenue threshold criteria. Only Energy Super’s socially responsible option excludes weapons.
Energy Super provides a full list of its International Equities, of which $18.6 million is held in 9 nuclear weapons companies.
LGIAsuper lists its top 20 share holdings on its website. Nuclear weapons companies do not appear on this list. LGIAsuper voting records do not appear to be disclosed; it is unclear what exposure LGIAsuper may have to nuclear weapons producers.
Read our detailed assessment of LGIAsuper and Energy Super policy and practice in our 2021 report