The Australian Securities and Investments Commission (ASIC) has filed a lawsuit against Active Super, alleging that the superannuation fund is misleading members about its ESG-related investments. Although Active Super, which has A$13.5 billion (US$8.8 billion) in assets, has stated on its website that it no longer invests in holdings that pose an environmental or social risk, the regulator said it held 28 direct and indirect investments between February 2021 and June 2023 that exposed members to financial products the fund claimed it did not invest in. These include coal miner Coronado Global Resources and Russia’s Gazprom. Sarah Court, ASIC’s Deputy Chair, said: “There is much competition among super funds for new members, and we know that funds seek to attract members with promises their investments will not be exposed to certain industries. When making these claims, super funds must have evidence to back their claims and ensure they are not promising exclusions that they are not promising exclusions that they cannot guarantee.” This is ASIC’s third greenwashing civil penalty proceeding following action against Mercer Super and Vanguard Investments Australia.