A 24-Year-Old Is Suing Pension Fund for Not Being Green Enough
Tuesday, November 19, 2019
By Matthew Burgess
Mark McVeigh, a 24-year-old environmental scientist from Australia, won’t be able to access his retirement savings until 2055. But, concerned about what the world may look like then, he’s taking action now, suing his A$57 billion ($39 billion) pension fund for not adequately disclosing or assessing the impact of climate change on its investments.
The Federal Court battle is shaping up to be a unique test case. Are pension funds in breach of their fiduciary duties by failing to mitigate the financial ravages of a warmer planet?
Before launching the legal action, McVeigh asked Retail Employees Superannuation Trust, or Rest, how it was ensuring his savings were future proofed against rising world temperatures. Its response didn’t satisfy him and he ended up engaging specialist climate change law firm, Equity Generation Lawyers.
Photo courtesy of jennofarc.
Source: Fortune (link opens in a new window)
- Environment, Investing