"Super funds under attack from their own members over Santos investment", 26 April 2023

Big superannuation funds have been accused of breaching human rights laws and an obligation to act in their members’ financial interests by investing in Santos’ $5.8 billion Barossa gas project in the Timor Sea.

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Traditional owners including Dennis Murphy Tipakalippa are targeting super funds in their fight against Santos’ Barossa LNG project in the Timor Sea.

ANZ Bank and 11 other banks were also hit with human rights grievances from seven traditional owners earlier this month over their lending for the project.

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On Wednesday the law firm wrote to 20 funds, which manage a combined $1.7 trillion and include AustralianSuper, REST Super, Hostplus, UniSuper, Aware Super and the Australian Retirement Trust, demanding that they hand over whatever information they have justifying the investment and proving they are meeting their legal duties.

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Santos says the Barossa project is needed to maintain exports critical to energy security for Japan and the rest of Asia and said last week that production could still start as planned in the first half of 2025, despite the regulator still not giving new approvals.

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The legal letter follows Market Forces, which is assisting Equity Generation Lawyers with the Santos claim, finding that AMP, AustralianSuper, Australian Retirement Trust, Aware Super and Commonwealth Super Corporation were failing to use their influence over Santos and Woodside they invest in to help drive climate action despite their own ambitious environmental goals.

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