Australia’s corporate regulator says super funds HESTA and Prime Super have recently paid infringement notices for misleading statements to members.
HESTA, which has exited investments in Israeli banks and bonds, paid $37,560 after ASIC took issue with wording in its paid search ads about decarbonisation. From April 15, 2021 to December 18, 2024, HESTA ran Google and Bing ads linked to its “Why Join” webpage that said it was “committed to remove all investment in carbon emissions by 2050…”.
ASIC said that was not HESTA’s plan: “Instead, HESTA’s target was to achieve net zero carbon emissions across its investment portfolio by 2050, which is different to removing all investments in carbon, as net zero can be achieved through offsetting.” By using the ads, “HESTA overstated its commitment to reducing investment in carbon emissions,” ASIC deputy chair Sarah Court said.
HESTA self-reported the issue and paid the notices on 3 November. Payment of an infringement notice is not an admission of guilt or liability.
Prime Super paid $18,780 over tobacco-related claims. Between 16 October 2023 and 11 June 2025, its 2023 annual report stated that manufacturers of tobacco products were “excluded entirely” from the fund. Over the same period, the fund held indirect exposures to companies involved in tobacco manufacturing, including Altria Group, British American Tobacco and Philip Morris International.
“ASIC’s greenwashing interventions are founded on enforcing well-established legal obligations that prohibit misleading and deceptive conduct,” Ms Court said. “Fund managers need to make sure they accurately represent the nature of both their direct and indirect investments to allow consumers to make an informed choice.”
Prime Super also self-reported and has removed claims that it entirely excludes tobacco manufacturers. It paid the infringement notice on 31 October.