Qsuper was founded in 1913 in Queensland, to help Australians save for retirement and to provide financial support in the event of unexpected illness. As of 2021, Qsuper had over 620,000 members and AUD 136.13 billion in total assets. In 2022, the financial institution merged with Sunsuper to become part of Australian Retirement Trust.
Qsuper has set a target of net-zero financed emissions by 2050. It also discloses absolute financed emissions. As a member of Climate Action 100+, the financial institution discloses that it collectively engages with its clients on the topic of climate change. Additionally, the financial institution discloses the aggregate amount of finance it devotes to climate solutions, and nature- and biodiversity-related solutions, while specifying what these solutions are.
Qsuper has a grievance mechanism accessible to all workers and external stakeholders to raise human rights, as well as bribery and corruption, concerns or complaints. It also discloses the proportion of women in its total direct operations workforce for each employee category.
There is no evidence that Qsuper assigns responsibility for sustainability to the group’s highest governing body. Moreover, in terms of its approach to senior leadership accountability, there is no evidence that the financial institution links the remuneration of its executive or management teams to sustainability performance criteria. In terms of gender equality, the financial institution has an opportunity to reach at least 40% female representation in senior leadership positions. It could also publicly commit to gender equality and women’s empowerment and disclose the actions taken to address any pay gaps. Regarding engagement, Qsuper has an opportunity to describe its engagement approach on sustainability themes and impact topics with investees.
Qsuper has an opportunity to disclose interim emissions reduction targets at the group level, such as a 45% reduction in financed emissions by 2030. It could also disclose the key sectors and companies it has identified as priorities to engage with on climate change, specifically on the alignment with the Paris Agreement. Furthermore, the financial institution could disclose that its climate solutions align with internationally recognised frameworks. Regarding nature and biodiversity, no evidence was found that the financial institution is committed to minimising its negative impacts. Moreover, no evidence of an approach to fossil fuels that spans across the fossil fuel value chain was found, such as the amount or share of finance Qsuper directs towards fuels.
There is no evidence that Qsuper has a publicly available policy statement committing it to respect human rights laid out in the UNGPs and the ILO declaration on fundamental rights at work. The financial institution has an opportunity to describe a comprehensive process for identifying its human rights risks and impacts across all its activities, especially its financing activities. In terms of workforce diversity, the financial institution discloses the ages of its total workforce, but has an opportunity to disclose this information for each employee category. To provide transparency on financial inclusivity, Qsuper could disclose the amount of finance directed towards, for example, women-owned businesses, small- and medium-sized enterprises (SMEs) or low-income developing countries.
More about the company
Net income: AUD 14.46 billion; Total assets: AUD 136.13 billion