The Australia Securities and Investment Commission (ASIC) has published a report on its regulatory interventions made between 1 July 2022 and 31 March 2023 in relation to greenwashing concerns (which can be accessed here). The report covers ASIC's issuance of greenwashing infringement notices during the period and its observed increase in representations made by listed companies, managed funds and superannuation funds on environmental, social and governance credentials.
In its report, ASIC provided a number of examples of how responsible entities of managed funds and superannuation trustees responded to particular issues ASIC had identified.
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ASIC is clearly still very active in its surveillance of 'greenwashing' practices and we expect this to continue. This report is a timely reminder for responsible entities and superannuation trustees to make sure all disclosures and marketing materials accurately describe (and do not overstate) investment exclusions and screens. Clear and detailed explanations should also be provided for these processes, as well as for any vague or uncertain terms used in the disclosure.
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