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Articles by David Barnden
And the REST is history
A young ecologist, Mark McVeigh, took his super fund REST to court over its failure to consider the risk of climate change to his investments. Today on Earth Matters we hear about this historic legal win through the courts and how its changing your superannuation fund for the better. Guests: David Barnden, Equity Generation Lawyers Mark McVeigh, 25 year old ecologist who challenged his super fund in federal court
Trustee standards set by Rest case
Earlier this month the Australian superannuation fund, Rest, settled a case with one of its members, Mark McVeigh, who claimed the fund breached its duty by not properly considering the risks posed by climate change. Here, McVeigh’s lawyers write exclusively for Top1000funds.com and explain the significance of the case for pension funds around the globe.
REST case to set climate risk precedent
Asset owners around the world are turning to Australia for judicial guidance on how to manage climate change risk when investing other people’s money writes David Barnden, principal lawyer and head of the climate finance program at legal practice Environmental Justice Australia.
REST case to set climate risk precedent
Asset owners around the world are turning to Australia for judicial guidance on how to manage climate change risk when investing other people’s money. In a world first, 23-year-old Mark McVeigh has filed a legal actionalleging the trustee of his retirement fund, the Retail Employees Superannuation Trust (REST), breached the fiduciary duties owed to him by failing to adequately consider climate change risks. McVeigh is unable to access his superannuation until 2055.
Double standards on climate risks - Government protects sophisticated investors, not taxpayers
Yet government agencies putting taxpayer dollars on the line are immune. It is a blatant double standard. The result is regulators protecting private investors from financial risk, while politicians and senior government officials can bet unlimited taxpayer funds on the Paris Agreement failing. For the private sector, the benchmark for assessing investments is whether money goes to a world that holds global warming to well below 2°C. APRA has effectively demanded this since February 2017.
EFIC fail: Support for Adani opens legal and political risks
A new report by Environmental Justice Australia finds that if Australia’s export credit agency, EFIC, funds Adani’s controversial Carmichael coal mine, it would expose EFIC’s directors to significant legal and political risk. The Export Finance and Insurance Corporation (EFIC) has met regularly Adani and reportedly decided to provide concessional support to a company in Adani’s supply chain.
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