McVeigh v. Retail Employees Superannuation Trust

Year opened: 2018
Status: Open
Jurisdiction: Australia
Principle law(s): Corporations Act of 2001
Mitigation/adaptation: Mitigation

Summary

An Australian pension fund member filed suit against the Retail Employees Superannuation Trust (REST) alleging that the fund violated the Corporations Act 2001 by failing to provide information related to climate change business risks and any plans to address those risks. The case was filed in the Federal Court of Australia.

The plaintiff, Mark McVeigh has contributed to REST since 2013. Under the Corporations Act 2001, super fund beneficiaries are entitled to request information that they need to make an informed decision about the management and financial condition of the fund. The plaintiff requested information from REST regarding the: “(a) knowledge of REST’s Climate Change Business Risks; (b) opinion of Climate Change, the Physical Risks, the Transition Risks and REST’s Climate Change Business Risks; (c) actions responding to REST’s Climate Change Business Risks; and (d) compliance with its obligations under the Corporations Act and other law with respect to REST’s Climate Change Business Risks.” Plaintiff alleges that the information provided by REST did not fulfill its obligations and thus seeks declaratory relief that REST violated the Corporations Act by failing to disclose the requested information and an injunction requiring REST to provide that information. In the alternative, plaintiff seeks a declaration and injunction in equitable jurisdiction.

Core objective(s): Whether an Australian pension fund violated the law by failing to disclose information on climate business risks and its strategies to address these risks
Category:
Side A: Mark McVeigh (Individual)
Side B: Retail Employees Superannuation Trust (Corporation)
Decisions(s):
  • Undecided (Federal Court of Australia)
Case document(s):
Keywords: pension fund, corporations, information, business risk

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