How Australia's new rules could jeopardise ESG efforts

Already under pressure to reduce fees and boost returns, Australia’s superannuation funds are facing headwinds from a new annual performance test that targets underperformers. Industry players argue the test could put funds’ environmental, social and governance ESG efforts in jeopardy. The performance test – part of super reforms announced by the Australian government in the 2020-2021 budget – will be introduced in July and superannuation funds will have to meet minimum benchmarks…