The product will be invested according to the fund manager's “high ethical conviction” and will seek out investments making a “positive contribution to the world, such as reducing energy demand, innovative technology and medical breakthroughs”, the Fund said.
It will not invest in companies exposed to industries and issues such as coal, oil, tobacco, gambling and child labour, the fund said.
Australian Ethical's new MySuper product will be of specific interest to those working within socially or environmentally responsible companies, not-for-profit or social enterprise, because this was the first ethical product offered under the new MySuper scheme, according to CEO of Australian Ethical Phil Vernon.
“We see the members of our MySuper option including employees in socially or environmentally responsible companies, institutions and not-for-profit organisations,” he said.
“Offering an ethical superannuation option to their employees is an opportunity for responsible employers to provide competitive retirement savings options, knowing that they are making a positive impact on society and the planet we live on.”
MySuper products will soon replace all existing default superannuation products. All MySuper products have a set of product features, meaning that funds can be more easily compared, which is also expected to highlight ethical differences between funds.
