|
Issue No. 203 | 14 November 2003 |
Beyond the Workplace
Interview: Union for the Dispossessed Unions: Joel's Law National Focus: Spring Carnival Bad Boss: Fina and Fiends Industrial: The Price of War Economics: Who's Got What History: Containing Discontent Review: An Honourable Wally Poetry: The Colours of Discontent
Hardie Shareholders Face Death Road Workers Swing Left-Right Blows Developers To Kick Transport Can Cleaners Mop Up Contracts Mess Unions Set To Stand Up To Bullies Jack Thompson Headlines Launch
The Soapbox Sport Politics Postcard
Super Solidarity Perils Of Pauline Put A PM On The Barbie Tom Holds Water
Labor Council of NSW |
Letters to the Editor Super Solidarity
We all know the drill - a big company slashes thousands of jobs and its share price immediately rises. Who makes money out of this situation? Not you? What - never thought about how your superannuation makes you one of those ruthless shareholders making money at the expense of others? While most people's superannuation has been shrinking for the past two years, a couple of things have been happening so quietly that most people may not have even noticed. One is that from March next year, superannuation funds will have to report on whether they have considered "labour standards and environmental, social and ethical factors" in their product disclosure statements. The other is that "ethical" or "socially responsible investments" (SRIs) have been steadily growing, although not yet as popular in Australia as they are in the UK and Europe. Mind you, the Australian government has not made investing in socially-reponsible superannuation easy: current legislation requires superannuation funds to put making money first. But some super funds have managed to overcome this by proving that ethical funds can make good returns or, in recent years, at least no worse than the rest of them. It would be great if the union movement supported an SRI choice for existing super funds, as well as improvements to legislation to make it easier for super funds to offer this choice. Solidarity must be more than just talk. As always, the individual must be prepared to put their money where their mouth is, and choose to become wealthy in a way which does not cause human misery or environmental destruction.
|
Search All Issues | Latest Issue | Previous Issues | Print Latest Issue |
© 1999-2002 Workers Online |
|