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ASIC alleges misleading carbon emission statements by HESTA
6 November 2025
12DB(1)(a) and 12GX, Australian Securities and Investments Commission Act 2001 (Cth) (ASIC Act)
Australia
Closed
Australian Securities and Investments Commission (ASIC)
Environmental
H.E.S.T. Australia Ltd (HESTA)
Key Facts:
The trustee for the HESTA superfund has paid a total of AUS$37,560 to comply with two infringement notices issued by ASIC for misleading statements regarding its commitment to removing investments in carbon emissions. HESTA is an industry super fund with more than 1.05 million members and close to $100 billion in assets.
Between 15 April 2021 to 18 December 2024, HESTA placed paid advertisements on Google and Bing search engines, linking to HESTA’s “Why Join” page. The advertisements stated, “HESTA is committed to removing all investment in carbon emissions by 2050.”
ASIC raised concerns that the statements contained in the advertisement were inconsistent with its stated commitment to achieve net zero carbon emissions across its investment portfolio by 2050. ASIC considered that achieving net zero was different to removing all investments in carbon, since net zero could be achieved through offsetting. Therefore, ASIC considered that the statements made in the ads were false or misleading, in that these were not based on its commitments during the relevant period and they overstated HESTA’s commitment to investment in carbon emissions.
HESTA paid the infringement notices on 3 November 2025; it should be noted that payment of an infringement notice is not an admission of guilt or liability.
