Mercer marks the first time ASIC has taken an Australian company to court over greenwashing. Source: Fotoschlick/Adobe.
Mercer Super has become the first Australian company to be sued over alleged greenwashing, as corporate watchdog ASIC makes good on its crackdown on the Australian business community regarding bogus green marketing claims.
Greenwashing is an emerging term for the practice of representing that a financial product, investment strategy, or business’s operations are environmentally friendly, sustainable, or ethical when in actuality is a distortion to influence investment or consumer decisions.
The Australian Securities & Investments Commission (ASIC) confirmed it had launched court action against Mercer over alleged “misleading statements about the sustainable nature and characteristics of some of its superannuation investment options”.
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