Vision Super to be questioned on Israel divestment

Vision Super will be asked to show cause for its decision to disinvest from two banks listed on the Tel Aviv Stock Exchange.

The AJN understands that the Australian Prudential Regulation Authority (APRA) is investigating whether the industry superannuation fund has acted for its members, as it is bound to do under Prudential Standard SPS 530.

The standard obliges a Registrable Superannuation Entity (RSE) licensee “to act in the best financial interests of beneficiaries”.

The Australian reported in late October that Vision Super CEO Stephen Rowe announced during a meeting with Australian Services Union representatives that the fund has offloaded its interests in Leumi and Hapoalim.

The union has been vocal in its criticism of Israel during the war in Gaza and supports the anti-Israel Boycotts, Divestment and Sanctions (BDS) movement.