Footnotes

Chapter 1 - Introduction

[1]        Senate Selection of Bills Committee, Report No. 7 of 2012, Appendix 1, 21 June 2012.

[2]        Explanatory Memorandum, p. 2.

[3]        Explanatory Memorandum, p. 4.

[4]        Explanatory Memorandum, p. 4.

[5]        Explanatory Memorandum, p. 5.

[6]        Sovereign Wealth Fund Institute, Sovereign Wealth Fund Rankings, http://www.swfinstitute.org/fund-rankings/, (accessed 28 June 2012).

[7]        Wikipedia, List of countries by sovereign wealth funds, http://en.wikipedia.org/wiki/List_of_countries_by_sovereign_wealth_funds, (accessed 28 June 2012).

[8]        Sovereign Wealth Fund Institute, http://www.swfinstitute.org/what-is-a-swf/, (accessed 28 June 2012).

[9]        International Working Group of Sovereign Wealth Funds, http://www.iwg-swf.org/, (accessed 28 June 2012).

[10]      JD Cronin, From Ethical Investment to Investment Ethics – Towards a normative theory of investment ethics, A thesis submitted to fulfil the requirements for the award of a Doctorate of Philosophy, Queensland University of Technology, 2004, pp 80–84.

[11]      ACT Legislative Assembly Standing Committee on Public Accounts, Inquiry into the exposure draft of the Financial Management (Ethical Investment) Legislation Amendment Bill 2010, December 2011, pp 11–24.

[12]      RIAA, What is Responsible Investment? http://www.responsibleinvestment.org/what-is-responsible-investment/responsible-investment-defined/, (accessed 24 July 2012).

[13]      RIAA, Responsible Investment Annual 2011, A benchmark report on Responsible Investment in Australia and New Zealand, November 2011, p. 8.

[14]      European Sustainable Investment Forum (EUROSIF), European SRI Study, revision edition 2010, p. 8.

[15]      ACT Government, Submission to the ACT Legislative Assembly Standing Committee on Public Accounts, inquiry into the exposure draft of the Financial Management (Ethical Investment) Legislation Amendment Bill 2010, p. 12.

[16]      Principles for Responsible Investment, Annual Report 2012, p. 24 and see 'About the PRI Initiative' in front matter.

[17]      CAER, Submission to the ACT Legislative Assembly Standing Committee on Public Accounts, inquiry into the exposure draft of the Financial Management (Ethical Investment) Legislation Amendment Bill 2010, p. 1.

[18]      Principles for Responsible Investment, Annual Report 2012, p. 4.

[19]      Cross matching of the list investment managers appointed by the Future Fund Board of Guardians, 4 June 2012, http://www.futurefund.gov.au/investment/investment_managers (accessed 4 July 2012) and the Signatories to the Principles for Responsible Investment, http://www.unpri.org/signatories/index.php?country=Australia, (accessed 4 July 2012).

[20]      Sovereign Wealth Fund Institute, http://www.swfinstitute.org/statistics-research/linaburg-maduell-transparency-index/, (accessed 13 August 2012).

[21]      European Sustainable Investment Forum (EUROSIF), European SRI Study, revision edition 2010, p. 19.

[22]      European Sustainable Investment Forum (EUROSIF), European SRI Study, revision edition 2010, p. 42.

[23]      ACT Legislative Assembly Standing Committee on Public Accounts, Inquiry into the exposure draft of the Financial Management (Ethical Investment) Legislation Amendment Bill 2010, December 2011, p. 37.

[24]      Department of Finance and Deregulation, Submission 8, pp 4–5.

[25]      Department of Finance and Deregulation, Submission 8, p. 4.

[26]      Responsible Investment Association Australasia, Responsible Investment Annual 2011, A benchmark report on Responsible Investment in Australia and New Zealand, November 2011, p. 12, 14.

[27]      Paul U Ali and Martin Gold, Stellar Capital and The University of Melbourne Centre for Corporate Law and Securities Regulation, An appraisal of socially responsible investments and implications for trustees and other investment fiduciaries, June 2002, p. 2.

[28]      Joint Standing Committee on Treaties, Report No 103: Treaties tabled on 12 March and 13 May 2009, 18 August 2009, p. 27.

[29]      Explanatory Memorandum, Criminal Code Amendment (Cluster Munitions Prohibition) Bill 2010, p. 2.

[30]      Senate Foreign Affairs, Defence and Trade Legislation Committee, Criminal Code Amendment (Cluster Munitions Prohibition) Bill 2010 [Provisions], March 2011, Chapter 6.

[31]      Senate Foreign Affairs, Defence and Trade Legislation Committee, Criminal Code Amendment (Cluster Munitions Prohibition) Bill 2010 [Provisions], March 2011, p. 60.

[32]      Mr David Neal, Acting General Manager and Chief Investment Officer, Future Fund, Estimates Hansard, 26 May 2011, pp F&PA 24–26.

[33]      IKVPAX CGRRISTI & FAIRFIN, Worldwide investment in cluster munitions a shared responsibility, June 2012 Update, pp 23–24.

[34]      Future Fund, Publicly available information released after an FOI disclosure, The ICANW sought documents on the Future Fund's equity holdings in certain companies, 13 May 2011, http://www.futurefund.gov.au/__data/assets/pdf_file/0018/4581/FOI_Disclosure_Log_doc_A174749_.pdf, (accessed 5 July 2012).

[35]      Senate Hansard, 8 May 2012, Question on Notice 1516, pp 2781–82.

[36]      Additional Estimates 2011–12, Future Fund, Answer to Question on Notice, No. F65.

[37]      Mr Mark Burgess, Managing Director, Future Fund management Agency, Estimates Hansard, 23 May 2012, p. F&PA 47.

[38]      Future Fund, Publicly available information released after an FOI disclosure, Bloomberg News requested documents on the Future Fund's equity holdings in casino and gambling companies, 8 July 2011, http://www.futurefund.gov.au/__data/assets/pdf_file/0018/4581/FOI_Disclosure_Log_doc_A174749_.pdf, (accessed 5 July 2012).

Chapter 2 - Issues

[1]        Explanatory Memorandum, p. 2.

[2]        ACT Legislative Assembly Standing Committee on Public Accounts, Inquiry into the exposure draft of the Financial Management (Ethical Investment) Legislation Amendment Bill 2010, February 2011, p. 8.

[3]        Mr Tomohiro Matsuoka, Submission 4, p. 1.

[4]        Oxfam, Submission 10, p. 5.

[5]        Responsible Investment Association of Australasia, Submission 11, p. 2.

[6]        Responsible Investment Association of Australasia, Submission 11, p. 4.

[7]        Department of Finance and Deregulation, Submission 8, pp 3–4.

[8]        Department of Finance and Deregulation, Submission 8, p. 9.

[9]        Responsible Investment Association of Australasia, Submission 11, p. 3.

[10]      Oxfam, Submission 10, p. 14.

[11]      Department of Finance and Deregulation, Submission 8, p. 3.

[12]      Future Fund, Submission 12, p. 6.

[13]      Ethical Investor, Future Fund makes key ESG, Governance appointment, 8 July 2009, http://www.ethicalinvestor.com.au/index.php?option=com_content&task=view&id=3121&Itemid=402, (accessed 5 July 2012); see also Mr Mark Burgess, Managing Director, Future Fund Management Agency, Committee Hansard, 8 August 2012, p. 25.

[14]      Mr Mark Burgess, Managing Director, Future Fund Management Agency, Committee Hansard, 8 August 2012, p. 34; see also Department of Finance and Deregulation, Submission 8, p. 6.

[15]      Future Fund, Submission 12, p. 10.

[16]      Department of Finance and Deregulation, Submission 8, p. 6.

[17]      Mr Mark Burgess, General Manager, Future Fund Management Agency, Estimates Hansard, 14 February 2012, p. F&PA 77.

[18]      Mr Gordon Hagart, Head of ESG Management Risk, Future Fund Management Agency, Committee Hansard, 8 August 2012, pp 32–33.

[19]      Mr Duncan Paterson, Chair, Responsible Investment Association Australasia, Committee Hansard, 8 August 2012, p. 22.

[20]      Senate Scrutiny of Bills Committee, Second report for 2012, 29 February 2012, p. 82.

[21]      Senate Scrutiny of Bills Committee, Second report for 2012, 29 February 2012, p. 83.

[22]      Mr Alan Greenslade, First Assistant Secretary, Funds and Superannuation Division, Department of Finance and Deregulation, Committee Hansard, 8 August 2012, p. 27.

[23]      Mr Alan Greenslade, First Assistant Secretary, Funds and Superannuation Division, Department of Finance and Deregulation, Committee Hansard, 8 August 2012, p. 27.

[24]      Department of Finance and Deregulation, Submission 8, p. 10.

[25]      Mr Mark Burgess, Managing Director, Future Fund Management Agency, Committee Hansard, 8 August 2012, p. 35.

[26]      Department of Finance and Deregulation, Submission 8, p. 3.

[27]      Mr Alan Greenslade, First Assistant Secretary, Funds and Superannuation Division,  Department of Finance and Deregulation, Committee Hansard, 8 August 2012, pp 26–27; see also Mr Alan Greenslade, First Assistant Secretary, Funds and Superannuation Division, Department of Finance and Deregulation, Committee Hansard, 8 August 2012, p. 30.

[28]      Department of Finance and Deregulation, Submission 8, p. 7.

[29]      Future Fund, Submission 12, p. 8.

[30]      Future Fund, Submission 12, pp 7–8.

[31]      Future Fund, Submission 12, p. 10.

[32]      Mr Mark Burgess, Managing Director, Future Fund Management Agency, Committee Hansard, 8 August 2012, p. 32.

[33]      Mr Mark Burgess, Managing Director, Future Fund Management Agency, Committee Hansard, 8 August 2012, p. 34.

[34]      Mr Mark Burgess, Managing Director, Future Fund Management Agency, Committee Hansard, 8 August 2012, p. 35.

[35]      Department of Finance and Deregulation, Submission 8, p. 9.

[36]      Department of Finance and Deregulation, Submission 8, p. 9.

[37]      Future Fund, Submission 12, p. 10.

[38]      Department of Finance and Deregulation, Submission 8, p. 9.

[39]      Mr Duncan Paterson, Chair, Responsible Investment Association Australasia, Committee Hansard, 8 August 2012, pp 21–22.

[40]      Mr Duncan Paterson, Chair, Responsible Investment Association Australasia, Committee Hansard, 8 August 2012, p. 21.

[41]      Mr James Ensor, Policy Director, Oxfam Australia, Committee Hansard, 8 August 2012, p. 1.

[42]      Future Fund, main webpage, http://www.futurefund.gov.au/ (accessed 23 July 2012).

[43]      Future Fund, publicly available information released after an FOI disclosure, The ICANW sought documents on the Future Fund's equity holdings in certain companies, 13 May 2011, http://www.futurefund.gov.au/__data/assets/pdf_file/0018/4581/FOI_Disclosure_Log_doc_A174749_.pdf, (accessed 5 July 2012).

[44]      Additional Estimates 2011–12, Future Fund, Answer to Question on Notice, No. F65.

[45]      Government Investment Funds Amendment (Ethical Investments) Bill 2011, paragraph 20A(2)(b).

[46]      Mr Duncan Paterson, Chair, Responsible Investment Association Australasia, Committee Hansard, 8 August 2012, p. 21.

[47]      Department of Finance and Deregulation, Submission 8, p. 8.

[48]      Future Fund, Submission 12, p. 10.

[49]      Department of Finance and Deregulation, Submission 8, pp 8–9.

[50]      Australian Lung Foundation, Submission 7, Attachment 1, p. 1; Australian Council on Smoking and Health, Submission 1, p. 2; The Royal Australasian College of Physicians, Submission 9, p. 3.

[51]      Quit Victoria, Submission 2, p. 1; Action on Smoking and Health Australia, Submission 3, p. 1; Health Foundation, Submission 5, p. 2; see also The Royal Australasian College of Physicians, Submission 9, p. 1, 3.

[52]      International Campaign to Abolish Nuclear Weapons (Australia), Submission 6, p. 2.

[53]      Oxfam, Submission 10, p. 12.

[54]      Future Fund, Submission 12, pp 11–12; Department of Finance and Deregulation, Submission 8, pp 4–5.

[55]      Future Fund, Submission 12, p. 11.

[56]      Department of Finance and Deregulation, Submission 8, p. 5; see also Mr Mark Burgess, Managing Director, Future Fund Management Agency, Committee Hansard, 8 August 2012, p. 29.

[57]      Mr Mark Burgess, Managing Director, Future Fund Management Agency, Committee Hansard, 8 August 2012, p. 35.

[58]      ACT Government, Submission to the ACT Legislative Assembly Standing Committee on Public Accounts, Inquiry into the exposure draft of the Financial Management (Ethical Investment) Legislation Amendment Bill 2010, p. 23.

[59]      ACT Legislative Assembly, Minutes of Proceedings No. 76, Wednesday 22 September 2010, pp 891–892.

[60]      ACT Government, Submission to the ACT Legislative Assembly Standing Committee on Public Accounts, Inquiry into the exposure draft of the Financial Management (Ethical Investment) Legislation Amendment Bill 2010, p. 27.

[61]      ACT Legislative Assembly, Standing Committee on Public Accounts, Inquiry into the exposure draft of the Financial Management (Ethical Investment) Legislation Amendment Bill 2010, December 2011, p. 9.

[62]      Explanatory statement, ACT Financial Management (Investment) Legislation Amendments Bill 2012, p. 2.

Dissenting Report - Australian Greens

[1]        Explanatory Memorandum, p. 1.

[2]        Explanatory Memorandum, p. 1.

[3]        Australian Council on Smoking and Health, Submission 1, p. 1; Action on Smoking and Health Australia, Submission 3, p. 1.

[4]        Australian Council on Smoking and Health, Submission 1, p. 1.

[5]        National Heart Foundation, Submission 5, p. 1; Australian Lung Foundation, Submission 7, p. 1.

[6]        Australian Council on Smoking and Health, Submission 1, p. 1.

[7]        Action on Smoking and Health Australia, Submission 3, p. 1.

[8]        Australian Lung Foundation, Submission 7, pp 1–2.

[9]        Quit Victoria, Submission 2, p. 1.

[10]      Royal Australasian College of Physicians, Submission 9, p. 1.

[11]      Royal Australasian College of Physicians, Submission 9, p. 2.

[12]      Quit Victoria, Submission 2, p. 1; Action on Smoking and Health Australia, Submission 3, p. 1; National Heart Foundation, Submission 5, p. 2.

[13]      World Health Organisation, Framework Convention on Tobacco Control, 2005, p. 7.

[14]      World Health Organisation, Guidelines for the implementation of Article 5.3 of the WHO Framework Convention on Tobacco Control, decision FCTC/COP3(7), November 2008,  p. 8.

[15]      Heart Foundation, Submission 5, p. 2.

[16]      Royal Australasian College of Physicians, Submission 9, p. 2.

[17]      Ms Anne Jones OAM, CEO, Action on Smoking and Health Australia, Committee Hansard, 8 August 2012, p. 10.

[18]      Department of Health and Ageing, Submission 13, p. 1.

[19]      International Campaign to Abolish Nuclear Weapons Australia, Submission 6, p. 8.

[20]      International Campaign to Abolish Nuclear Weapons Australia, Submission 6, p. 8.

[21]      International Campaign to Abolish Nuclear Weapons Australia, Submission 6, p. 1.

[22]      International Campaign to Abolish Nuclear Weapons Australia, Submission 6, p. 7.

[23]      Oxfam, Submission 10, p. 10.

[24]      Associate Professor Tilman Ruff, Chair, Management Committee, ICAN Australia, Committee Hansard, 8 August 2012, p. 2.

[25]      Department of Finance and Deregulation, Submission 8, p. 3.

[26]      Mr Mark Burgess, Future Fund Management Agency, Committee Hansard, 8 August 2012, pp 29–31.

[27]      National Heart Foundation, Submission 5, p. 2.

[28]      Royal Australasian College of Physicians, Submission 9, p. 1.

[29]      Responsible Investment Association Australasia, Submission 11, p. 1.

[30]      Responsible Investment Association Australasia, Submission 11, pp 2–3.

[31]      Mr James Ensor, Policy Director, Oxfam, Committee Hansard, 8 August 2012, p. 1.

[32]      Future Fund, Submission 12, pp 11–12; Department of Finance and Deregulation, Submission 8, pp 4–5.

[33]      European Sustainable Investment Forum, European SRI Study, revision edition 2010, p. 16.

[34]      European Sustainable Investment Forum, European SRI Study, revision edition 2010, p. 19.

[35]      European Sustainable Investment Forum, European SRI Study, revision edition 2010, p. 42.

[36]      European Sustainable Investment Forum, European SRI Study, revision edition 2010, p. 14.

[37]      Human Rights Watch, Promoting the Prohibitions, The Need for Strong Interpretations of the Convention on Cluster Munitions, November 2010, p. 10. http://www.hrw.org/en/news/2010/11/06/promoting-prohibitions (accessed 6 July 2012).

[38]      European Sustainable Investment Forum, European SRI Study, revision edition 2010, p. 25.

[39]      European Sustainable Investment Forum, European SRI Study, revision edition 2010, p. 14.

[40]      University of Technology Sydney, Institute of Sustainable Futures, Mainstreaming Socially Responsible Investment (SRI): A role for Government, November 2005, p. 2.

[41]      Human Rights Watch, Promoting the Prohibitions, The Need for Strong Interpretations of the Convention on Cluster Munitions, November 2010, p. 10. http://www.hrw.org/en/news/2010/11/06/promoting-prohibitions (accessed 6 July 2012).

[42]      European Sustainable Investment Forum, European SRI Study, revision edition 2010, p. 32.

[43]      European Sustainable Investment Forum, European SRI Study, revision edition 2010, p. 49.

[44]      ACT Legislative Assembly Standing Committee on Public Accounts, Inquiry into the exposure draft of the Financial management (Ethical Investment) Legislation Amendment Bill 2010, December 2011, p. 37.

[45]      Human Rights Watch, Promoting the Prohibitions, The Need for Strong Interpretations of the Convention on Cluster Munitions, November 2010, p. 10. http://www.hrw.org/en/news/2010/11/06/promoting-prohibitions (accessed 6 July 2012).

[46]      Human Rights Watch, Promoting the Prohibitions, The Need for Strong Interpretations of the Convention on Cluster Munitions, November 2010, p. 10. http://www.hrw.org/en/news/2010/11/06/promoting-prohibitions (accessed 6 July 2012).

[47]      Foreign and Commonwealth Office, The financing of Cluster Munitions Production, Written Ministerial Statement, 7 December 2009, http://www.stopexplosiveinvestments.org/uploads/pdf/UK%20Ministerial%20statement.pdf, (accessed 6 July 2012).

[48]      IKVPAX CGRRISTI & FAIRFIN, Worldwide investment in cluster munitions a shared responsibility, June 2012 Update, pp 23–24.

[49]      ACT Legislative Assembly Standing Committee on Public Accounts, Inquiry into the exposure draft of the Financial management (Ethical Investment) Legislation Amendment Bill 2010, December 2011, p. 37.

[50]      European Sustainable Investment Forum, European SRI Study, revision edition 2010, p. 14.

[51]      New Zealand Superannuation Fund, Exclusion decisions, http://www.nzsuperfund.co.nz/index.asp?pageID=2145883153, (accessed 3 July 2012).

[52]      New Zealand Superannuation Fund, Companies excluded from New Zealand Superannuation Fund as December 2011 http://www.nzsuperfund.co.nz/index.asp?pageID=2145883153, (accessed 3 July 2012).

[53]      New Zealand Superannuation Fund, Annual Report 2010-11, pp 36–44.

[54]      Mr Duncan Paterson, Chair, Responsible Investment Association Australasia, Committee Hansard, 8 August 2012, p. 21.

[55]      Mr James Ensor, Policy Director, Oxfam, Committee Hansard, 8 August 2012, p. 1.

[56]      Mr James Ensor, Policy Director, Oxfam, Committee Hansard, 8 August 2012, p. 3.

[57]      Responsible Investment Association Australasia, Submission 11, p. 2.

[58]      Action on Smoking and Health Australia, Submission 3, p. 2.

[59]      Mr Tomohiro Matsuoka, Committee Hansard, 8 August 2012, p. 15.

[60]      Future Fund, Answer to question on notice No. 3, received 27 July 2012.

[61]      Future Fund, Publicly available information released after an FOI disclosure, The ICANW sought documents on the Future Fund's equity holdings in certain companies, 13 May 2011, http://www.futurefund.gov.au/__data/assets/pdf_file/0018/4581/FOI_Disclosure_Log_doc_A174749_.pdf, (accessed 5 July 2012).

[62]      Future Fund, Answer to question on notice F65, Estimates Hansard, 14 February 2012.

[63]      Royal Australasian College of Physicians, Submission 9, p. 4.

[64]      Australian Lung Foundation, Submission 7, p. 2.

[65]      Paul U Ali and Martin Gold, Stellar Capital and The University of Melbourne Centre for Corporate Law and Securities Regulation , An appraisal of socially responsible investments and implications for trustees and other investment fiduciaries, June 2002, p. 2.

[66]      University of Technology Sydney, Institute of Sustainable Futures, Mainstreaming Socially Responsible Investment (SRI): A role for Government, November 2005, p. 2.

[67]      Senate Economics Legislation Committee, Provisions of the Future Fund Bill, p. 10.

[68]      Senate Economics Legislation Committee, Provisions of the Future Fund Bill, p. 10.

[69]      Mr Mark Burgess, Managing Director, Future Fund Management Agency, Committee Hansard, 8 August 2012, p. 29.

[70]      Mr Duncan Paterson, Chair, Responsible Investment Association Australasia, Committee Hansard, 8 August 2012, p. 22.

[71]      Mr Tomohiro Matsuoka, Committee Hansard, 8 August 2012, p. 16.

[72]      Mr Mark Burgess, Managing Director, Future Fund Management Agency, Committee Hansard, 8 August 2012, p. 28.

[73]      Ms Fiona Sharkie, Executive Director, Quit Victoria, Committee Hansard, 8 August 2012, p. 10.

[74]      Oxfam, Submission 10, p. 6.

[75]      Mr James Ensor, Policy Director, Oxfam, Committee Hansard, 8 August 2012, p. 1.

[76]      Ms Anne Jones OAM, CEO, Action on Smoking and Health Australia, Committee Hansard, 8 August 2012, p. 9.

[77]      Future Fund, Answers to questions on notice Nos 2 and 3, received 27 July 2012.

[78]      Associate Professor Tilman Ruff, Chair, Management Committee, ICAN Australia, Committee Hansard, 8 August 2012, p. 4.

[79]      Oxfam, Submission 10, p. 11.

[80]      Mr Tomohiro Matsuoka, Submission 4, p. 2.

[81]      Mr Tomohiro Matsuoka, Committee Hansard, 8 August 2012, p. 15.

[82]      Mr Tomohiro Matsuoka, Committee Hansard, 8 August 2012, p. 16.

[83]      Responsible Investment Association Australasia, Submission 11, p. 3.