INDUSTRY super fund, Vision Super, today announced they will be divesting from tobacco, thermal coal and tar sands producers, in addition to their existing controversial weapons exclusion.

Chief executive officer Stephen Rowe said the fund has a decision-making framework and the board applied it after seeking the views of members.

“As a values-based fund, environmental, social and governance factors are important to us when we decide how to invest,” Mr Rowe said.

“Our ESG decision-making framework looks first to reduce harm through active ownership of shares, and the Board will only decide to divest if the evidence is clear that the harm of a particular product cannot be reduced.

“We also take into account the views of our members, through member forums, feedback and surveys.

“We already had considerably lower carbon intensity than the index across our portfolio, because we don’t believe markets are pricing in carbon risk appropriately – which could put members’ money at risk.

“But thermal coal and tar sands are two of the biggest contributors to climate change, and we don’t believe the risk of continuing to use them can be mitigated. Report after report tells us that if we don’t act now to keep temperature increases contained, future generations will suffer. So the board made the decision to exclude these.

“We also looked at tobacco through the same lens, and concluded that it’s not possible to minimise the harm of a product that kills its users, and the people around them. So the decision was made to exclude tobacco too.”

Vision Super is working on a strategy for prudently selling excluded stocks out of the portfolio.

The materiality threshold for divestment has been set at 25 percent of revenues, with a buffer of +-5 percent.

https://www.visionsuper.com.au/

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ROUND four of the Queensland Government's Small Business Entrepreneur Grants Program is now open for applications, closing December 13, 2018.

The program helps new small businesses get off to a better start with access to planning, coaching and training.

Grants of up to $5,000, matched by participants, are available to help small businesses engage a consultant, advisor or business coach for up to three months, and businesses can choose their own consultant or advisor to work with.

https://www.business.qld.gov.au/starting-business/advice-support/grants/entrepreneur-grants

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MULTIPLEX has won the  award for the construction of Perth's Optus Stadium at the National Excellence in Building and Construction Awards on the weekend. 

The Awards recognise the project as the best in the country for 2018. 

“Multiplex had to beat fierce competition from other outstanding construction contractors and projects from the around the country to be recognised with this prestigious Award,” Denita Wawn, CEO of Master Builders Australia said. 

The leading builder and the landmark project also won the National Commercial/Industrial Construction over $100 million Award and the National Entertainment/Recreation Facility Award before taking out the top award at the Master Builders National Excellence in Building and Construction Awards at the Convention Centre in Adelaide over the weekend. 

“Multiplex’s work on Optus Stadium has resulted in a landmark project for the Perth and West Australian community,” Ms Wawn said. 

“The project was a mammoth undertaking and the result has exceeded the clients’ expectations,” she said.  

“With a vision of a stadium within a park, the scope of work on the project also consisted of hard and soft landscaping over an area of 41 hectares, including the design and construction of the Chevron Parkland and BHP Boardwalk and Amphitheatre to activate the area on both event and non-event days." 

John Gelavis, executive director of Master Builders Western Australia said, “The construction of Optus Stadium, a 60,000 seat multi-purpose venue, delivers an unrivalled stadium experience for Western Australia along with the surrounding Stadium Park.

“Designed with a fans first philosophy, it offers year-round community facilities including parklands, nature play areas, restaurants, an amphitheatre as well as a pedestrian and cyclist network,” Mr Gelavis said. 

www.masterbuilders.com.au

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THE ACCC will not oppose the proposed acquisition of Austrak by Vossloh Australia.Vossloh and Austrak are suppliers of rail track components.

Vossloh supplies rail fastening components and switch systems including turnouts, while Austrak supplies concrete sleepers and bearers.

“There is no horizontal overlap between the products manufactured and supplied by Vossloh and Austrak in Australia. There are vertical links, however, and this is what the ACCC’s investigation focussed on,” ACCC Commissioner Roger Featherston said.

The concrete sleepers that Austrak manufactures and supplies are manufactured to fit specific fastening systems, potentially including those manufactured by Vossloh. In addition, Austrak supplies concrete bearers to turnout manufacturers such as Vossloh for use in the production of turnouts. 

“The ACCC considered whether the proposed acquisition could enable the combined Vossloh-Austrak to lessen competition in either turnouts or fastenings by foreclosing its rivals,” Mr Featherston said.

The ACCC’s inquiries indicate there are alternative manufacturers of sleepers and bearers in Australia and some imports.

“After speaking with a range of industry participants, we consider that existing manufacturers of sleepers and bearers could expand their offerings, including by increasing production or expanding their geographic presence,” Mr Featherston said.

In relation to fastening components, industry participants also indicated that there was a very strong competing supplier, whose products are approved for use in most rail tracks, and is likely to continue to constrain Vossloh post acquisition.The ACCC also considered concerns raised about the possible disclosure of confidential turnout and fastening information to the combined Vossloh-Austrak, but did not consider that it would cause a substantial lessening of competition.

Austrak is a wholly owned subsidiary of Laing O’Rourke, and is the largest concrete sleeper manufacturer and supplier to the rail industry in Australia.Sleepers are rectangular supports that support the rails and uniformly transfer and distribute loads to the underlying ballast.Fastening components are used to connect rails to railway sleepers. \

Turnouts enable trains to move from one track to another. Bearers are similar to sleepers, but lie underneath turnouts instead of straight track and are specifically designed for each turnout.Austrak has concrete sleeper manufacturing facilities in four states (Qld, NSW, WA, Vic).

Vossloh is a subsidiary of Vossloh AG, a German rail technology company which manufactures and supplies rail infrastructure. In Australia, Vossloh supplies rail fastenings and switch systems, including turnouts which enable trains to move from one track to another. 

Vossloh does not manufacture or supply sleepers in Australia. It supplies fastenings in Australia for use with slab track and does not currently supply fastenings for use in ballasted track, although it has the ability to do so.

More information is available at Vossloh Australia Pty Ltd - proposed acquisition of Austrak Pty Ltd.

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