A Human Rights-Based Approach to Superannuation

Abstract

This thesis argues that the superannuation industry should adopt a ‘human rights–based approach’ to superannuation to comply with domestic laws that embed human rights norms and standards, along with increasing pressure from the broader environmental, social and governance movement; investor organisations; civil society; and consumers. Additionally, the adoption of a human rights–based approach to superannuation would help to address increasing legal and regulatory risks.

The adoption of a human rights–based approach to superannuation by superannuation trustees is aligned with superannuation trustee fiduciary duties arising from common law, the Superannuation Industry (Supervision) Act 1993 (Cth) and the Corporations Act 2001 (Cth).

The United Nations Guiding Principles on Business and Human Rights provide an effective framework on which to implement this human rights–based approach to superannuation. This includes the design of policies, due diligence, reporting, grievance mechanisms and remediation for where human rights infringements have occurred.

However, as revealed through the examination of academic material, industry data and interviews with key informants, barriers need to be addressed to enable the universal adoption of a human rights–based approach to superannuation.