NOFF teams with Sustainable Investment Exchange (SIX) to target Coles, Woolies on Maugean skate

08/02/2024

NOFF is pleased to be part of the Sustainable Investment Exchange (SIX) national campaign to drive change to the salmon supply chain of major supermarkets to protect and ensure the future of the threatened Maugean skate in Tasmania's Macquarie Harbour.

Reaching out to shareholders helps further NOFF's mainland campaign alerting Australian consumers to the impact of industrial salmon on the island's waterways and marine life.

  • More information: Peter George: 0426 150 369 president@noff.au

Please see the following Media Release from SIX:

SIX Launches Australia's First Share Trading Platform to Combine Activism with Investing - For Immediate Release

SYDNEY, AUSTRALIA – 6 February 2024 – Today, the Sustainable Investment Exchange, SIX, introduces the first share trading platform to combine activism with investing. In an effort to give Australians a voice on sustainability at some of Australia's biggest companies, shareholders can sign on to campaigns at Coles, Woodside, Woolworths, and Santos to collectively join SIX's engagement efforts, and propose resolutions at annual general meetings.

"All shareholders and stakeholders should have the ability to hold companies accountable, not just billionaires and big institutions," said SIX Co-founder Adam Verwey. "The SIX platform is breaking down the barriers that have locked out individual investors, NGOs and ethical investment funds from using shareholder activism."

Australia's resolution requirements are some of the world's most stringent, requiring 5% of shares or 100 shareholders to file. At $1.54T, Australia's responsible investment sector is a powerful block, but the effort required to gather shareholder support and file resolutions is out of reach for most investors. Verwey shared: "In the last two years alone, only 10 Australian companies received a shareholder resolution on social and environmental issues, compared to 300 resolutions in 2023 alone in the US. We want to double the number of companies that Australians bring ESG resolutions to in 2024."

SIX is working in collaboration with The Reichstein Foundation, Ethinvest, Ethical Investment Advisers and leading NGOs Ekō, Environment Tasmania, Bob Brown Foundation, Neighbours of Fish Farming, and Living Oceans Society on the campaign to change the Woolworths and Coles salmon supply chain to save the Maugean skate from extinction. On its first two campaigns SIX is collaborating with groups whose supporter base together represent over 2 million potential shareholders.

"We are thrilled to join SIX to pressure Australian companies to do what we know they should do as responsible businesses," Ethinvest Managing Director Trevor Thomas said. "Our clients have a real appetite for even greater participation in shareholder activism campaigns"
"Australian trusts and foundations are uniquely well-placed to contribute to high impact shareholder advocacy," said Reichstein Foundation CEO Rachel Ball. "With over $50 billion in investable assets, we should be using our influence as investors to push for meaningful corporate accountability and better social and environmental performance," Ball added.
"Overseas, Ekō has used the power of shareholder activism to get Apple to commit to a human rights policy and Google to drop a censored search engine," said Ekō Campaigner Anisha Humphreys. "Now, we want to see Australia's biggest supermarkets to clean up their salmon supply. Over 56,000 people have already signed up to our petition and ready to take further action."

About SIX

SIX is Sustainable Investment Exchange, the platform that combines activism with investing. SIX is co-founded by Adam Verwey and Sophie Hall. Verwey has built a career combining social movements and capital to create systems change on climate and inequality; he previously was the co-founder of Future Super and former director of shareholder advocacy group ACCR. Hall is an experienced product designer and startup adviser, previously the Product Lead at ASX-listed Whispir, and is driven by a passion for developing impactful products and championing wellbeing-focused innovations in the tech industry.

Available for comment

  • SIX Co-founder and CEO Adam Verwey: 0400 290 762, adam@six-invest.com.au