A leading industry superannuation fund that sells itself as an ethical and “green” brand watered down its environmental investment commitments last year before buying up more than $2.2 million worth of stocks in coal mining giant Whitehaven.

Vision Super’s investment update removed a ban on companies deriving more than 25 per cent of their revenue from thermal coal – which prompted its original divestment from Whitehaven in 2021 – and instead only promised it “may” exclude such holdings.