Vision Super boss tells unionists dumping Israeli bank all about ‘genocide’ and ‘apartheid’

Vision Super chief Stephen Rowe was less than forthcoming answering Margin Call’s questions. Picture: Luis Enrique Ascui

Very well, so that’s two – two industry super funds divesting from Israeli banks and bonds.

We wrote about the first one, Hesta (back in September, keep up) and in its case the decision had absolutely nothing to do with the war. Not officially.

Although obviously it did and everyone knew it. The guy selling you a falafel knew it. But Hesta said it didn’t, so that’s what we published.

But Vision Super? Its divestment happened this week without any such pretence. It didn’t even try to dress this up as prudent financial management or heightened risk mitigation or whatever tedious description one of the cardigans in compliance ginned up inside a windowless room.

This was all about the “genocide”. The “apartheid” – or so its chief executive, Stephen Rowe, told a gathering of union officials at Victorian Trades Hall.

And not just any officials, but those with the Australian Services Union – an association that has very loudly called for boycotts of Israel and encouraged its base to support the Australian Palestinian Advocacy Network.

Australia Palestine Advocacy Network president Nasser Mashni. Picture: Tony Gough

You know APAN? The group whose leader once locked a kid in the boot of a car and threatened to break his legs. Yes, Nasser Mashni. But that’s all ancient history now, as he likes to say. Happened a long time ago. Convicted, sure, given a jail term, yes (suspended on appeal) but no, he’s a changed man. Straightened out. Doesn’t even try to kidnap people anymore.

So Rowe, of Vision Super, was perfectly happy to stand up and disown Israel before this particular crowd of chant-monkeys who do their marches and sit-ins on Collins Street every weekend, but on Friday, when we rang? Silence. Tumbleweeds.

He ducked our questions entirely and the company ignored our emails.

The only person who answered the phone – as though Vision Super was being run out of a garden shed – was the deputy chair, Graham Sherry, who confirmed the decision before hastily hanging up. Busy man, apparently. Well of course he is: he moonlights as the president of a netball club.

But where’s the transparency? No website announcement from Vision Super. No letter to the fund’s 165,000 members explaining this sudden ethical pivot.
They’ll learn of this spineless capitulation to a faction of sweaty, blue-haired unionists – fringe enough to be sneered at by even their broader ASU membership – only by reading about it here. In this column. The one you’re reading now. Hello.

Vision Super deputy chair Graham Sherry.

Are we surprised? We are not surprised. The ASU and Vision Super have been in bed together, entangled, limbs everywhere, since the fund started managing retirement dollars for water bureaucrats in the 1940s. The union nominates directors to the board. It funnels members into the fund’s ASU-branded products. They have sponsorship deals, partnerships, awards with framed certificates and cash prizes. It’s cosy.

So, you’d imagine with all this noise and moral posturing that the divestment would be massive. We’re talking $29bn in funds under management. But actually, as of June, Vision Super held stakes in just two Israeli banks – Leumi and Hapoalim – totalling barely $8m.

We’d call that a rounding error, except on $29bn a rounding error would amount to tens of millions. So it’s really just pocket lint.

And it’s also pure theatre – foot stamping to appease the “Gaza, Gaza, make us proud” crowd.

The kicker is that Leumi and Hapoalim have trebled their share price over the past five years. So, who’s getting screwed here? We’ve got 165,000 clues, if you need them.

But, as always, it’s never really about Gaza, is it? It’s certainly not about Gaza for Vision Super, or the union, because if it were about a human catastrophe then someone might just occasionally mention Hamas. Say literally anything about Hamas. One word about this uniquely despicable terrorist group that’s been executing Gazans openly in the streets.

That’s blocking reconstruction of the territory by refusing to surrender weapons and bugger off to Sudan or Qatar or wherever despots go to put up their feet these days. That would happily slit the throats of the Palestinian opposition in the West Bank, who despise them as much as the Israelis do.

Because Hamas isn’t fighting for the Palestinian kid in the street. For Hamas, the fight is for an Islamic conquest of Jerusalem. It’s not about nationalism, but Holy War.

Everyone in the Arab world knows it – from Ramallah to Riyadh. From Cairo to Abu Dhabi.

But a handful of clowns droning outside of Trades Hall? Well, they certainly know better.