Jewish group slams bid to pull investments from $124bn UniSuper fund over Gaza

UniSuper’s board has been urged to ignore a university-based campaign to divest from and not invest in Israeli companies connected to the war effort.

Executive Council of Australian Jewry co-CEOs Peter Wertheim, left, and Alex Ryvchin. Picture: John Feder

UniSuper’s board has been urged to ignore a campaign by some university staff to divest from and not invest in Israeli companies connected to the war effort.

Australian University Staff in Support of Palestine is campaigning globally to prevent investment in the Israel private sector, claiming it is unethical for the superannuation fund to be invested in any companies that provide products or services that contribute to the Middle East violence.

The Executive Council of Australian Jewry has slammed the campaign, arguing that it is built on a series of falsehoods including death rates and genocide.

The ECAJ said UniSuper should not be involving itself in the war and should not be swayed by misinformation. “While the loss of civilian lives and the scale of human suffering on both sides of the conflict has indeed been appalling, Gazan casualties are the direct result of Hamas targeting Israeli civilians while shielding themselves behind and under Gazan civilians and civilian infrastructure,’’ it says in a letter dated May 15.

“Quite apart from the false legal and other claims levelled at Israel, there is the matter of principle that UniSuper should not involve itself in a long-running and complex international conflict between two peoples.

“The importation into Australia of the hatreds and rancour of international conflicts is proving divisive and harmful to social cohesion and community safety.

“As was recently observed by Australia’s Prime Minister, Anthony Albanese, this has resulted in the ‘worst social disharmony I have ever seen’. UniSuper should have no part of this.”

The AUSSP campaign has been promoted around the world and is visible on Australian campuses. UniSuper has about $124bn of total assets under management and nearly 650,000 members, making it one of the nation’s ­largest.

It merged in 2022 with Australian Catholic Superannuation.

A UniSuper spokesman said the fund was bound by its obligations. “UniSuper has a legal duty to act in our members’ best financial interests. As the custodians of our members’ life savings, we take this duty extremely seriously,’’ he said.   “Our approach to environmental, social and governance is risk-based and material ESG ­factors are considered across asset classes during the investment process.”  

It is believed the fund has a low exposure to Israel and that it offers investment options for members that have no exposure to Israel.

The ECAJ letter was signed by its president, Daniel Aghion, and co-chief executives Peter Wert­heim and Alex Ryvchin.

“We have already seen several universities in Australia become ideological battlegrounds at which proscribed terrorist organisations’ flags are waved and violent and disruptive chants can be heard calling for the elimination of Israel and attempting to ostracise ‘Zionists’,’’ the ECAJ letter says.

“We submit that Jewish and Israeli academics must not be further marginalised due to an ill-conceived divestiture campaign that adds unnecessary and discriminatory layers on to how their super funds are invested, when UniSuper already has robust policies in place to ensure responsible investment.

“Avoiding becoming embroiled in the conflict would also be in accordance with the sentiment of the Australian public.

“Polling has repeatedly shown that a clear majority of Australians want Australia – and, by extension, Australian organisations – to avoid taking an active and partial role in the war between Israel and Hamas.”