SIX launches share platform for investors, activistsBY RACHEL ALEMBAKIS | THURSDAY, 8 FEB 2024 4:24PM
Read more: Future Super, Coles, Sustainable Investment Exchange, Woolworths, Adam Verwey, Bob Brown Foundation, Ekō, Environment Tasmania, Ethical Investment Advisers, Ethinvest, Oceans Society, Reichstein Foundation, Santos, Sophie Hall, Woodside
A former co-founder of Future Super has launched Sustainable Investment Exchange (SIX), a share trading platform that combines activism and investing.
SIX is co-founded by Adam Verwey, a former co-founder of Future Super, and Sophie Hall, an experienced product designer and startup adviser who was previously the product lead at ASX-listed Whispir
"What we're offering is the ability for anyone to join a shareholder activism campaign to Australia's listed companies," Verwey said. "We are currently running two campaigns on the platform - one on the forthcoming vote on the chairs of Santos and Woodside, and the other towards Woolworths and Coles to get them to stop sourcing their salmon from Macquarie Harbour, which is currently leading to the imminent extinction of the Maugean Skate."
SIX is working in collaboration with The Reichstein Foundation, Bob Brown Foundation, Ethinvest, Ethical Investment Advisers and NGOs Ekō, Environment Tasmania, 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.
"The importance in what we're building is that it allows people to play to their strength," Verwey said. "NGOs have an appetite for running shareholder advocacy campaigns, they just haven't had the resources to run them.
"In the last two years alone, only 10 Australian companies received a shareholder resolution on social and environmental issues, compared to 340 resolutions in 2023 alone in the US," Verwey said. "We want to double the number of companies that Australians bring ESG resolutions to in 2024."
SIX will go live in share trading in March with a beta mode, Verwey said. There will be a minimum trade size of $500 and minimum trade cost of $9.90 and Verwey said trade costs are "in the middle" for industry standards.