Vision Super, NYC pension funds challenge Whitehaven's coal expansion

Vision Super and the New York City Retirement Systems (NYCRS) are backing a shareholder resolution pushing the Whitehaven Coal board's decision to allocate capital to new and expanded coal mines.

Vision Super manages $32 billion in assets for Australians, whereas the New York City Retirement Systems (NYCRS) manages $460 billion for a group of five public pension systems.

Vision Super is the only Australian super fund that has disclosed its position ahead of Whitehaven Coal's AGM tomorrow.

The Market Forces resolution is calling on Whitehaven Coal to disclose how capital allocated to new and expanded coal mines would deliver increased returns for shareholders considering lower demand and coal price forecasts, and how that is aligned with achieving global climate goals.

Market Forces is also putting pressure on AustralianSuper, Australia's largest super fund, to challenge Whitehaven's coal expansion plans.

It's statement has been endorsed by 10 climate, environment and public policy organisations including Australian Conservation Foundation, The Australia Institute, GetUp and Climate Council.

AustralianSuper owns 11.8% of Whitehaven Coal shares, making it the company's largest shareholder.

Whitehaven Coal is progressing with plans to develop up to six new or expanded projects across NSW and Queensland, which includes three entirely new coal mines.