Prime Super Pty Ltd (Prime Super) has paid $18,780 to comply with an infringement notice issued by ASIC in which ASIC alleged that Prime Super as the Trustee of the Prime Super Superannuation Fund (Fund) made misleading statements about the Fund's investments.
Between 16 October 2023 and 11 June 2025, Prime Super publicly stated in its 2023 annual report that manufacturers of tobacco products were 'excluded entirely' from the Fund.
However, during the same period, the Fund indirectly invested in companies involved with tobacco manufacturing, including:
- Altria Group Inc
- British American Tobacco PLC
- Imperial Brands Finance PLC
- JT International Financial Services BV
- Philip Morris International Inc
- Reynolds American Inc.
ASIC Deputy Chair Sarah Court said, 'ASIC's greenwashing interventions are founded on enforcing well-established legal obligations that prohibit misleading and deceptive conduct. Fund managers need to make sure that they accurately represent the nature of both their direct and indirect investments to allow consumers to make an informed choice'.
Prime Super reported the incident to ASIC and no longer represents that it will entirely exclude investments in tobacco manufacturers.
Prime Super paid the infringement notice on 31 October 2025. Payment of an infringement notice is not an admission of guilt or liability.
The specific reasons for ASIC's concerns are set out in the infringement notice which has been published on the Credit and ASIC Act infringements notices register.
Background
ASIC has previously issued infringement notices to other licensees in response to concerns about alleged greenwashing including against Morningstar (23-324MR), Future Super (23-110MR) Diversa Trustees Limited (22-379MR), Northern Trust Asset Management (23-344MR) and Melbourne Securities Limited (24-029MR).
ASIC also recently commenced a greenwashing-related civil penalty proceeding in the Supreme Court of NSW against Fiducian Investment Management Services Limited (25-225MR).
ASIC's Information Sheet 271 (INFO 271) provides information for responsible entities of managed funds and super fund trustees about how to avoid greenwashing when offering or promoting sustainability-related or ethical products and investments.
