Over many years now, superannuation funds have been orientating their investments towards options that avoid unapproved Environmental and Social goods or Governance structures (ESG).

The governance part involves avoiding firms with boards and senior executives containing too many white males and, therefore, inadequate ‘diversity’. The Environmental and Social parts used to mean avoiding firms in the defence and tobacco industries, but the pariahs in the modern woke world are hydrocarbons – coal, gas, and oil.