Division
The majority voted in favour of *disagreeing* with [amendments](https://www.openaustralia.org.au/debate/?id=2021-06-03.140.1) introduced by Warringah MP [Zali Steggall](https://theyvoteforyou.org.au/people/representatives/warringah/zali_steggall) (Independent), which means they failed. MP Steggall [explained her amendment](https://www.openaustralia.org.au/debate/?id=2021-06-03.140.1): > *These amendments are in respect of the change that is identified in relation to the definition of 'best financial interests' duty. Item 9 of the amendment bill omits 'best interests' and replaces it with 'best financial interests' in the Superannuation Industry (Supervision) Act 1993. The government states that it wishes to increase the accountability of trustees in their day-to-day operations and investing members' money. Whilst this may, at first blush, appear sensible, it has significant potential consequences for the interests and wellbeing of super members and is in fact not founded on any recommendation or proper basis. This is because, when considering whether something is in best financial interests alone, we also capture a large number of activities and investments that exist in a grey area and that may in fact be beneficial to members of super funds but are potentially now going to be excluded as a result of this amendment. For example, an ethical super fund purchasing carbon offsets or spending money planting trees to reduce emissions to achieve an overarching goal of reaching a net zero emissions goal around their investment portfolio—something which the member would arguably want—could now be prohibited under the best financial interests covenant, unless we have a major change from this government, in accepting putting a price on carbon or in actually ensuring that there is proper financial recognition of the impact of our emissions.* ### What does the bill do? According to the [bill homepage](https://parlinfo.aph.gov.au/parlInfo/search/display/display.w3p;query=Id:legi
House of Representatives, 2021-06-03. affirmative: ayes 68, noes 61.
Question
The majority voted in favour of *disagreeing* with [amendments](https://www.openaustralia.org.au/debate/?id=2021-06-03.140.1) introduced by Warringah MP [Zali Steggall](https://theyvoteforyou.org.au/people/representatives/warringah/zali_steggall) (Independent), which means they failed. MP Steggall [explained her amendment](https://www.openaustralia.org.au/debate/?id=2021-06-03.140.1): > *These amendments are in respect of the change that is identified in relation to the definition of 'best financial interests' duty. Item 9 of the amendment bill omits 'best interests' and replaces it with 'best financial interests' in the Superannuation Industry (Supervision) Act 1993. The government states that it wishes to increase the accountability of trustees in their day-to-day operations and investing members' money. Whilst this may, at first blush, appear sensible, it has significant potential consequences for the interests and wellbeing of super members and is in fact not founded on any recommendation or proper basis. This is because, when considering whether something is in best financial interests alone, we also capture a large number of activities and investments that exist in a grey area and that may in fact be beneficial to members of super funds but are potentially now going to be excluded as a result of this amendment. For example, an ethical super fund purchasing carbon offsets or spending money planting trees to reduce emissions to achieve an overarching goal of reaching a net zero emissions goal around their investment portfolio—something which the member would arguably want—could now be prohibited under the best financial interests covenant, unless we have a major change from this government, in accepting putting a price on carbon or in actually ensuring that there is proper financial recognition of the impact of our emissions.* ### What does the bill do? According to the [bill homepage](https://parlinfo.aph.gov.au/parlInfo/search/display/display.w3p;query=Id:legi
How each member voted
Per-member votes are not present in this static export. Consult the original division record.
Related bills
Only formal divisions leave a per-member record. A procedural vote is not necessarily a vote for or against a bill.