Australian weapons manufacturer Electro Optic Systems (EOS) is making millions from weapons deals with Saudi Arabia who are engaged in a bloody war in Yemen. The Canberra-based company has signed over $400m in deals to supply high tech killing machines to Saudi Arabia and the UAE who are accused of bombing civilians and committing war crimes in Yemen.
There is big money to be made in war. And do you know who's lining up for a piece of the action: super funds.
Australia's industry super funds are collectively one of the largest shareholders in EOS.
Through their holding company Industry Super Holdings, the industry super funds collectively own over 6.4 million shares in EOS giving them substantial voting power in the company.
That means if you're with an industry super fund, there's a very good chance your savings are being invested in a company that is selling weapons technology to the very same military that is indiscriminately bombing school busses, weddings and civilian food and water sources in Yemen.
And that's just the investments we know about.
Update 10 April: LUCRF has confirmed that it is not exposed to EOS stocks.
Update 2 April: Hostplus has confirmed it does hold EOS stocks and has doubled down on the decision claiming they are satisfied the investment complies with their responsible investing guidelines.
Update 27 March: Four funds have now confirmed to us that they are not exposed to EOS stocks: CareSuper, HESTA, Media Super, Cbus, and Australian Super. We are still waiting for other funds to confirm whether or not they hold EOS stocks.
There could be plenty more super funds in Australia - both retail funds and industry - which are also profiting from this bloody arms trade and there's only one we can find out: by all of us asking our fund directly.
Super funds are made up of all us. It is our money they invest and we have a right to know where it is going.
WRITE TO YOUR SUPER FUND NOW:
- Select your super fund below. If you're with Australian Super your fund won't appear because it has confirmed it does not hold stocks in EOS
- Add your details
- Personalise your message by clicking your cursor into message below - you can type in the area just above "I look forward to your response"
- Tell your super fund why you care about this and why it matters to you how they invest your money
- Send it off! And please let us know if they respond. You can forward any emails you get back from your fund to us@sumofus.org