声称提供社会或环保收益的投资基金存在严重的信息披露问题，亟需更严格的反漂绿规制。1澳大利亚法院已对多家基金管理公司作出处罚，其中Fiducian Investment Management Services因推广的道德和社会责任基金实际投资于化石燃料公司，被责令支付770万澳元罚款；Mercer Superannuation和Vanguard Investments Australia也分别因涉及可持续性投资声明误导，各被罚1130万澳元和1290万澳元。1
为规范市场秩序，新西兰金融市场管理局制定指引，要求可持续性相关声明应"清晰""实质支持"且"一致"，并于2026年5月发布。1同时，研究识别了影响力投资的五种风险：积极影响风险、消极影响风险、影响证据风险、影响问责风险和影响合法性风险。1专家建议澳大利亚和新西兰引入影响力风险声明要求，应涵盖五个核心问题：意图影响的障碍、谁可能受到伤害、如何证明影响、谁负责、受影响社区如何参与决策或寻求救济。1这些举措旨在确保基金能够真正交付其承诺的社会和环保收益。
Investment funds claiming to deliver social or environmental benefits face mounting regulatory scrutiny in Australia and New Zealand as authorities crack down on misleading sustainability claims.1 Australian courts have imposed substantial penalties on fund managers found to have misrepresented their ethical credentials, including an AUD 7.7 million fine against Fiducian Investment Management Services for promoting an ethical and social responsibility fund that actually invested in fossil fuel companies.1 Additional enforcement actions resulted in penalties of AUD 11.3 million against Mercer Superannuation and AUD 12.9 million against Vanguard Investments Australia for similar violations involving sustainable investment disclosures.1
Regulators are moving toward stricter disclosure standards to address these violations. New Zealand's Financial Markets Authority released guidance in May 2026 requiring that sustainability-related claims be "clear," "substantively supported," and "consistent."1 Research into impact investment failures has identified five key risk categories—positive impact risk, negative impact risk, impact evidence risk, impact accountability risk, and impact legitimacy risk—that undermine the effectiveness of such funds.1 To address these gaps, experts recommend introducing impact risk statements that would require funds to disclose barriers to intended impact, potential harms to beneficiaries, methods for demonstrating impact delivery, accountability mechanisms, and how affected communities can participate in decision-making or seek remedies.1
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