ETSL to defend against ASIC proceedings ETSL committed to members' best interests ETSL acted in line with fiduciary duties

On 21 May 2026, EQT Holdings announced that its subsidiary, Equity Trustees Superannuation Limited (ETSL), intends to defend against civil proceedings filed by the Australian Securities and Investments Commission (ASIC) regarding the First Guardian Master Fund. ETSL, which has exposure to the fund, expects to defend the allegations, similar to its approach with the Shield Master Fund matter. The proceedings seek civil penalties, compensation, remediation orders, and costs against ETSL. ETSL believes it acted in line with its fiduciary duties and obligations under the Corporations Act and Superannuation Industry (Supervision) Act. The total member losses through the fund amount to approximately $70 million, out of the overall estimated losses of $446 million. ETSL continues to assist the liquidators of First Guardian and provide support to affected members.

ETSL intends to defend against ASIC proceedings, emphasizing its commitment to members' best interests.