Hesta, one of Australia’s largest industry superannuation funds, has been quietly increasing its stake in logistics software provider WiseTech Global despite publicly expressing concerns about the company's governance and leadership. The $100 billion fund, which manages retirement savings primarily for nurses and health professionals, has been vocal in its criticism of WiseTech’s executive chairman and founder, Richard White, amid a series of scandals involving the tech firm.
Over the past year, Hesta has repeatedly called on WiseTech to address ongoing governance issues, particularly following multiple investigations into Mr. White. The executive chairman is currently facing two live criminal probes, including allegations related to sex exploitation, which he denies. In May 2025, Hesta placed WiseTech on a watchlist, warning it would consider divesting its holdings if the company and Mr. White failed to resolve those leadership concerns.
Despite these public warnings, filings show Hesta acquired more than 680,700 WiseTech shares during the December quarter of last year, increasing its total holding to approximately 2.4 million shares. This purchase came amid a separate inquiry by the Australian Securities and Investments Commission (ASIC) involving Mr. White and other employees over alleged insider trading that began in October 2024.
Hesta’s chief executive, Debby Blakey, recently demanded that WiseTech provide clarity on the charges against Mr. White and outline how the company plans to manage the associated risks. “These latest allegations are deeply concerning and, if proven, compound the risks from serious governance and leadership issues we have raised for more than a year,” she stated.
A spokesperson for Hesta confirmed the fund’s involvement in acquiring WiseTech shares but clarified that the size of its holding fluctuates due to a hybrid investment model combining internal and external management teams. The spokesperson explained that placing a company on a watchlist is part of an active ownership strategy designed to engage with companies and improve long-term performance rather than an immediate signal to divest.
“We do not typically restrict trading on watchlist companies because if our engagement objectives are achieved, we believe this will improve company performance over the long term,” the spokesperson said. Divestment is considered only when a company fails to manage significant financial risks and engagement efforts are deemed unlikely to be successful.
At current market prices, Hesta’s holding in WiseTech is valued at just over $76 million, though the stake accounts for less than 1 percent of the company and remains well below the threshold that would trigger substantial shareholder status. WiseTech shares have fallen sharply and are trading approximately 56 percent below the average price during the period when Hesta made its recent acquisitions, indicating potential losses on its investment so far.