Hock, K., Wood, B. & Sacks, G.
Australian and New Zealand Journal of Public Health
Elsevier
12 November 2025
Objective: Large investors have the potential to help address unhealthy diets by influencing food company nutrition practices. This study aimed to identify prominent investors in Australia’s food industry and examine how they consider nutrition as part of investment decisions.
Methods: Leading companies and their shareholders in food manufacturing, grocery retail, and fast-food sectors were identified using the Passport and Orbis databases. A desktop review of policies and voting decisions for the top 10 investors per sector was conducted from May-August 2024.
Results: A small number of investors hold substantial shares in Australia’s food industry. United States-based investors (e.g., BlackRock and Vanguard) were prominent shareholders across all sectors, with HSBC Bank holding substantial ownership in grocery retailers. Most investors did not disclose investment-related nutrition policies, and typically voted against shareholder proposals related to nutrition and health issues.
Conclusions: Prominent investors have the potential to shape Australia’s food environment, but they do not currently prioritize nutrition as part of investment decisions. Increased disclosure of investor policies, proxy voting records, and investor engagements with companies may provide opportunities to improve public health.
Implications for Public Health: Targeting large investors and the regulatory environments under which they operate may contribute to efforts to improve population diets.
