The Investment and Financial Services Association (IFSA) will work with the Australian Council of Superannuation Investors (ACSI) in a bid to raise corporate disclosure standards.

In particular, the two groups will develop an environmental, social and governance (ESG) reporting framework for Australian companies.

ACSI is backed by 42 not-for-profit superannuation funds and ISFA represents 135 members in the funds management sector.

The two groups will ensure their members vote on all company resolutions and will establish joint working groups to assess the current barriers to ESG integrations.

"ACSI and IFSA hope to facilitate a more open dialogue between asset owners and fund managers to ensure ESG requirements are fully understood," a joint statement by the two groups said.

A single reporting template will enable Australian investors to access the data they need and allow real comparisons between companies, IFSA chief executive John Brogden said.

"Such a template would minimise the burden on corporate Australia of having to respond to multiple data requests from investors and fund managers," he said.

ACSI chief executive Ann Byrne said superannuation funds and investment managers need to be clear about their expectations and that corporate Australia should actively disclose and manage ESG risks.

"We need to work together to ensure that, as asset owners, we make fully informed investment decisions," Byrne said.