AMP Capital has furthered its commitment to ESG and responsible investing by introducing a new decision-making framework. In effect, this means we may exclude, in exceptional circumstances, companies or sectors on ethical grounds across our entire portfolio where AMP Capital is responsible for the investment management.
The new framework recognises and applies degrees of ‘harm’ or the ‘denial of humanity’ of another person as determining factors. It also takes into account whether there are international conventions that prohibit or control the use of a company’s products.
On reviewing all of the sectors in which we invest, AMP Capital concluded that manufacturers of tobacco, cluster munitions, landmines, biological and chemical weapons do not meet the required ethical standards and will be excluded from our investable universe.
AMP Capital will divest from approximately A$450 million worth of tobacco-related equity and fixed income holdings from our portfolios. We will also divest around A$130 million in funds invested indirectly in manufacturers of cluster munitions and landmines.
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Recently I attended the Responsible Investment Association Australasia (RIAA) conference – RI Aotearoa New Zealand 2021. AMP Capital has long been a key sponsor of this event and it is encouraging to see how much responsible investment has evolved over time. Interest in this form of investment has now grown to the point where responsible investing is “the new normal” and a foundation of good investment practice.
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