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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After the 2019 Christchurch terrorist attack, the New Zealand Superannuation Fund, along with other crown-owned investors, joined together to lead a global collaborative engagement with the world’s three leading social media companies, Facebook, Alphabet (YouTube) and Twitter. AMP Capital was part of this collaborative effort to prevent the live streaming and distribution of objectionable content.
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