Manufacturers of tobacco, cluster munitions, landmines, biological and chemical weapons to be excluded from all portfolios
AMP Capital is furthering its commitment to responsible investing by introducing a new decision-making framework where, in exceptional circumstances, it may exclude companies or sectors on ethical grounds within its entire investment portfolio.
The new framework has been incorporated into AMP Capital’s existing Environmental, Social and Governance (ESG) and Responsible Investment Philosophy, which is applied across the business.
Under the framework, AMP Capital considered all sectors in which it invests and has concluded that manufacturers of tobacco, cluster munitions, landmines, biological and chemical weapons do not meet the minimum ethical standards required and will be excluded from its investable universe.
Approximately A$440 million worth of tobacco manufacturing-related equity and fixed income holdings will be divested from AMP Capital’s portfolios.
This is the largest divestment of tobacco securities to date in Australia.