Reconciliation Action Plan (RAP)

Since launching the AMP Innovate RAP in 2020, we are now more than halfway through our second RAP and have delivered on more than 60% of our commitments.

The Innovate RAP framework guides us to implement reconciliation initiatives over two years and outlines the actions for achieving the organisation’s vision for reconciliation.

AMP’s Innovate RAP vision is to empower and work collaboratively with Australia’s First Peoples to promote financial wellbeing and implement reconciliation initiatives. Our aim is to develop cultural understanding, create opportunities for Aboriginal and Torres Strait Islander communities and proudly celebrate Australia’s heritage.

As an organisation we are embedding the principles and purpose of reconciliation through educating, motivating, and inspiring our people within our sphere of influence.

AMP 2021 University Challenge

AMP University Challenge is a national financial planning competition for tertiary students that aims to identify promising new talent and promote high standards of education and professionalism among the next generation of advisers. More than 5,600 students from 30 universities across Australia have participated in the Challenge since it commenced in 2011, with many going on to join the financial advice profession.

The AMP University Challenge is integrated into the curriculum and assessment for students studying financial planning majors at Central Queensland University, Deakin University, Griffith University, TAFE NSW, University of Wollongong, Charles Sturt University and Western Sydney University.

In 2021, for the first time in the competition’s 11‑year history, there was a tie for first place in AMP’s annual University Challenge. Jamie Lee Fraser from Griffith University has shared top honours with Molly McGinn and Aaron Mynard from Deakin University. Jamie, Molly and Aaron shared in the combined first and second place prize money of $5,000.

Investing in community infrastructure

In 2021, the community infrastructure capability acquired a 42% stake in Royal Adelaide Hospital – the largest single infrastructure project in South Australia and one of the most energy efficient and technologically advanced medical facilities in the world.

The landmark $2.2 billion debt refinance of 100% of the project’s debt involved a consortium of 18 banks and is the largest green loan for a PPP in Australia to date, the first to be issued with a social loan component in Australia and the largest combined green and social loan in the healthcare sector globally.

AMP Capital co-leads engagement with BHP through Climate Action 100+

AMP Capital has co-lead on CA100+’s BHP engagement, which is an investor-led initiative formed to ensure the world’s largest corporate emitters of greenhouse gases take the necessary action on climate change. AMP Capital has seen significant progress and received positive feedback on the constructive nature of our engagement. The engagement activities of CA100+ have led to key outcomes, including:

• BHP being recognised as one of the strongest performing companies in the net-zero benchmark for 2021. The result highlights the actions taken from engagements including pursuing emissions reduction targets, capital expenditure alignment, use of carbon offsets and political engagement through industry associations. There is more work to do, and CA100+ participants will continue to engage with BHP on climate‑related issues, particularly on managing Scope 3 emissions.
• BHP was one of the first Australian companies to give their shareholders a ‘Say on Climate’. After BHP released their ‘Climate Transition Action Plan 2021’, CA100+ encouraged BHP to put the plan to shareholders for approval at the 2021 AGM. The resolution was supported by around 85% of shareholders at BHP’s Australian AGM and 83% at the London AGM.

In addition, BHP recommended shareholders vote in support of the shareholder‑proposed resolution on climate‑related lobbying, a move which resulted in nearly 99% of shareholders supporting the request for BHP to strengthen their review of industry associations to ensure alignment with the Paris Agreement.

Green Star Designs for our future

AMP’s new headquarters at Circular Quay, Quay Quarter Tower (QQT) will open in early 2022. Awarded a 6 Star Green Star – Office Design v3 rating from the Green Building Council of Australia, the building will be known for its innovative environmental features and vertical village design.

QQT will set new benchmarks for employee lifestyle and operational efficiency through its focus on flexible spaces and revolutionary environmental features.

AMP Capital Global Head of Real Estate Kylie O’Connor said: “We are proud to manage this landmark development and create a new workplace of the future that has a strong health and wellbeing focus. We see this as an important step in the revitalisation of Circular Quay and look forward to delivering long-term, sustainable outcomes for investors, customers and community”.

AMP Capital Carbon footprint of managed equity and fixed income funds

Understanding the carbon footprint of a company is an essential first step in assessing the investment risks that can arise from climate change. We have been assessing the climate risks of our investments for over a decade and in 2016 created a methodology for calculating the greenhouse gas exposure of our equity investments. This was then expanded to include fixed income.

In 2021, AMP Capital continued to publish its latest carbon footprints of all managed equity and fixed income funds relative to their benchmarks to enhance our clients’ understanding of climate-related investment risks.