The Meeting Place > Hot Topics > AMP sell off unethical stocks

AMP sell off unethical stocks

avatar
Drew
7 yrs ago

One of Australia's largest fund managers, AMP Captail, will sell off $440 million worth of tobacco shares and $130 of shares in companies that make landmines and cluster bombs.

AMP recently implemented a new framework focused on degrees of harm and denial of humanity to determine if an investment is ethical. The company is not invested in chemical or biological weapons manufacturers and ruled out ever doing so under the framework.

"We are not prepared to deliver investment returns to customers at any cost to society," AMP Capital chief executive Adam Tindall said.

"Our analysis has found that our funds can continue to be managed effectively under this new framework without compromising investment objectives," he said.

3 comments

Perhaps they could issue a list of what weapons they consider not a harmful . 

And whether they still will invest in breweries or betting companies or car companies that make diesel cars or anything else that in their opinion is harmful to society . They are not elected by society to promote their views on ethics . but are there to get the best return for the retired investors who rely on their judgement for income .

At which they and the union controlled funds have done a poor job in comparison to the future fund for civil servants ,

AMP have 165 billion of funds under management IE other people's money . 

To talk about such a piddling amount to them as being unethical is pompose PC nonsense ,

Well said Brocky. This is PC gone mad and a large company bowing down to the vocal minority. That same group of loud mouthed protesters also have companies like Telstra having an opinion on same sex marriage. By all means have people who work for these companies be allowed to have a personal opinion but don't stuff around with other people's money by withdrawing an investment on "ethical" grounds. The only way an investment should be changed is on performance and whether a good return is forthcoming.

avatar
Knight Templar
7 yrs ago

Couldn't agree more Brocky.

Unfortunately, as an AMP investor, I am sorry to say that the company is a shadow of its former self ... the company's share price and annual dividends are disappointing by any measure.  It is doubtful that the latest "ethical/PC" decision will improve its value for shareholders.

Speaking of ethics and betting …

Tabcorp fined $45 million for breaching money laundering, terrorism financing laws.

http://www.abc.net.au/news/2017-03-16/tabcorp-fined-$45-million-for-breaching-money-laundering-laws/8360164

Off topic but interesting sub topic

I print the below as "Knights Templar" pricked my renewed interest . I find it interesting that the original Knights Templars were a Roman Catholic Militia long disbanded .

But the modern incarnation is a Masonic Order that Catholics may not join by threat of the Pope.

 

 

This page is about a Masonic organization. For the medieval Knights Templar, see Knights Templar. See also Knights Templar and popular culture.

The Knights Templar, full name The United Religious, Military and Masonic Orders of the Temple and of St John of Jerusalem, Palestine, Rhodes and Malta, is a fraternal order affiliated with Freemasonry.

Unlike the initial degrees conferred in a regular Masonic Lodge, which only require a belief in a Supreme Being regardless of religious affiliation, the Knights Templar is one of several additional Masonic Orders in which membership is open only to Freemasons who profess a belief in Christianity.

One of the obligations entrants to the order are required to declare is to protect and defend the Christian faith. The word "United" in its full title indicates that more than one historical tradition and more than one actual order are jointly controlled within this system.

The individual orders 'united' within this system are principally the Knights of the Temple (Knights Templar), the Knights of Malta, the Knights of St Paul, and only within the York Rite, the Knights of the Red Cross.

Wiki

"The 1983 CDF declaration states that Catholics "who enroll in Masonic associations are in a state of grave sin and may not receive Holy Communion." ... This contrasted with the 1917 Code of Canon Law (1917 CIC), which explicitly declared that joining Freemasonryentailed automatic excommunication."

 

 

3 comments



To make a comment, please register or login

Preview your comment