AMP Group, founded in 1849 as the Australian Mutual Provident Society, is a retail wealth management and banking business operating in Australia and New Zealand. AMP offers services in financial advice and superannuation, retirement income, banking and investment products. It serves approximately 1.5 million customers and employs more than 5,400 people. AMP is traded on the Australian Securities Exchange Ltd and, as of 2021, had AUD 32.339 billion in total assets.
In terms of senior leadership accountability, the responsibility for sustainability issues within the financial institution lies with the AMP limited board. In terms of female representation in leadership positions, the financial institution has a gender-balanced board of directors where 43% of members are women. Moreover, it has a target to achieve a 40:40:20 approach to gender representation, where 40% of the board, senior executives, senior management, middle management and the workforce generally are men, 40% are women and 20% are men, women or another gender identity. Regarding engagement, AMP Capital, the financial institutions subsidiary, publishes case studies describing where it has engaged successfully with investees on sustainability themes and impact topics.
AMP Group discloses absolute financed emissions. Moreover, the financial institutions subsidiary, AMP Capital, is a member of Climate Action 100+ so collectively engages with its clients on the topic of climate change.
AMP Group has a publicly available policy statement committing it to respect human rights. Additionally, it has a grievance mechanism accessible to all workers and external stakeholders to raise human rights, as well as bribery and corruption concerns or complaints. Moreover, the financial institution prohibits bribery and corruption, and commits to respecting the health and safety of workers and protecting personal data, in public policy documents. The financial institution discloses the proportion of women in its total direct operations workforce for each employee category. It also discloses the proportion of its workforce covered by collective bargaining agreements. AMP Group’s board of directors has responsibility for its global tax strategy.
In terms of its approach to senior leadership accountability, there is no evidence that AMP Group links the remuneration of its executive or management teams to sustainability performance criteria. Furthermore, there is no evidence that the financial institution has a public commitment to gender equality and women’s empowerment or that it discloses actions taken to address any pay gaps. While 37% of its senior executive are women, the financial institution also has an opportunity to reach at least 40% female representation in senior leadership positions. Regarding engagement, AMP Group has an opportunity to describe its engagement approach on sustainability themes and impact topics with clients and investees, across all its financing activities.
There is no evidence that AMP Group discloses a target to reach net-zero financed emissions by 2050. Moreover, while AMP Capital, the financial institutions subsidiary, discloses that it directs finance towards responsible investments, there is no evidence that the financial institution discloses its financing activities devoted to climate solutions. Regarding engagement on the topic of climate change, the financial institution has an opportunity to disclose the key sectors and companies it has identified as priorities to engage, specifically on alignment with the Paris Agreement. Furthermore, AMP Group could commit to minimising the negative impacts it has on nature and biodiversity.
AMP Group states that it has a process for identifying bribery and corruption but could disclose details of this process. Moreover, the financial institution discloses the ages of its total workforce, but has an opportunity to disclose this information for each employee category. To provide transparency on financial inclusivity, the financial institution has an opportunity to disclose the amount of finance directed towards, for example, women-owned businesses, small- and medium-sized enterprises (SMEs) or low-income developing countries.
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Revenue: AUD 2.24 billion; Total assets: AUD 32.33 billion