Australian Ethical divests from AMP
Following revelations of AMP’s governance issues uncovered in the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry, Australian Ethical has announced it would divest from AMP for failing ethical investment standards.
Head of ethics research at Australian Ethical, Stuart Palmer, said AMP had given Australian Ethical no reason to change the Royal Commission’s assessment of the evidence presented to it.
Positive and negative screens, and an “ethical character” investment strategy, has guided Australian Ethical’s decision to completely divest from the bank.
This follows the resignation of three female AMP directors and a severe drop in the share price.
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