AMP reserves right to make political contributions

AMP Limited has signalled it will not be closing off its ability to make political donations or participate in party political fund-raisers, albeit without dipping into its superannuation funds.

In an answer to a written question from the House of Representatives Standing Committee on Economics, AMP said that AMP superannuation trustees and funds “do not participate, sponsor or donate to events and/or fundraising activities for political parties or related entities, or individuals MPs or candidates”.

However, it said that: “AMP Limited may participate in such events from time to time, the cost of which is not borne by members of AMP’s superannuation funds”.

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The chair of the committee, Victorian Liberal back-bencher, Tim Wilson had asked AMP to provide details, including the event name, organising entity, ticket prices and attendees for the past decade of tickets purchased for events and/or fundraisers for political parties or related entities, individual MPs and individual candidates for political office or the associated fundraising entities of political parties, individual MPs and individual candidates for political office.

Wilson had also asked the same question of a number of major industry superannuation funds, with most of them stating they did not make political donations.

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Aren't industry funds meant to be for benefit members only? is this true anymore seeing they are all open funds and competing against each other?

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