The Australian Asset Owner Stewardship Code (Code) aims to increase the transparency and accountability of stewardship activities in Australia.
Stewardship refers to the responsibility asset owners have to exercise their ownership rights to protect and enhance long-term investment value for their beneficiaries by promoting sustainable value creation in the companies in which they invest.
The Code is principles-based which allows asset owners to approach stewardship in a manner that is consistent with the spirit of the principles and reflective of their size, resourcing, membership and investment policies.
Signatories to the Code are required to disclose their approach and outcomes regarding key stewardship activities: voting, engagement, policy advocacy and the selection, appointment and monitoring of external asset managers.
The Code will make it easier for beneficiaries to see the work that is being done by asset owners on their behalf. It will also assist asset owners who are seeking to improve their stewardship practices. The ultimate goal is for Australian asset owners to take a leadership role in setting the tone for stewardship in Australia.
Read the code here:
Requirements for signatories
While the Code is voluntary, asset owners who wish to become a signatory must:
- Publish a Stewardship Statement on their website on an ‘if not, why not’ basis, that:
- Includes the date it relates, to i.e. for the financial year ended 30 June 2019 or an earlier period for early adopters.
- Describes how each of the Code’s six principles have been applied, or
- If one or more principles have not been applied, explains why this is so.
- Once the statement has been published, advise us at info@acsi.org.au and provide:
- The asset owner’s name
- Email address and
- A link to your Stewardship Statement.
Becoming a signatory
Asset owners who wish to become a signatory, may find it helpful to undertake the following steps:
- Familiarise yourself and relevant investment team members, committees, senior management and trustees/boards with the Code.
- Determine what (if any) changes need to be made to your policies, practices and disclosures to comply with the Code.
- Develop a timeline for becoming a signatory.
- Draft a Stewardship Statement (to be published on your website) that:
- Describes how each of the Code’s six principles have been applied, or
- If one or more principles have not been applied, explains why this is so.
- Once the statement has been prepared and published, advise ACSI and provide us with relevant information at info@acsi.org.au including:
- The asset owner’s name
- An email and
- A link to your Stewardship Statement.
ACSI can provide assistance for asset owners who wish to become a signatory. For further information about how ACSI can assist, contact ACSI.
Read frequently asked questions here:
Current signatories to the code
| Asset Owner | Stewardship Statement |
|---|---|
| Active Super | Active Super Stewardship Statement |
| AustralianSuper | AustralianSuper Stewardship Statement |
| Aware Super | Aware Super Stewardship Statement |
| CareSuper | CareSuper Stewardship Statement |
| Catholic Super | Catholic Super Stewardship Statement |
| Cbus Super | Cbus Super Stewardship Statement |
| Equip Super | Equip Super Stewardship Statement |
| HESTA | HESTA Stewardship Statement |
| Hostplus | Hostplus Stewardship Statement |
| NGS Super | NGS Super Stewardship Statement |
| Spirit Super | Spirit Super Stewardship Statement |
| State Super | State Super Stewardship Statement |
| TelstraSuper | TelstraSuper Stewardship Statement |
| TWUSUPER | TWUSUPER Stewardship Statement |
| UniSuper | UniSuper Stewardship Statement |
| Vision Super | Vision Super Stewardship Statement |