TelstraSuper signs on to Australian Asset Owner Stewardship Code
July 1, 2019
TelstraSuper has signed on to the Australian Asset Owner Stewardship Code (Code).
The voluntary Code was developed by the Australian Council of Superannuation Investors (ACSI) in 2018 as a way to increase the transparency and accountability of stewardship activities in Australia. It contains six key principles that signatories must implement on an ‘if not, why not’ basis.
TelstraSuper Chief Investment Officer, Graeme Miller, said that the Fund was committed to sharing greater insights on stewardship activities with members.
“Effective stewardship is vital to protecting and enhancing long-term value for our members,” said Mr Miller. “We take these responsibilities seriously and are proud to be able to share this work with our members.”
ACSI Chief Executive Officer Louise Davidson said, “We welcome TelstraSuper’s decision to become a signatory to the stewardship code. Effective stewardship protects and enhances the long-term value of investments. Becoming a signatory is an opportunity to support sustainable business through the responsible management of assets.”
Under the Code, signatories are required to publish a Stewardship Statement on their website which describes how they apply the six principles. TelstraSuper already meets the broad requirements of all six principles, but will be enhancing disclosure as part of a commitment to continuous improvement.
“TelstraSuper has long recognised the role super funds must play in engaging with companies to shape their behaviour on key issues such as governance, climate change and gender diversity,” said Mr Miller. “Signing on to the Asset Owners Code demonstrates our commitment to increased transparency and accountability around this work.”
About stewardship
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.
It can include a wide range of activities such as exercising voting rights, company engagement, monitoring asset managers and financial system advocacy.