As custodians of our clients’ money and future, we face complex economic, social and environmental challenges which present both risks and opportunities.
AMP annually assesses the issues of greatest importance and impact to our stakeholders including clients, employees, advisers, investors, government and the wider community. This process has identified nine material sustainability issues grouped under three key stakeholder pillars: our clients, our people and our community to form the foundations of our Sustainability framework.
Read more about our sustainability performance in our GRI and SASB-aligned Sustainability report online at corporate.amp.com.au/about-amp/corporate-sustainability.
The Melbourne-based Mental Health Legal Centre (MHLC), which works with vulnerable community members, was one of 23 non-profit organisations awarded an AMP Foundation COVID-19 Community Boost grant. The grants were designed to help non-profits meet increased demand for their support, and included providing funding to implement new technologies and in some instances fund salaries through a challenging period for fundraising.
MHLC used its $130,000 AMP Foundation grant to fund a part-time financial counsellor, a financial counsellor intern and a part-time social worker to help clients with their financial issues as well as provide them access to tele-health and other community services.
MHLC General Manager Charlotte Jones said the funding had helped the non-profit build capacity during the pandemic to support the rise in new clients experiencing homelessness, dealing with evictions, hardship, and relationship breakdowns. “These people have been struggling and COVID made things harder… it’s been phenomenal what we have been able to do for them with the AMP Foundation’s grant. Philanthropic support enables us to take apart people’s complex problems and then pass them around to our team of specialists to help solve each issue.”
AMP is committed to reinventing our business to deliver better outcomes for our clients and meet their future financial needs and ambitions.
In 2020, we supported our retail and institutional clients through the economic disruption caused by COVID-19 through a range of special support programs.
We simplified our superannuation business following the sale of AMP Life.
We supported government measures through early access to super and remain committed to meeting our legislative and regulatory commitments by strengthening risk and control systems.
We enhanced our digital capabilities and upgraded our channels for clients to access information.
While enhanced digital access has increased the likelihood of cyber-related threats, AMP continues to remain vigilant to protect client data and privacy.
Paused home loan repayments for ~11% of AMP Bank’s mortgage clients.
Received over one million client calls during 2020; FY 2020 NPS score at highest level in two years, increased 11 points on FY 2019.
Supported AMP Capital tenants with flexibility of rent payment terms and trading hours.
We acknowledge the importance of creating a safe and inclusive culture as essential in attracting and retaining the best talent to improve client outcomes.
In 2020, following stakeholder feedback, we made changes to our board and executive team and implemented a range of measures to drive cultural change focusing on strengthening accountability and inclusion.
These changes include updates to policies, a third party review of workplace conduct and establishing an employee-led Inclusion Taskforce to advise on key employee and culture measures.
We continued to invest in a strong risk culture that supports whistleblowers to hold ourselves to the highest professional standards.
We provided support to our advisers to ensure they meet ongoing standards of educational and professional development.
Initiated and completed inclusive leadership training for senior leaders with an all-employee roll out scheduled for 2021.
Achieved 40:40:20 board gender targets.
We recognise the broader impacts of our investments, operations and supply chains and have taken action to address environmental and social issues.
In 2020, we launched a new sustainable managed portfolio available through our flagship platform, MyNorth. It provides clients and advisers access to a leading responsible investment strategy.
We published our first Modern Slavery Statement under Australian legislation, outlining the actions we have taken to address risks of modern slavery across our business activities.
We remained carbon neutral across our operations with an 18% reduction in scope 1 and 2 emissions across our offices from 2019.
Our philanthropic arm, the AMP Foundation, supported the not-for-profit sector with $2 million in COVID-19 support grants. We also continued our Tomorrow Fund program, providing $1 million to Australians doing great things in and for our community.
A+/A ratings in Principles of Responsible Investment (PRI) across our AMP Capital managed asset classes.
Supported COVID-19 impacted charities through emergency $2 million grants program through the AMP Foundation.
Following the successful completion of the AMP Life sale, we returned $344 million in capital to shareholders through a special dividend of 10 cents per share.
With restrictions in place due to the outbreak of COVID-19, we delivered the first AMP Virtual Annual General Meeting (AGM) and increased participation in the meeting by 50%, with 877 attendees.
We connected 1,200 ‘lost’ shareholders with their shareholdings representing 250,000 shares.
We have ~709,000 shareholders. In 2020, we increased the number of shareholders receiving electronic communications by 5% to 309,000.