Page 347 - Week 01 - Thursday, 10 February 2022
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The Responsible Investment Policy is implemented and managed through the Territory Banking Account investment platform. The Territory Banking Account undertakes the external investment activities in the name of the Australian Capital Territory.
The Superannuation Provision Account invests via the Territory Banking Account investment platform and does not hold any direct investments. The Superannuation Provision Account owns units in the Territory Banking Account investment platform where a unit represents a beneficial interest in the assets held by the Territory Banking Account investment platform.
Through its Responsible Investment policy framework, the Government supports the limited use of business activity or industry exclusion-based investment criteria. Recent changes to the investment criteria were implemented in December 2021.
I can confirm that as of 1 December 2021 the Territory ceased to have any investment exposure to the following listed companies:
(a) BASF SE
(c) Hess Corporation
(d) Lundin Energy
(e) Marathon Petroleum Corporation
(f) OMV AG
(g) Pioneer Natural Resources
(h) Repsol SA
(k) Woodside Petroleum Ltd
We continue to have investment exposure to the following companies which have not been identified for investment exclusion under our Responsible Investment policy framework as they continue to meet the investment criteria:
(b) First Energy Corporation
• FirstEnergy Corporation operates as a public utility holding company. The company generates and delivers power through scrubbed coal and hydro facilities and controls power distribution line infrastructure.
• It is not currently identified with the exploration and production of fossil fuels or with owning proven or probable fossil fuel reserves.
(i) Rio Tinto
• Rio Tinto operates as a mining company and currently produces iron ore, aluminium and copper.
• It is not currently identified with the exploration and production of fossil fuels or with owning proven or probable fossil fuel reserves.
(j) Wesfarmers
• Wesfarmers operates as a holding company with diverse business interests including retail (Kmart, Target, Bunnings), chemical (fertilizers, gas processing and distribution including medical and industrial gases) and financial services.
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