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Ethical Partners Australian Share Fund ETHICAL PARTNERS AUSTRALIAN SHARE FUND PORTFOLIO POSITIONS AND RATIONALE JUNE 2020 www.ethicalpartners.com.au Ethical Partners Funds Management 1 ANZ Bank (ANZ) THEME ENGAGEMENT POINTS Essential financial services Responsible financial products, lifting complaints standards, ethical sourcing, fossil COMPANY DESCRIPTION fuel lending and supply chain segmentation ANZ is one of the four major banks in Australia and disclosure. and has over 6.7 million retail customers. The company is a major lender, deposit holder, KEY INVESTMENT RISKS payments facilitator and tax payer in the Australia’s broader economic outlook Australian economy. ANZ works closely with for consumers and business. Ongoing financial regulators including AUSTRAC and the responsible banking practices. Fintel Alliance to prevent serious financial crime. Post the Financial Services Royal Commission the bank has worked to remediate customers, change remuneration practices and achieve cultural KEY SUSTAINABLE DEVELOPMENT change throughout the organisation. The company GOALS (SDG) has stated targets around significant carbon emission reductions for its own operations and has stated targets to reduce high emissions lending and facilitate increased lending to sustainable projects including affordable housing. ARB Corporation (ARB) THEME ENGAGEMENT POINTS Sustainable goods Gender balance on board and management, environmental impacts, supply chain risk COMPANY DESCRIPTION segmentation. ARB manufactures 4WD parts and accessories for the outdoor enthusiast. It distributes through KEY INVESTMENT RISKS company owned stores and franchisees in Growth of new and used utilities vehicles Australian and around the world. market. ARB has a commitment to manufacturing high quality and long lasting accessories that minimise waste in the process and maximises longevity of KEY SUSTAINABLE DEVELOPMENT products. GOALS (SDG) 2 www.ethicalpartners.com.au Bega Cheese (BGA) THEME ENGAGEMENT POINTS Community nutrition The further development of the company’s ethical sourcing program and targets COMPANY DESCRIPTION for the reduction of carbon emissions. Bega Cheese is one of Australia’s largest dairy Ongoing implementation of the 2030 land processors and manufacturers, collecting over management program with farmer suppliers. 1 billion litres of milk per annum. The company Plastics reduction and nutrition. has been leading in its supplier relationships, supporting farmers during drought and working KEY INVESTMENT RISKS with them to improve environmental impacts on The underlying health of the Australian dairy land. A program focussing on food production supplier industry given the reduction in milk systems is in place with aims of progressively volumes over the last financial year. improving land and soil quality by 2030. A reduction of greenhouse gas emissions, energy and water usage were achieved in FY19 and the company will transition a significant amount of KEY SUSTAINABLE DEVELOPMENT its plastic to recyclable material going forward. GOALS (SDG) Bega is working towards further improvements in nutrition of its products and has stated goals around reduction of salt. Bega has also adopted the Responsible Sourcing of Palm Oil standard for 100% of its palm oil usage. Brambles (BXB) THEME ENGAGEMENT POINTS Sustainable Services Updated emissions targets. The potential of a shift to plastic pallets from wood and the COMPANY DESCRIPTION environmental impact. Circular economy and Brambles is a supply chain logistics company, supply chain management. operating in over 60 countries. The primary operating business is pallet company CHEP KEY INVESTMENT RISKS which is embedded in the global supply chains The potential threat of competing pallet for major retailers and consumer businesses pools, namely the push from one major US in the US, EMEA and Asia-Pac. For context of client to adopt a plastic pallet pool structure. their footprint, Brambles almost one pallet in circulation per every 10 people in the world. Brambles business model very much encapsulates KEY SUSTAINABLE DEVELOPMENT the notion of a circular economy and it has GOALS (SDG) impressive sustainability credentials. We view Brambles as a well-run business with a strong balance sheet and good sustainability practices. Ethical Partners Funds Management 3 Commonwealth Bank (CBA) THEME ENGAGEMENT POINTS Essential financial services Responsible financial products, integration of a SDG formal framework, enhanced targets COMPANY DESCRIPTION for sustainable lending, emissions reductions, Commonwealth Bank is the largest financial ethical sourcing framework, trust and services provider in Australia with over 17 million regulation. customers. The company has the highest market share in Australia in deposits, home lending and KEY INVESTMENT RISKS credit cards and is the largest payments provider. Australia’s broader economic outlook As a major tax payer Commonwealth Bank paid for consumers and business. Ongoing over $3 billion in tax during FY19 and importantly, responsible banking practices. has good tax transparency reporting. The bank has renewed senior leadership and post the Financial Services Royal Commission has paid significant customer remediation and is now KEY SUSTAINABLE DEVELOPMENT working more closely with financial regulators GOALS (SDG) including AUSTRAC to prevent serious financial crime. It has stated targets to exit thermal coal mining and coal fired power by 2030 and committed to lend $15 billion to sustainable projects by 2025. CSL Limited (CSL) THEME ENGAGEMENT POINTS Human wellness Increased disclosure around how CSL cares for the health of their plasma donors. COMPANY DESCRIPTION The introduction of emissions targets from CSL is the world’s 5th largest biotechnology CSL given their large, global manufacturing company, employing 25,000 people with footprint. treatments reaching approximately 70 countries. CSL has two main divisions, the first and largest KEY INVESTMENT RISKS being CSL Behring, which specialises in the The emergence of competing therapies, treatment of rare and serious diseases with a notably the FcRn inhibitors which may prove particular focus on the use of plasma derived to be a challenger in the treatment of auto- products. The second division is Seqirus, a global immune diseases. influenza vaccine manufacturer. The emergence of regulatory risks, focussed on the frequency and controls in plasma donation in the USA. KEY SUSTAINABLE DEVELOPMENT GOALS (SDG) 4 www.ethicalpartners.com.au Dexus (DXS) THEME ENGAGEMENT POINTS Liveable communities As a leader in the assessment of modern slavery risks, we would be keen to understand COMPANY DESCRIPTION what Dexus’ action plan is to deal with any Dexus is a leading real estate group owning and discovered modern slavery in its supply chain. managing over $30bn of Australian real estate This could help to shape an industry wide assets. As such it has an opportunity to develop response to discovery when it inevitably and own assets which have a positive impact on occurs. the societies in which they are located. Dexus has taken this opportunity and as a result is one KEY INVESTMENT RISKS of Australia’s most sustainable and responsible The change in long term working habits to landlords. Dexus is a Member of the Global a higher proportion of flexible working and Compact, has made significant progress on working from home understanding modern slavery risk in its supply chain and is helping shape Australia’s cities via planning input and the development of high environmentally rated assets. KEY SUSTAINABLE DEVELOPMENT GOALS (SDG) Graincorp (GNC) THEME ENGAGEMENT POINTS Essential infrastructure Formal SDG business integration, implementation of biodiversity programs to COMPANY DESCRIPTION improve land care at farm suppliers, emissions Graincorp collects, stores and markets Australia’s targets. grain harvest through 7 bulk grain ports and over 100 silos in regional areas. It is the largest grain KEY INVESTMENT RISKS accumulation network in eastern Australia. The Climate risks including drought impacting company is also the largest producer of edible crop volumes. oils in Australia (crushing, refining, storage). As a provder of essential infrastructure the company influences outcomes up and down the KEY SUSTAINABLE DEVELOPMENT food supply chain. GOALS (SDG) Ethical Partners Funds Management 5 GWA Group (GWA) THEME ENGAGEMENT POINTS Water Management GWA has recently adopted a solid sustainability reporting framework and we COMPANY DESCRIPTION are keen to see this evolve to include formal GWA Group is a bathroom and kitchen’s business, emissions targets and improved disclosures with a stated aim to provide superior water on supply chain auditing in conjunction with solutions. GWA operates under key brands Modern Slavery legislation guidelines. Caroma, Methven, Dorf and Clark. KEY INVESTMENT RISKS Inherent in GWA’s business and history is GWA’s earnings are somewhat driven by the providing intelligent water solutions. For example building cycle in each of its jurisdictions, as the Caroma brand invented the dual-flush system such we identify this as a Key Risks for the in 1980 which saves the equivalent of 32,000 group. litres of water per household per annum. GWA is also further developing and selling its Smart Command system which aims to re-invent water management at commercial and retail based sites KEY SUSTAINABLE DEVELOPMENT across the globe. GOALS (SDG) Insurance Australia Group Ltd (IAG) THEME ENGAGEMENT POINTS Responsible Services IAG has increasingly taken a leadership
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