The Australian Council of Superannuation Investors (ACSI) announced in a statement that VicSuper had become a signatory to the ACSI Australian Asset Owner Stewardship Code, which aims to make the stewardship activities of Australian asset owners more transparent.
“By becoming a signatory to the Stewardship Code, VicSuper is taking a leading role in setting best practices standards for the disclosure and management of stewardship activities,” said ACSI chief executive Louise Davidson.
VicSuper follows in the footsteps of AustralianSuper and Hesta who have already signed up to the code. Ms Davidson indicated that more announcements of signatories to the code would be announced throughout the year, with Hostplus to become a signatory by the end of 2018.
The code outlines six principles in which signatories must, on an ‘if not why not’ basis, commit to:
- Publicly disclosing their approach stewardship responsibilities;
- Publicly disclosing company meeting and company voting activity policy;
- Direct or indirect engagement or both;
- Overseeing stewardship activities of asset managers;
- Promote greater alignment between regulation and financial system operations in the interest of long-term investors; and
- Update “beneficiaries” regarding stewardship activities.
Furthermore, signatories to the code must also publish a ‘Stewardship Statement’ which outlines how they will apply the principles.
VicSuper chief investment officer Andrew Howard said the fund was “proud” to be a code signatory.
“We are committed to using the tools of engagement and voting to influence company behaviour for the benefit of companies, our members and wider society,” he said.
