Penny Wong (SA, Australian Labor Party, Minister for Finance and Deregulation) Share this | Hansard source

The answer to the honourable senator's question is as follows:

(1) The Future Fund Management Agency has advised that the value of the Future Fund's holdings in the companies in question as at 19 January 2012 was:

(2) No, the Future Fund Board of Guardians does not make its investment decisions based on such a consideration. The Board's investment decisions are based on the requirements of the Future Fund Act 2006 and the Nation-building Funds Act 2008, the risk and return requirements of the mandate and the application of the Fund's investment strategy, policies and processes. The Board considers Australia's obligations under the international conventions and treaties it has ratified. These are explained in the Board's Statement of Investment Policies, which includes a policy on managing environmental, social and governance (ESG) issues.

(3) See response to Question 2.

(4) In applying the framework to its investment decisions, the Board first considers the activities of an entity or funding activity and then considers whether an investment is consistent with its policies. Where the Board becomes aware that the activities of an entity or funding activity may contravene an international treaty ratified by Australia, the Board will consider the exclusion or removal of the investment from the portfolio.