2023 Impact Report

Impact Report 2023

Foreword

As I sit down to write these brief introductory comments, I do so reflecting not just on the extraordinary achievements of the AMP Foundation in 2023, but on my long association with AMP: my nine years as an AMP Ltd Director from 2008 to 2017 and my five years as Chair of the AMP Foundation between 2018 and 2023.

I remember how, as an erstwhile economic historian, I read with avid interest Geoffrey Blainey’s History of the AMP 1848 to 1998. It was probably an unusual approach for a person undertaking due diligence before agreeing to join a board as a nonexecutive director. Yet as I read Blainey’s fascinating account of the origins, growth, and transformation of one of our nation’s most significant mutual provident societies, I was led to reflect on the shared value that AMP continued to create even through its sometimes troubled times.

At its heart, Blainey’s history was a story of a group of Sydney men – whom today we would call ‘community activists’, driven by lived experiences, seeking to provide agency to hardworking families. The organisation they founded in 1849 was not unlike what we would now call a ‘social enterprise’. They built not a corporation, but a ‘collective impact’ society which provided mutual assistance to its members, and sought not profit, but surplus.

Of course, the past was a foreign country. They did things differently there. They chose a Latin tagline from a Roman poet, Quintus Emmius: ‘Amicus certus in re incerta’ which somewhat loosely translates to - a certain friend in uncertain times. In truth we continue to give life to that ambition in a world marked by its increasingly economic, social and environmental uncertainty. #amicuscertus!

For more than 30 years the AMP Foundation has sought to financially support a wide diversity of communitybased organisations that help those in need. At the same time, it has encouraged many of those who work at AMP to donate their skills, time, and money to help disadvantaged people who have slipped through, or remain entangled in, the safety net of government welfare support.

Since its establishment, the AMP Foundation approach was firmly and squarely focussed on charitable endeavour - which came to be associated with ‘corporate social responsibility.’ Through its grant programmes many of the organisations that now sit at the centre of Australia’s not for profit sector found their feet.

Three decades on, and reflective of an approach on which I have been particularly focused, we also use our corpus of funds to invest in emerging

social enterprises and so called Impact Investments. Through doing so, the AMP Foundation gives contemporary expression to the self-help ethos of the past, in which the provision of community led social support becomes financially sustainable over the long term.

This report provides insights into the way in which the AMP Foundation continues to lead corporate philanthropy and social investment in Australia. As I depart, I do so knowing that the AMP Foundation has continuing unwavering support from AMP’s CEO, Alexis George, and from the dynamic leader of the Foundation, Nicola Stokes. The Foundation remains in safe hands.

Professor Peter Shergold AC, Chair, AMP Foundation

We are delighted to share with you our 2023 impact report which showcases the achievements of our Tomorrow Makers and AMPlifiers and is a reflection of our commitment to helping those who are committed to creating positive social impact.

In this report, you will find links to stories alongside the data that illustrate the impact of our work on the lives of the people and communities we serve.

We hope that this impact report will give you a deeper insight into our social enterprise and impact investment philosophies and inspire you to continue to collaborate with us in helping people create their tomorrow.

We are proud of all we have accomplished in 2023 and we

are energised by what more we can achieve together in the years to come.

I invite you to join us in our journey of continuous learning and improvement as we strive to make a lasting difference in the world.

Finally, on behalf of everyone connected with the AMP Foundation I extend our heartfelt appreciation to Prof Shergold for his wise counsel, light hearted humour and inspiring leadership. #amicuscertus!

Warm regards,

Nicola Stokes, General Manager, AMP Foundation

AMP Foundation total giving since 1992 $111.3m

Total giving Snapshot of 2023

People positively impacted

Capability building hours

$4.42m 976 100

Celebrating 30 years of impact

30th anniversary

The AMP Foundation has been creating better tomorrows for 30 years. To celebrate this milestone, two $1 million grants were awarded to support the initiatives of Global Sisters and First Australians Capital.

$1 million to Global Sisters

$1 million to First Australians Capital

Global Sisters

Since 2016 the AMP Foundation has been supporting Global Sisters (GS) to enable women to be financially resilient and stand tall as micro business founders. GS provides a genuine alternative for women who are unable to participate in mainstream employment or access decent, sustainable work, by removing the structural and systemic barriers they commonly face.

AMP Foundation proudly awarded GS a 30th anniversary $1m grant to launch a 3 year demonstration project focusing on single mothers on a single parenting payment.

The project aims to support highly vulnerable women, a significant portion of those who are welfare dependant, to create a means of economic participation and pathway for long term economic security; and also provide a compelling evidence base for the federal government to make key social security policy changes.

First Australians Capital

In 2014, Adrian Appo, became one of the first AMP Foundation Tomorrow Makers. Adrian’s idea was to establish an indigenous led investment platform that would shift capital to Indigenous businesses, and in doing so, would be a trailblazer in addressing racial inequity in the finance sector of Australia. And so the First Australians Capital (FAC) idea was born.

Today, FAC is a national Indigenous-led organisation that is building a community of investors and investees premised on overcoming systemic barriers to finance, driving a new economy and building economic independence for Indigenous people and communities. They design the right capital solutions for Indigenous businesses to thrive and offer tailored patient debt products to enable Indigenous entrepreneurs to grow and scale.

AMP Foundation was proud to award a 30th anniversary $1m grant to FAC so they too could invest in the Indigenous businesses growth opportunities they were creating.

www.globalsisters.org www.firstaustralianscapital.org

Left to right: Hon Dr Andrew Leigh MP, Assistant Minister for Competition, Charities, and Treasury. Leah Armstrong, Co-chair and Managing Director First Australians Capital. Peter Shergold, Chair AMP Foundation.

Left to right: Nicola Stokes, General Manager AMP Foundation. Alexis George, AMP CEO. Mandy Richards, Founder and CEO Global Sisters.

Celebrating 30 years of impact

The AMP Foundation’s 30th anniversary was a celebration of three decades of supporting positive change in Australian communities.

AMP Foundation 30th anniversary celebration dinner.

Bec Sandridge, AMP Foundation Tomorrow Maker grant winner 2017, performed at the 30th anniversary celebration.

Leah Armstrong, Co-chair and Managing Director First Australians Capital.

(Left to right) Peter Shergold, Chair AMP Foundation. Andrea Slattery, Non-Executive Director AMP Foundation. Nicola Stokes, General Manager AMP Foundation. Mandy Richards, Founder and CEO Global Sisters. Alexis George, AMP CEO. Leah Armstrong, Co-chair and Managing Director First Australians Capital. Debra Hazelton, Chair AMP Ltd.

Nathan May, AMP Foundation Tomorrow Maker grant winner 2020, performed at the 30th anniversary celebration.

Mandy Richards, Founder and CEO Global Sisters.

Muggera Dance Company performed a powerful Welcome to Country.

Tomorrow Makers

After an extraordinarily successful 10 years of giving one-off grants to Tomorrow Makers, in 2023 the program moved towards a more impactful and sustainable approach by providing capability building as well as funding.

The Tomorrow Makers program supports and empowers aspiring social entrepreneurs to develop their ideas into a social enterprise.

In 2023 there were 14 Tomorrow Makers awarded from 307 applications.

Funding Streams Tomorrow Makers

SPARK

$507,000 grant and capability building

The Tomorrow Maker SPARK program was designed to help social entrepreneurs grow their ideas and create positive social change through funding and:

- Weekly workshops

- Digital learning modules

- Mentoring

- Two day in person immersive

- Showcase poster pitching

Tanya Egerton

Founder of Remote Opshop Project Funding Stream: First Nations People

Tanya Egerton founder and CEO of Circulanation and the Remote Opshop Project, leverages her expertise to create responsive, place-based learning opportunities that enable self-determined economic participation of first nations peoples while maximising social, environmental, and cultural impact.

Paul Mizzi

Co-founder of Virtual Contact Centre

Funding Stream: Retire with Confidence

Virtual Contact Centre provides comprehensive training and employment pathways for over 50’s who are unemployed and facing barriers to employment due to ageism. The Work from Home model will provide outsourced contact centre services to businesses and government organisations.

Toby Ellis

Founder of Deadly Rugby Funding Stream: First Nations People

Deadly Rugby co-designed rugby camps aim to empower and uplift Indigenous and non-indigenous youth through sport. It’s about changing the hearts and minds of all kids by creating real connections and shared experiences.

www.littledreamers.org.au www.remoteopshopproject.org www.deadlyrugby.com.au

Madeleine Buchner OAM

Founder of Little Dreamers  Funding Stream: Improving Financial Fairness

At 16, Madeleine founded Little Dreamers, Australia’s leading Young Carer provider, which assists young people who provide unpaid care for family members. The Young Carer Mental Health Clinic is designed to address the unique mental health needs of young carers. www.virtualcc.org.au

Tomorrow Makers

Catherine MacDougall

Prepare Produce Provide

Funding Stream: First Nations People

Kepa Kwab is a non-alcoholic beverage of quality native and natural ingredients designed by vulnerable Indigenous youth participating in the Djinda Ngardak program – providing culinary and beverage training through the product and recipe design.

www.prepareproduceprovide.org

Paul Girrawah House

Waluwin Foundation

Funding Stream: First Nations People

Waluwin Foundation funding model provides Indigenous farmers access to a Mother Earth loan to buy freehold land to farm and return Aboriginal people back to a productive, sustainable life on Country.

Guido Verbist

Revolve ReCYCLING

Funding Stream: First Nations People

Revolve ReCYCLING’s ‘bike equity’ program distributes unwanted bikes to children in remote Indigenous communities and is developing a funding model of ‘Buy One Give One’ with bike shops.

Renuka Fernando

ReLove Design Store

Funding Stream: Female led Businesses

ReLove Design Store sells carefully curated furniture received from various sources, including corporate relocations, hotels and companies with excess stock to help fund the operating costs of ReLove a charity dedicated to supporting women and children transitioning out of homelessness and domestic violence.

Alon Ilsar

AirSticks

Funding Stream: Retire with Confidence

Alon’s journey as a professional musician and later as an academic led him to realise the importance of music in our society and to our overall wellbeing. His passion lies in providing musical experiences and accessible instruments to people with disabilities and to those living in aged care facilities.

www.revolverecycling.net

Barbara Cullinan

The Park

Funding Stream: Retire with Confidence

Barbara, a dedicated physiotherapist with 23 years of experience, has made it her mission to provide specialised care and programs for individuals with Parkinson’s disease and just as importantly, their caregivers by establishing a health and wellness Centre ‘The Park’.

www.theparkinsonscentre.com.au

www.relove.org.au

Simone Eyles

Disinfluencer

Funding Stream: Improving Financial Fairness

Disinfluencer is a talent agency addressing the gap in representation and inclusion of people with disabilities in the media and advertising industry. Also offering meaningful employment pathways and opportunities to people who have disabilities.

www.disinfluencer.co

www.alonilsar.com

Emma Pethybridge

Ethical Republic

Funding Stream: Female led Businesses

The Travel Better Project is an initiative of Ethical Republic that aims to make every trip count by inspiring and enabling tourism operators to apply positive impact principles in their business.

www.travelbetter.com.au

Tomorrow Makers

Chanel Bowen

Joanne B. Sock

Funding Stream: Female led Businesses

Chanel is the author of ‘Joanne B. Sock,’ a children’s picture book that draws inspiration from her personal journey of acquiring a disability in her 20’s and confronting ableist discrimination for the first time in her life.

Emma Murphy

Sister2sister

Funding Stream: Female led Businesses

The Sister2sister Foundation developed a No Limits 4 Girls program into a self-sustaining social enterprise with a focus on social and emotional well-being to create positive lifelong building blocks for even more young girls in need. www.sister2sister.org.au

Total number of Tomorrow Makers since 2014 Total awarded to Tomorrow Makers since 2014

368 $9.5m

LinkedIn profile

AMPlifiers

The AMPlifiers program is designed to support AMP employees and aligned advisors in making a positive impact in their communities, by dollar matching their giving to causes that are important to them, their families and the community.

AMPlifiers

Fundraising

Actively raising funds for causes close to our hearts

Volunteering

An opportunity for us to give our time, knowledge and skills

Payroll giving

Keeping connected to charities on a regular basis

Payroll Giving AMP Governance & Risk

Andrew believes in the collective impact of small actions, stating, “Even a small contribution can make a big difference, especially when multiplied across many donors. Knowing that my donations, along with those of my colleagues, add up to support a diverse range of causes gives me a sense of fulfilment and purpose.”

Andrew contributes to 10 different charities, each one close to his heart.

AMP Advice

“I am passionate that educational opportunity should not discriminate based on background and privilege. Paint The Town Read’s focus is on pre-school children in vulnerable communities with our groups reflecting the cultural diversity of the regions in which we operate.

I was inspired by the opportunity to close the literacy gap in Australia in vulnerable communities and had the extraordinary experience of discussing the work of PTTR in indigenous communities with an Indigenous Change Maker.”

www.paintthetownread.info

Fundraising AMP Finance

TLR Foundation is a small non-profit co-founded by Neil and run by a handful of volunteers. 23 AMP employees took part in the City2Surf raising crucial funds for the TLR Foundation. These funds ensured the sustainability of TLR Foundation throughout 2023.

Snapshot

Fundraising dollars matched

$280,252

Donations for team volunteering

$242,571

Payroll giving dollars matched

$68,844

www.tlr.org.au

Fiona Hamilton Volunteer

Neil Pennock

Andrew Kwok

Impact Investments

The AMP Foundation corpus is invested with a focus on ESG and a minimum screening of “do no harm” to people and planet. We also allocate up to 10% of our total investment portfolio to Impact Investing.

In 2019, the AMP Foundation participated in Australia’s first social impact bond, the Newpin Social Benefit Bond (Newpin SBB), which reached maturity after seven years of operation. The bond was a resounding success, restoring 391 children to the care of their families with an overall restoration rate of 61%, and delivering a financial return of a 10% p.a. to investors. AMP Foundation now has in 11 impact investments in its portfolio.

Total Impact Investments commitment of $11.9m.

• Australian Unity Specialist Disability Accommodation Fund

• Catalyst Education

• Conscious Investment Management

Social Housing Fund 1

• Conscious Investment Management

Social Housing Fund 2

• FPIP Social Impact Fund 1

• Giant Leap Fund 2

• Murray Darling Basin Balanced Water Fund

• Newpin SA Social Impact Bond

• Ngutu College

• SVA Diversified Impact Fund

• Synergis Fund

Investment areas

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