Australian Ethical (Australia)

Australian Ethical is an Australian investment manager and superannuation fund.[i] At the end of 2016, Australian Ethical had more than 26,000 superannuation fund members and AUD 1.5 billion (€1 billion) funds under management.[ii]

The Australian Ethical Charter states that “Australian Ethical shall avoid any investment which is considered to unnecessarily: create, encourage or perpetuate militarism or engage in the manufacture of armaments.”[iii]. The website goes on to explain that “At Australian Ethical, we won’t invest in nuclear or other weapons[iv].

Australian Ethical doesn’t invest in any nuclear associated companies and applies a 0% revenue threshold for companies for manufacture of weapons, uranium mining and nuclear power generation. Australian Ethical applies the policy to all assets it manages, including third party funds. Australian Ethical applies the policy to all types of investments. It does not make use of external asset managers.[v]

Australian Ethical does not make use of an exclusion list, instead it publishes its inclusion list.[vi]


Website: Twitter: @austethical Facebook:

[i] Australian Ethic, ‘Information for Financial Advisers’, website Australian Ethical (, viewed 23 January 2018.

[ii] Australian Ethical, “Annual & Sustainability Report 2016”, page 4, 6, available at:, viewed 23 January 2018.

[iii] Australian Ethical, “Australian Ethical Charter”, website Australian Ethical (, viewed 23 January 2018.

[iv] Australian Ethical, “The Nuclear Risk Matrix”, website Australian Ethical (, viewed 23 January 2018.

[v] Australian Ethical written response to PAX, 14 June 2016.

[vi] Australian Ethical, written response to PAX 14 June 2016. The inclusion list can be found here:, viewed 23 January 2018.

Last modified 6 July 2018

Hall of Fame qualifying policies

• Exclude all nuclear weapon associated companies
The policy excludes:
– whole companies, not only nuclear weapons related projects
– companies associated with nuclear weapons including through joint ventures
– companies regardless of their country of origin
– companies regardless their country of operation

• Exclude all nuclear weapon associated activities
The policy excludes companies associated with:
– development, testing, production, maintenance or trade of nuclear weapons related technology, parts, products or services.
– delivery systems such as missiles, that are specifically developed for nuclear tasks. It does not include delivery platforms such as bombers and submarines.

• Apply to all the institution’s products and services
The institution applies the policy:
– for the entire group, including subsidiaries
– in all markets
– to all asset management classes – passive and active, internal and external
– to all existing and future investments.


To identify financial institutions with a policy on nuclear weapons, we research a variety of sources: NGO reports, screening-agency information, financial institution reports and websites, information from campaigners and other public sources. For practical reasons, the scope of this report is limited to those financial institutions that have an investment policy or a summary of that policy in English. The list of institutions in the Hall of Fame is not exhaustive. We welcome additions from those able to provide them.

For the purposes of this report, nuclear weapon producers are defined as companies that produce key components to test, develop, maintain, modernise and deploy nuclear weapons. There are countless companies involved in the broad nuclear weapons complex, and this report only details those most heavily involved in the production and maintenance of nuclear warheads and their delivery systems (such as missiles and launch tubes). The report does not include companies involved in the production of delivery platforms (such as nuclear capable bombers and submarines).

In advance of this report, all financial institutions not previously reported on were asked to fill in a standardised questionnaire with detailed questions on the scope and content of their policies. Financial institutions that did not respond are not included. Of the financial institutions listed in the Hall of Fame, several publish a list of companies that they exclude from their investment universe. The companies excluded are listed in the profiles of the financial institutions as a resource. Some financial institutions in the Hall of Fame work with an inclusion list rather than an exclusion list, while others do not make their lists public.
Each financial institution profile in the Hall of Fame includes a brief description of the institution, a summary of key policy elements, and the exclusion list if applicable. We researched investments in companies on our producers list for each of the financial institutions listed in the Hall of Fame. None of the financial institutions listed in the Hall of Fame invest in any of the identified nuclear weapon producers.