Commonwealth Bank position on Gunns Limited

There has been increased interest in the media on the Wilderness Society’s campaign against Gunns Limited and the resolution to be discussed and voted on at the Bank’s Annual General Meeting on 1 November 2002.

To provide some context to the matters being raised, the Commonwealth Bank provides the following information:

• The Commonwealth Bank itself does not hold any direct investment in Gunns Limited, although its funds management businesses hold, on behalf of their investors, investments in this company.
• Funds management businesses have a legal duty, under the Corporations Act, to put their clients’ interests first at all times. The Bank does not, nor cannot, seek to direct or influence the composition of the investment portfolios managed by these businesses.
• Nevertheless, the Bank continually reviews and seeks to improve its ability to meet the needs and expectations of its clients, shareholders and the community and is serious about its concern for the environment.
• If any person has any information that they consider would be relevant to an earnings assessment of Gunns Limited, the Bank’s Investment Managers would be happy to receive such information.

The Bank’s full environmental policy is available at http://www.commbank.com.au/about-us/