Socially Conscious diversified investment options

We offer a range of Socially Consciousinvestment options for members who prefer to limit investments in particularindustries and companies considered to have a highly adverse environmental orsocial impact. These options are invested across a range of asset types (listedand unlisted), investment managers, and investment styles.

Screening criteria

The specifics of how the screens are appliedto the options is known as the screening criteria. The screening criteriaapplied to the Socially Conscious investment options as at 31 March 2025 is setout in the table below and applies to all asset classes, but there aredifferences in how the screening criteria applies to the private equity assetclass, as detailed below. The screening criteria is periodically reviewed byour Responsible Investments team and may be updated from time to time.Investments in companies and other entities involved in the activitiesdescribed that meet or exceed the thresholds in the table below are excludedfrom these options.

However, please note that:

· Up to 5% of the private equity asset class maybe invested in companies and other entities not meeting the screening criteria,other than the tobacco, nicotine-alternatives and tobacco-based products, andcontroversial weapons screens.

· The screening criteria does not apply to theuse of derivatives which may have an indirect exposure to these types ofinvestments.

· The application of the screens is undertakenin a manner that means that continuous application of the screens may not beachieved. This may result in inadvertent holdings, typically over the shortterm, in investments we are seeking to exclude.

· Unless otherwise stated, companies thatprovide goods or services to companies generating revenue from the activitiesdescribed, or that are involved in the distribution of these products, are notexcluded.

· We do not automatically exclude companies’subsidiaries, joint ventures or bond issuers; each is assessed on its ownverifiable involvement in the relevant activity. For example, if a company isexcluded due to its involvement in controversial weapons, its subsidiary willnot be excluded unless it is assessed to be verifiably involved incontroversial weapons based on its own activities.

We rely on the data provided by ISS STOXX to apply the screeningcriteria for the Socially Conscious options for the Australian shares,international shares and fixed income asset classes.  For information on the methodology that ISSSTOXX applies in generating their data, please refer to their website. Thedocuments that are most relevant include the ‘Energy & ExtractivesScreening’, ‘Controversial Weapons Research’ and  ‘Sector-Based Screening’ methodology andresearch process papers. Note that these document titles may change as ISS mayupdate their website from time to time.

Climate change screens

Ethical screens

1 Nicotine alternatives and tobacco-based products include: (i) electronic nicotine delivery systems as defined by the US Food and Drug Administration (e.g. ‘vaping’ devices, e-cigarettes) alternatively described as nicotine vaping products; (ii) dissolvable and non-combustible tobacco products (e.g. nicotine pouches, snuff); and (iii) shisha and water pipes.

Conventions and controversies-based screens

Exclusion of an investment as a result of the Corporate controversies screen will be based on an assessment by the Aware Super Responsible Investment team. Where available, relevant screens/ scores provided by external ESG data providers will be considered as part of the assessment. Importantly, companies will be assessed not just against minimum allowable legal standards but also against perceived best practice. Examples of negative corporate behaviours that may result in a company being excluded from the Socially Conscious options are provided below.

·        Environmental, ecological and biodiversity wrongdoings: including companies complicit in excessive or unauthorized emissions of CO₂ and other greenhouse gases, companies contributing to worsening water quality and companies with inadequate waste management practices.

·        Bribery and corruption: including both authenticated allegations and convicted violations.

·        A lack of commitment to engagement and cultural sensitivity to indigenous people and local communities.

·        Violation of human rights: including companies not adhering to the UN Guiding Principles for Business and Human Rights, for example by engaging in child labour, or otherwise not upholding international labour standards.

·        Corporate governance failings: including companies that fail to undertake adequate investigations and implement preventative measures in relation to identified corporate governance issues.

·        Serious health and safety failings: including companies that fail to undertake adequate investigations and implement preventative measures in relation to identified health and safety issues

Please read the Aware Super Investment and Fee Handbook for more information regarding how the Socially Conscious options are managed, and for additional information including the option’s investment objective, asset allocation, risk level and fees.

Our High Growth Socially Conscious – Future Saver option is managed with specific restrictions and exclusions known as screens. It seeks to avoid or restrict investments in certain industries and companies considered to have a highly adverse environmental or social impact. The option has a large allocation to growth assets like shares and private equity, with a target split of 88% growth assets and 12% defensive assets. It’s designed to make the most of the potential to grow members’ savings by maximising returns over the long term.