Stewardship is the beating heart of active and responsible ownership of investment assets in Australia and New Zealand. It is where values meet action, through voting, engagement, industry collaboration and advocacy. Yet for many years, stewardship disclosures have been inconsistent or entirely absent. RIAA’s Certification Program has made headway in changing this.

From 2020 to 2024, 25% (AU) and 30.5% (NZ) of all required uplifts in certification focused on improving stewardship. This reflects a growing expectation that product issuers not only exercise active ownership but also improve the transparent reporting of those activities.

Table 1: RIAA Certification Program trends – stewardship conditions by year

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Expectations are rising. Investors, regulators and other key stakeholders are demanding more than policy statements. They want accountability, and evidence of authentic commitment.

Product changes required

Products seeking certification were required to:

• Publish voting records and engagement outcomes.
• Clarify stewardship principles and link them to sustainability objectives.
• Demonstrate their intent, processes, practices and disclosures independent of external managers.

These requirements are not just about disclosure. They are about validating that stewardship is intentional and aligned with a product’s responsible investment claims.

Table 2: RIAA Certification Program trends – common stewardship gaps identified

Spot checks revealed that even products with strong stewardship policies often lacked transparency in execution. One fund claimed active engagement but provided no public record of outcomes. Another referenced stewardship in its Product Disclosure Statement but failed to distinguish between internal and outsourced responsibilities. A third listed voting as a principle but had not disclosed how votes were cast or the rationale behind key decisions.

These gaps matter. Without transparency, stewardship is at higher risk of becoming performative, something that is claimed not demonstrated.

Country nuances

Australian superannuation and managed funds were most frequently flagged for stewardship improvements, while New Zealand KiwiSaver products showed stronger alignment with member-focused engagement. Across both countries, the program required real case examples, regular reporting, and clarity on who was doing the engaging, and why.

Table 3: RIAA Certification Program trends – breakdown of stewardship conditions by product type

Why this matters

Stewardship is a strategic lever for change. By requiring real case examples and regular reporting, RIAA is helping investors understand how their money is being used to influence corporate behaviour.

The Certification Program is shifting the market from policy to practice, lifting the standard for stewardship execution.

Looking ahead

As stewardship expectations rise, the next evolution will:

• Link stewardship to Responsible Investment performance or impact measurement
• Deepen clarification of how stewardship supports sustainability claims

In a market where trust is everything, stewardship must be more than a promise. It must be a practice. And that practice must be authentic and visible.

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