The share donation was managed through ShareGift Australia, a not-for-profit organisation that enables the proceeds of small parcels of shares to be donated to charity.

As part of the AMP Share Sale Facility, AMP wrote to over 52,000 shareholders who held 112 shares or less, inviting them to donate and recommend a charity via ShareGift or to receive the cash.

AMP shareholders helped contribute to the largest ever pooled contribution by ShareGift since the model was first piloted in 2007.

ShareGift Australia donates a pooled contribution of shares on a quarterly basis, allowing shareholders with small parcels of shares to sell them tax deductible and without incurring a brokerage fee.

Over 900,000 Australians own small parcels of ASX listed shares in excess of $93 million.

AMP’s Head of Shareholder Services Marnie Reid said AMP was delighted with the number of shareholders who took the opportunity to donate their shares.

“AMP is pleased at the overwhelming generosity of our shareholders who used the opportunity to sell their shares and recommend a number of very worthy causes to benefit from the sale proceeds.

“We were fortunate to partner with ShareGift and provide our shareholders the opportunity to sell their shares in a way that is easy and tax deductible,” said Ms Reid.

Andrea Broom, Executive Officer of ShareGift, said the share sales provide shareholders with the unique opportunity to utilise the proceeds from small parcels of shares which they may otherwise struggle to sell.

More than 500 AMP shareholders elected to donate the proceeds of the sale of their shares. These were donated to a wide variety of charities already supported by ShareGift, as well as an additional 47 charities recommended by AMP shareholders.

“ShareGift Australia is a tax effective way for Australian shareholders to donate their shares to ShareGift and recommend their chosen charity to receive the full value of their shares without the impost of brokerage.

“In some cases shareholders can be left with a very small number of shares, for example an accidental holding as a result of a dividend reinvestment plan, and have no other avenue available to divest these shares.

“We were delighted AMP participated in what was the largest ever pooled contribution we have donated to date,” said Ms Broom.

ShareGift accumulates the share donations over each quarter. The ShareGift Board takes into consideration recommendations of a number of selected charities before dispersing the full proceeds. To date, 252 charities have benefited from the ShareGift model.

The AMP Share Sale Facility allowed retail shareholders to sell small parcels of shares without incurring a brokerage fee. The facility took place between October 2012 and December 2012.

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