ANZ applies negative screening to exclude companies involved in harmful activities related to controversial weapons, civilian firearms, tobacco production, and whaling. Furthermore, it will not invest in companies that earn revenues ranging from 5 to 10% from activities related to conventional weapons, unconventional oil and gas, thermal coal, and adult entertainment.

ANZ Investments employs a responsible investment strategy that integrates Environmental, Social, and Governance (ESG) factors into its assessment of companies. This may include evaluating a company's stance on climate change, greenhouse gas emissions, pollution control, and renewable technologies. Social factors such as human rights, community impact, and employee well-being may also be assessed. Moreover, ANZ may assess governance aspects like ethical standards, transparency, executive compensation, and corporate voting practices.

ANZ actively engages with a number of companies that it invests in on ESG and other issues. This improves its understanding of the risks and opportunities companies face, allowing ANZ to factor this into its investment rationale. These engagements can be grouped into themes, such as Climate Change, Human Rights, Diversity, Equity and Inclusion, Biodiversity, and Corporate Governance.

ANZ Investments has been a signatory to the PRI since early 2018 and reports as required according to the PRI Reporting Framework, is a member of the Responsible Investment Association Australasia (RIAA), and is a founding signatory of the inaugural Aotearoa New Zealand Stewardship Code.