Future Fund Buys Shares in Shamed Tobacco Company

Source from:  Tobacco World 02/17/2013

The Gov's billions dollar funds has bought shares in tobacco companies that gave a study about economic benefits of premature deaths.

Docs provided in Senate committee increased its tobacco shares in last October reviewing investment strategy.

The details reveal that in May last year the fund bought shares in Philip Morris (Czech).

In 2001, Philip Morris was forced to apologies for a study commissioned by its international affiliate that found the Czech Republic benefited financially from the early deaths of smokers.

The details show that in last May the funds bought shares in Philip Morris. In 2001 Philip Morris apologized for studies made by international affiliate that found Czech Republic benefited financially.

The purchase of shares interacts with environmental fund, governance policy and social policy. As we have mentioned, ESG policy is the world's best practice but we always review it.

In October, Mr. Burgess raised the funds divesting itself of following pressure and tobacco shareholdings from health groups.

It was mentioned about gov committee that fund's will be considered like investments in cigarettes including cigarette cost and decision.

Richard Di Natale says that he is disappointed because of funds shares.

The companies are taking legal actions vs Government.

Australians are horrified when they about their taxpayer that are being invested in such companies like BAT and Philip Morris.

Exclusions

Mr Burgess says it would be wrong to pre-empt the governance committee's recommendations because it is still considering the fund's exclusions policy.

"Exclusions are very clear areas that should be determined in a structured framework and policy because of big number of views.

"The fund excludes cluster munitions and landmines being the clearest statement in the area.

The current fund's value on cigarettes and tobacco is $221 million, which is down from $232 million.

It is unclear, that is due to the shares sale or shares decrease number by the fund.

According to some of October figures, the funds was holding $60 million of BAT shares and $50 million Lorillard shares, almost $50 million in PMI and $35 of JT shares. Enditem