The New Zealand Superannuation Fund has Pulled Out of its Holdings in Tobacco Companies.

Source from:  radionz.co.nz 10/24/2007

It has been under political pressure from the Green Party which has criticised the fund for what it calls unethical investments. The announcement follows a review by the fund's guardians of its investments in tobacco stocks. At June, the fund had $NZ37.6 million invested in tobacco stocks, which is not quite 0.3% of its total assets. It has a list of 21 companies, including British American Tobacco, Imperial Tobacco and Altria Group in which investment will not be allowed. Radio New Zealand's political editor says these investments, along with money invested in companies involved in arms manufacturing, have led to political pressure from the Green Party. The fund's chief executive, Adrian Orr, says the decision to withdraw the investments was based on product safety issues and New Zealand's commitments to international conventions, particularly the World Health Organisation's framework convention on tobacco control. Green Party co-leader Russel Norman says he wants to see the fund now quit its investments in companies involved in making nuclear weapons and cluster bombs. Enditem