[First filed: January 17, 2007 @ 12:58]
The Canberra Times has a piece on a huge ruckus surroundng the ACTPS’ pension fund putting $9 million into three tobacco companies: Altria Group, Japan Tobacco and Swedish Match.
As I see it there are a few seperate issues here:
1) What’s wrong with tobacco companies?
2) Is there a moral difference between direct and indirect investment?
3) Should the ACT Government be willing to take a loss in the market in order to promote companies that act ethically?
4) Why does Mr. Stanhope say it’s all too hard when the market is crammed full of ethical funds?
UPDATED: The Canberra Times has followed up with a story on all the other areas the ACT invests:
arms manufacturers [including cluster bomb makers], the nuclear power industry, gambling and the scandal-plagued AWB
No wonder tobacco troubled them not at all.