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STC drops tobacco
The board of the SAS Trustee Corporation (STC) has announced it will divest its holdings in tobacco product manufacturers.
It follows a review of the environmental, social and governance (ESG) merits of investment in tobacco.
STC will now instruct its managers to begin ditching tobacco holdings and will update its ESG policy to reflect the decision.
The pooled fund includes four closed NSW public sector superannuation schemes: State Authorities Superannuation Scheme (SASS); State Superannuation Scheme (SSS); Police Superannuation Scheme (PSS); and State Authorities Non-contributory Superannuation Scheme (SANCS).
The superannuation scheme manages more than 122,000 accounts and over $36 billion in assets.
In January, Hesta dropped just under $35 million in tobacco shares while Future Fund divested $221 million in February. Sunsuper followed suit in April, divesting $54 million in tobacco stocks.
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