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Funds SA cuts tobacco investments
Funds SA will exclude manufacturers of tobacco products from its investment portfolios.
The decision would cut approximately $20 million from tobacco investments, South Australian Health Minister Jack Snelling said.
The fund's exposure to tobacco producers will be reduced to 0.04 per cent, with the small allocation a result of investments into pooled investment vehicles.
Snelling said the South Australian Government had shown strong leadership in introducing initiatives to reduce smoking, which should be extended into the areas it invests in.
"Funds SA's board of directors have advised us they have resolved to exclude manufacturers of tobacco products from Funds SA portfolios wherever possible.
"They have acknowledged the Government's public health objectives, community attitudes towards smoking, and the large number of health professionals who are members of the State's superannuation schemes," Snelling said.
Two lobby groups, Action on Smoking and Health Australia, along with the Australian Council on Smoking and Health, played a pivotal role in the development, according to Snelling.
"Tobacco is the leading preventable cause of disease in Australia and the Government needs to continue to play its part in reducing tobacco-related deaths," he said.
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