Some ‘ethical’ funds invest in uranium
……….After a decade-long share-market boom – only marginally clouded by the reversals of early June – ethical investing has moved from the margins to the mainstream………………..
the pioneering idealists that started the industry suddenly face stiff competition. What’s more, the working definition of “ethical” becomes malleable…………..……………The stakes have risen so high because of compulsory superannuation. On 1 July 2005, “superannuation choice” became law, allowing employees to choose where they invest their superannuation money.
……………..some ethical funds have invested in the asbestos company James Hardie and the uranium miner BHP…………….
………………..One of the oldest and largest ethical funds on the ASX is Australian Ethical Investment, which has led the pack in banning Woolworths after its move into gambling. But AEI is suffering because of its hardline approach. Many of its rivals are growing faster than it is. While AEI and other traditional funds still espouse such high-minded ideals as “the preservation of endangered eco-systems”, newer fund managers such as Ausbil Dexia talk about “ethical opportunities”.
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