Australian Greens aim to stop Future Fund investing in tobacco and nuclear weapons
Future Fund urged to go green and clean, SMH, Clancy Yeates, January 9, 2012, THE Future Fund’s investments in tobacco and companies involved in nuclear arms production face growing scrutiny this year, as the Greens step up calls for tighter rules on what assets the fund can buy. With the government facing a legal fight with tobacco firms over new plain packaging laws, the Future Fund last year said it held $147 million worth of shares in cigarette producers.
The Greens, which Labor depends on to pass legislation in the Senate, plan to increase the pressure on the fund to ditch this stake and a separate $179 million worth of shares in companies involved in nuclear weapons production….. The Future Fund last year sold its holdings in cluster bombs and land mines, including the defence giant Lockheed Martin, before a new treaty on the bombs came into force.
When the Future Fund’s general manager, Mark Burgess, was questioned about the fund’s tobacco and nuclear investments in October he said it was updating its environmental, social and governance strategy. It is understood that some government MPs are sympathetic with the Greens’ argument but the Finance Minister, Penny Wong, has stressed the need for the fund to make arm’s length investment decisions. : http://www.smh.com.au/business/future-fund-urged-to-go-green-and-clean-20120108-1pq0t.html#ixzz1izlMr6py
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