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First State Super quits tobacco
First State Super has excluded all investments related to the manufacture of tobacco products from its 12 investment options.
The move extends the current exclusion of tobacco-related investments from the socially responsible investment option.
First State Super chief executive Michael Dwyer said the decision followed "strong feedback from health employees and those working in health service who represent 40 per cent of our total membership".
The fund merged with Health Super in July last year, bringing the membership of the merged entity to 770,000.
"Our decision reflects both the strong views expressed by our employers and members and our support for government initiatives to minimise tobacco consumption," he said.
"We've instructed all of our investment managers … that we don't wish to hold those stocks. We've also asked for regular reporting to ensure the policy is adhered to," Dwyer said.
He added that an "extensive review" of each of the fund's investment options had found that excluding the tobacco investments would not "compromise returns".
First State Super is very conscious of its fiduciary responsibility to its members, Dwyer said.
"Our analysis shows there will be inconsequential financial impact from this decision for members' investment returns. It adds to the decision that the exclusion of direct tobacco investments is unquestionably the right thing to do," he said.
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