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VicSuper kicks tobacco habit
VicSuper will this year phase out investing in companies that manufacture tobacco.
The decision follows consideration of many factors including the expected impact on investment risk and returns for members, as well as the health consequences of tobacco products.
It was a unanimous decision by the board.
Chief executive Michael Dundon said the fund took into consideration environmental as well as economic factors.
“With tobacco products imposing a significant burden on society in terms of health care and environmental costs, the board and management team at VicSuper feel it is the right decision to move away from investing in this industry”.
VicSuper chair Barbara Norris agreed, saying the decision was not made lightly.
“We had an informed discussion about the impact of this decision on VicSuper Fund, the potential returns for members, and the consequences of continuing to invest in companies that produce such a harmful product,” she said.
Tobacco represents less than 0.5 per cent of VicSuper’s portfolio.
They are one of a number of funds that have made the decision to cut tobacco holdings from their portfolio in the past year, including Hesta, Future Fund, Sunsuper and the SAS Trustee Corporation.
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