AustralianSuper to quit big tobacco in $900m blow for Philip Morris, British American Tobacco
AustralianSuper is planning to sell out of tobacco merchants including heavyweights Philip Morris and British American Tobacco over the next two years. It will be the biggest divestment of tobacco stocks yet by an Australian super fund.
The move comes after wealth manager AMP announced in March that its investment house, AMP Capital, was dumping $440 million worth of investments tied to the tobacco sector. AMP made that move as it overhauled its guidelines for investing ethically.
AustralianSuper chief Ian Silk has told fund members that the industry superannuation provider felt it had to exit tobacco because of the health problems caused by the sector.
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