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Sovereign Wealth Funds Briefing - Categorized | Ethical/Green Investments

Australia’s Future Fund stubs out tobacco

Posted on 02 April 2013

Australia’s Future Fund has extinguished its tobacco industry stakes. Announced in February, the move had been widely anticipated since David Gonski, chairman of the A$82.4 billion ($85.5 billion) sovereign wealth fund’s board of guardians, said last October that the board would review these holdings.
The $222 million divestment may carry extra symbolic weight given that Australia recently became the first country to enforce strict plain-packaging laws for cigarettes and other tobacco products. Although the Future Fund held 14 individual positions in tobacco producers, including Altria, Imperial Tobacco, Japan Tobacco and Lorillard, they added up to just 0.3 percent of its assets………………………………………..Full Article: Source


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