Nicabate

Two out of three Australians say no to tobacco in super funds

13-03-2008

Two out of three Australians don't want their superannuation funds to invest in tobacco, even if it returns good profits, a study has found.

However superannuation funds are likely to treat tobacco funds like any other investment and recent research by the Cancer Council NSW shows nearly one third of funds do hold tobacco shares.

 
"What is significant about this research is that these superannuation funds have barely considered the issue, treating investment in tobacco companies just like any of their other shareholdings, despite the fact their members are strongly opposed," said lead researcher Professor Raoul Walsh.
 
"Essentially this study brings to light the fact that almost everyone who holds retirement savings in super funds are likely to be inadvertent and unwilling investors in tobacco companies," he said.
 
Cancer Council director of health strategies, Anita Tang, said while impressive gains have been made in tobacco prevention, there was still a long way to go when it came to the policies and practices of Australian superannuation funds.
 
"Any financial gain to the tobacco industry, and therefore investors, is inextricably linked to increased death and ill-health in our community," Ms Tang said.
 
"We'd like to see Australian superannuation funds and their investors think more carefully about shareholdings in the tobacco industry, as a positive exercise of social responsibility and to realign their practices with the views of their members."