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AUSTRALIA

Pension giant to divest tobacco stocks

04 Dec 2017. Superannuation provider AustralianSuper will offload its shares in tobacco companies because of health concerns, the Herald Sun reported.

The pension fund, which holds shares in Philip Morris and British American Tobacco, will divest its more than AUD 900 million (EUR 575 million) worth of shares in tobacco companies before the end of 2019, the newspaper said.

AustralianSuper chief Ian Silk reportedly told fund members it will divest tobacco holdings due to health problems caused by tobacco.

“We believe tobacco warrants special consideration due to its particular characteristics and the damage it causes,” Silk was quoted as saying.