UNITED KINGDOM
Scottish Widows stops tobacco investments

British pensions provider Scottish Widows has announced that it will not be investing in tobacco stocks in the future, reports Reuters.

Scottish Widows, which is part of the Lloyds Banking Group, said that next to tobacco it will cut back its investments in coal adding a total of GBP 1.5 billion to its exclusions of investments deemed to pose a threat to its environmental, social and governance (ESG) goals, reports Reuters.
The pension provider, that has GBP 190 billion in assets under administration, said that moving forward it would not be investing in companies with more than 10 per cent revenue coming from tobacco.
"Industries such as tobacco are at severe risk of becoming stranded assets, as they face intense pressure from investors, regulators and consumers, and consistently fail to properly address the social impacts of their products and within their supply chain," said Maria Nazarova-Doyle, Scottish Widows head of pension investments and responsible investments.

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