Responsible Investment News

Auckland Council bans investment in weapons, tobacco, gambling firms

This appeared to contradict the polices it had to fight obesity, smoking and harm caused by alcohol.

Most of the council’s investment fund has since been sold off but the remaining $130m can no longer hold shares in weapons, tobacco, gambling or fossil fuels.

“We are absolutely stoked. This is such a big win for the climate and for the way we view fossil fuels as a country,” said Niamh O’Flynn, executive director of environmental group 350 Aotearoa.

Auckland was following in the footsteps of councils in San Franciso, Berlin, Melbourne and Dunedin, she said.

Councillors debated, but voted against, banning companies that make sugary or alcohol products.

Instead, the council’s investment managers must monitor its exposure to companies that make or sell such products.

Read full article here.