Greens senator Richard Di Natale said it was appalling that the fund, which was set up to cover federal public service superannuation liabilities, was investing money in a toxic product. "The Future Fund hides behind vague principals such as 'engagement' in order to reassure the community that it encourages good corporate behaviour," the senator said in a statement issued Tuesday.
"Engagement can be a valuable strategy for improving some corporate activity, but in the case of big tobacco it's just smoke and mirrors." Earlier, Future Fund managing director Mark Burgess told a senate budget estimates hearing in Canberra the fund's investment in tobacco shares had reduced to $210 million on June 30, from nearly $250 million in February.
National health groups have called on fund chair David Gonski to urgently review of its investment. "It is simply irrational to have the good work that the federal government has done in tobacco plain packaging and tax measures undermined by unhealthy Future Fund investments that help support the tobacco industry," Australian Medical Association vice president Geoffrey Dobb said in a statement.
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