Major investors set example to local authorities with commitment to selling shares in cigarette makers

Some of the world’s largest investment firms have thrown their weight behind efforts to combat smoking, sparking renewed calls for UK local authorities to divest all their shares in the tobacco industry from their pension fund investments.

More than 50 companies managing $3.8tn of money, including pension funds and insurers, declared support for “tobacco control measures being taken around the world” – even though some of them still own shares in tobacco businesses. In a joint statement, released to coincide with World No Tobacco Day, they said: “We in the investment community are becoming increasingly aware of the important role we can play in helping to address the health and societal impacts of tobacco.”

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