Letters / Ethical investments
It is always interesting to read an article about our councillors arguing over whether or not some of the SIC’s investments are ethical or not. It is even more interesting when there are calls to sell or suspend all trading in the shares concerned.
Various councillors have focused on the tobacco industry claiming they can no longer continue to invest due to the council’s growing responsibility to champion public health initiatives.
Yet these tobacco companies are some of the most successful on the FTSE 100, so one has to question why? Is it because the SIC currently hold shares in them? Or is it because the product is highly addictive and the government continues to allow it?
Since various councillors have voiced their concerns regarding investments in tobacco one has to wonder what their thoughts are on oil companies that have devastated the Niger Delta in Nigeria? Does this mean the SIC can no longer invest in oil companies?
Moving on to mining companies who completely removed Aboriginal natives from their homes to mine for gold in Australia; does this mean the SIC can no longer invest in mining companies?
How about the pharmaceutical industry where British drug maker GlaxoSmithKline had to pay $3 billion in fines — the largest health care fraud settlement in US history — for criminal and civil violations involving ten drugs that are taken by millions of people. Yet another industry out of bounds?
I’m afraid the SIC will find it very hard to invest in any of the FTSE 100 companies, if councillors stick by their so-called “ethics”.
I find it rather amusing that as councillors they work for the government, the government tax the tobacco industry, the government then dish out that tax to councils to spend.
Will the councillors be refusing this money that they get in their budget due to “ethical reasons”?
Do me a favour.
Best regards
Craig Johnson
Northmavine
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