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Auckland drops controversial investments

NZ Newswire logoNZ Newswire 11/04/2017

Auckland Council has moved to get rid of its investments in weapons, tobacco, fossil fuels and gambling.

The council's Finance and Performance Committee on Tuesday agreed to change its responsible investment policy to exclude investments in companies in the industries

The committee stopped short of banning investment in sugary drinks, but says it will now ask its investment managers to more closely watch investments in companies that sell "high-sugar low-nutrient products".

While the council has been selling down its rainy day fund in the last two years, it still invests about $130 million and says it also plans to finish a full review of the portfolio in June.

Committee chair Ross Clow says the responsible investment issues are something many councillors and Auckland ratepayers felt " very strongly about".

"It has been clear for some time that our policy should meet certain ethical standards and changing the policy to exclude investments in some areas is a good outcome for all," he said.

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