Cornwall Council and Ethical Investments?
My fellow Cornwall Councillor Alex Folkes, The Packets Skipper and the West Briton have blogged/written about Cornwall Council’s investment in tobacco companies. It is not a small amount either; the total investment in the pension funds is £24.5 million.
I do understand the need to have a balanced portfolio in the pension fund to safeguard against any disaster. Yes, it only equates to 2% of the total fund, but still!
Cornwall Council regularly promotes via schools and its own in-house departments healthy living, eating and lifestyles. This is to be welcomed as it can help educate people to having a more balanced lifestyle which can lead to less long-term issues/illnesses. Still, to say on one hand to look after yourself and still invest in tobacco companies is hardly practising what you preach.
I believe Cornwall Council as a public body should have a more ethical policy towards investments, and the council should look at alternatives of investing this £24.5 million. A bigger question is what other ‘less’ ethical investments does Cornwall Council invest in?