THE tobacco industry is set to lose about $20 million following a decision by Funds SA to exclude it from its investment portfolio.
Funds SA invests more than $18 billion on behalf of South Australia's public sector superannuation funds and its board has just resolved to exclude tobacco products from its portfolios wherever possible.
Health Minister Jack Snelling welcomes the decision, saying it's in line with the state government's public health objectives and community attitudes towards smoking.
"Tobacco is the leading preventable cause of disease in Australia and the government needs to continue to play its part in reducing tobacco-related deaths," Mr Snelling said on Friday.
The minister said the decision to exclude manufacturers of tobacco products would reduce Funds SA's exposure to tobacco producers to 0.04 per cent of its total assets.
Its exposure to tobacco manufacturers can't be completely eliminated as some investments are held through pooled investment vehicles such as unit trusts.
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