Home > Uncategorized > The Courier – Dundee councillors ‘not ready’ to decide on tobacco firm investments

The Courier – Dundee councillors ‘not ready’ to decide on tobacco firm investments

The Courier – Dundee councillors ‘not ready’ to decide on tobacco firm investments.

I look on this story regarding the Tayside pension fund in Scotland as a good news story.  Councillors there clearly want to show a lead in pulling out of tobacco, but quite rightly and properly they are taking legal advice on the matter.  However, it will be important that the advice obtained deals with all the legalities, not just fiduciary duty.  Article 5.3 of the Framework Convention on Tobacco Control is binding on Scottish local government.  The guidelines to that treaty state clearly that no branch of government shall have investments in the tobacco industry.  FCTC commitments is one of the prime reasons that New Zealand and Norway both gave when making the decision to divest from tobacco.  Dundee councillors and their legal advisers could do a lot worse than refer to the papers which led to those decisions in the respective countries (search this blog for New Zealand or Norway to find)

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