The Conservative council's decision to invest in tobacco companies to maximise returns for its pension funds is par for the course for a Tory administration (Ethical investing goes up in smoke at council, Croydon Guardian, July 5).
The pensions sub-committee apparently acted on recommendations from advisors. If the remit of a financial advisor is to ensure a secure return on one's investment, then of course tobacco companies will be suggested.
However, the council should take into three things into account. Firstly, the performance of ethical funds show respectable growth.
Secondly, a series of further compensation claims may well affect the share price of tobacco companies.
Finally, is it socially irresponsible for a council to invest in an industry that is associated with the deaths of 100,000 people in the UK every year?
If anyone was unsure what the morals and ethics were of this Conservative council, then this example should confirm our apprehensions.
Shasha Khan
Croydon Green Party
Windmill Road
Croydon
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