The investment fund’s holdings in these companies are significant: 
This is an important issue and, in
short, I do not believe superannuation investment should be investing in any
companies that do not act ethically.
During the time I chaired the Tayside Superannuation Investment Sub-Committee from 2005 to 2007, I had concern that
the fund was purely required to maximise returns for its members and I called for changes to legislation to be altered to give superannuation investment
funds more flexibility.
Guidance issued by government in
2011, together with the Chartered Institute of Public Finance &
Accountancy’s Pensions Panel guidance on investment decision making, now appears to
give welcome flexibility to superannuation investment funds to reject unethical
investments.
I have written to the City Council’s
Chief Executive and the Director of Corporate Services seeking clarification
about the actions of the pension fund and assurances that all investments will
henceforth take account of ethical and social considerations.