March 14, 2007 02:15am
HUNDREDS of millions of dollars from state politicians' superannuation funds are being invested in tobacco and petroleum manufacturing firms, it has been revealed.
Super SA, which invests the retirement savings of every state politician and public servant in the state, has $230 million in Exxon Mobil shares and $164 million in shares of cigarette manufacturer Philip Morris' parent company, Altria Group.
Greens MLC Mark Parnell yesterday accused the Government of being hypocritical for allowing the fund to invest in companies counter-productive to the aims of the state.
"While SA MPs are debating government Bills in Parliament to stop the harm caused by smoking and climate change, their own retirement funds are supporting companies that are working in the opposite direction," Mr Parnell said.
"I think many public servants would be horrified to discover their hard-earned money was being invested in companies that directly undermined the work they do."
Mr Parnell said his superannuation had to be invested with Super SA, and previous calls to set up an "ethical choice" which would not invest in these types of companies had been rejected.
"Fund members and the wider community should expect consistency between government policy and their investment strategy," he said.
"I wonder if Premier Rann, who regularly declares that climate change is a greater threat to the world than terrorism, is aware his super money helps fund groups that actively discredit the scientific consensus on climate change?"
Treasurer Kevin Foley yesterday said the companies chosen went through a "rigorous selection process".
"South Australia's public funds that are invested are managed by reputable funds management companies on our behalf," he said.
"The firms use their expertise to invest funds into companies that generate good returns in super funds."
Opposition Treasurer Rob Lucas said he was "wary" of Mr Parnell's proposition, and believed that Funds SA should be using any legal means to maximise returns for its investors.
Democrats MLC Sandra Kanck and Independent MP Nick Xenophon supported Mr Parnell's calls.
Mr Xenophon said he had wanted to opt out of the "generous" politicians' superannuation scheme and was shocked to learn his funds were being invested in the company which owns Philip Morris.
www.news.com.au/adelaidenow/story/0,22606,21376946-910,00.htmlwww.markparnell.org.au/campaign_prn.php?campaignn=15
www.gopetition.com.au/petitions/super-sa-socially-responsible-investment-option.html
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