Uh oh, Local Government Super is about to do something really bad

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Published: Thursday, 18 September 2014 12:31

On 1 October, the LGS Board will consider doing something that will change the Fund’s historic core values in investment.

Since 2000 LGS has refused to own tobacco, has screens against gambling, logging old-growth forests, poor governance, armaments and nuclear technology and uranium. These investment strategies have contributed positively to returns and haven’t compromised the Fund by investing in things with questionable or unacceptable risks.

LGS has received many awards and recognition and has been the leading Australian fund for these initiatives and the way it has managed carbon risk as we head towards a low-carbon future.

When the Board meets on 1 October, unless seven of the eight directors wake up to themselves, something really, really significant will change.

We will deal with this, when it happens, next month. We can tell you it won’t be unanimous resolution (because depa’s director on the Board won’t support it) and in the meantime, here is a hint: