Sent: 23-11-2010 13:50:37
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In September last year I wrote an article in my DIY Super column about ethical investing. You can read the article here: http://www.atcbiz.com.au/r.php?r=j1etyca
My main purpose in writing the article was to talk about the growing number of "green" funds or funds that took into account environmental impacts.
Back in September '09 client change was the topic de jour and to be a sceptic was to risk a short trip to the proverbial concentration camp for re-education.
So confident were many sections of the political and intellectual class about climate change that the then Federal Minister responsible for super matter, Senator Nick Sherry, wrote to APRA and asked it to release guidelines for "socially responsible investing". To the best of my knowledge this information still hasn't be released
As the article points out the biggest example of so called SRI was Arthur Scargill and his prolonged UK coal miner strikes in his futile efforts to bring down the Thatcher Government.
I raise this issue because a week or so ago, Cardinal Pell was recently asked about ethical investing in relation to tobacco, weaponry and alcohol (the normal 3 excluded nasties that have been removed from an eligible investing universe).
His Eminence pointed out that gambling, smoking and selling armaments are not intrinsically evil.
This is not to say that these activities cannot be used for evil purposes. This applies to almost all human endeavours. But one shouldn't be so narrow minded to assume that a something can never have a good purpose.
My article last year concluded that "Some superannuation lawyers say that 25 or 30 years ago some people might have agreed with Scargill but most people now would think his objections are quaint."
Will climate change go the same way?
Finally please consider purchasing a copy of "A How To Book Of Self Managed Super Funds". You can look at the contents page at the following link: http://www.atcbiz.com.au/r.php?r=0mjd6ne
The 3rd edition was released a few weeks ago.
For details of the changes made from version 2 to version 3 visit: http://www.http://www.atcbiz.com.au/r.php?r=7aj5d3d
There have been many changes to this book. Version 3.0 contains over 30 pages of new material.
This update has taken longer than I would like however I have been delayed due to a frustratingly steady stream of political policy announcments, review documents and the release of various ATO documents.
Two purchase options are available - once only subscription - $55 inc GST - or an annual subscription will gives you access to all the updates made throughout the year ($120 inc GST). The book can be purchased at the following link: http://www.atcbiz.com.au/r.php?r=5a4agqb
This email is general in nature only and does not constitute or convey specific or professional advice. Legislation changes may occur quickly. Formal advice should be sought before acting in any of the areas discussed. Be aware that the information in these articles may become innaccurate with time. Responsibility is disclaimed for any inaccuracies, errors or omissions. Particular investments are neither invited nor recommended and hence this publication is not "financial product advice" as defined in Section 766B of the above legislation. All expressions of opinion by contributors are published on the basis that they are not to be regarded as expressing the official opinion of any other person or entity unless expressly stated. No responsibility for the accuracy of the opinions or information contained in the contributor's articles is accepted by any other person or entity. Copyright: This publication is copyright. If you wish to reproduce this article you require a license, which can be purchased here, to do so.