Next page . . . . Previous page . . . . Speeches . . . . Contents . . . . Sittings . . . . Search

Legislative Assembly for the ACT: 2006 Week 13 Hansard (14 December) . . Page.. 4276..

Cigarettes and tobacco—government funds

(Question No 1404)

Dr Foskey asked the Treasurer, upon notice, on 21 November 2006 (redirected to the Acting Treasurer):

(1) Can the Treasurer provide an assurance that no ACT Government funds are invested in tobacco companies or companies that conduct tobacco related activities;

(2) If the ACT Government does have any investment in tobacco companies or companies that conduct tobacco related activities, what companies are they, and what level of ACT Government funds are invested in them.

Ms Gallagher

: The answer to the member's question is as follows:

(1) All decisions on arrangements for the investment of ACT Government funds are made, deliverately, at arms length from Government, through the appointment of appropriate funds managers. That said, the Territory currently holds direct investments, through its funds managers, in three companies involved in tobacco related activities.

In addition a significant portion of the Territory's investments is held in units in an indexed fund, where portfolios are designed to replicate the returns of an entire national or international equity market. Because tobacco companies make up part of the overall market, the Territory may indirectly have funds invested in those companies through its index investments.

(2) As of time of preparation of this advice, the Territory had funds of approximately $9.0 million directly invested with organisations under the industry classification of 'Tobacco', in three overseas listed companies.

The three listed companies are:

� Altria Group

� Japan Tobacco

� Swedish Match

Kambah—mobile phone tower

(Question No 1405)

Dr Foskey asked the Minister for Planning, upon notice, on 21 November 2006:

(1) Who conducted the survey for the installation of the 3G mobile phone tower in Kambah;

(2) Who paid for the survey;

(3) Who in the ACT Government reviewed the results of the study and subsequent recommendations;

(4) What qualifications did that person have;

(5) Is the ACT Government convinced that the conduct of the survey was impartial;

Next page . . . . Previous page. . . . Speeches . . . . Contents . . . . Sittings . . . . Search