Kempen director of impact and responsible investment Narina Mnatsakanian said in a statement that the decision had been made because tobacco had a proven negative impact on society and that many international standards supported this position.
“In the experience of Kempen’s investment staff, active shareholder engagement with the tobacco industry alone is not enough to drive the fundamental change required,” Mnatsakanian said, explaining the decision to exclude tobacco from its funds.
However, the firm said that the exclusion did not apply to mandates, bespoke investment portfolios and multi-management funds.
