PGGM has had discussions with companies in the tobacco sector to draw attention to a number of problems. These relate to problems surrounding the production of tobacco, such as employment conditions and child labour. In addition, there were concerns about the marketing and sale of tobacco products on young people. During these discussions, the companies concerned were unable to take away PGGM’s concerns. According to PGGM, the problems characterise this sector. Because of this and in combination with the problematic relationship between the product tobacco and the health and social sector, PGGM has decided to refrain from investing in this company in the PGGM mutual funds and in mandates we manage internally for individual clients.
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