Comic Relief pulls investment in alcohol

UK charity Comic Relief has brought an end to its investment in alcohol, arms and tobacco firms following an investigation by BBC documentary series, Panorama.

Comic-Relief-logo-007Following the programme, which aired in December last year and called into question the charity’s apparent conflicted interests, bosses spent two months reviewing its investment policy announcing this week that it was to cease investing in alcohol, tobacco and fire arms.

Comic Relief invests millions of pounds in the stock market to ensure it is able to deliver funds to charities over several years.

Diageo was one of the largest alcohol firms to receive investment from the charity, which investigators said compromised the “core values” of Comic Relief, along with investments in tobacco and arms.

The review panel, headed by John Kingston, chairman of the Association of Charitable Foundations, made five recommendations which included promises to be more transparent and increase its social investment.

Another recommendation was that Comic Relief should only ban investment in sectors that “directly conflict with its vision”, or bring the most “reputational risk”, adding that “trustees should aim for only a small number of absolute prohibitions”.

Tim Davie, the chairman of Comic Relief, said: “We now have an investment policy that is firmly in line with the ethos of the charity.

“Public trust is the cornerstone of Comic Relief and we would be nothing without our many supporters to whom we have listened and will keep listening.”

Following the airing of the programme, Diageo corporate relations director Allison Dowling told the spirits business:  “Diageo strongly refutes any suggestion that Comic Relief’s ambition to work to reduce alcohol misuse is in some way at odds with its own mission in promoting responsible drinking.”

Diageo said it would not be issuing a comment about the latest action but that it stood by its previous claim.

Comic Relief has raised nearly £1bn for worthwhile causes in the UK and abroad since it began in 1985.

Leave a Reply

Your email address will not be published. Required fields are marked *

Please note that comments are subject to our posting guidelines in accordance with the Defamation Act 2013. Posts containing swear words, discrimination, offensive language and libellous or defamatory comments will not be approved.

Subscribe to our newsletters

Sales Representative - Private Customers

Corney and Barrow
Central Hong Kong, HK

Export Manager UK On Trade

AdVini
Home based in London or the South East, GB

Global Head of Marketing

ATOM Brands
Tunbridge Wells, GB

Sales Executive

Three Wine Men
Home-based but must be available to travel throughout the UK with frequent trips to London, GB

Senior Sales Operations Executive

Enotria&Coe
Park Royal, London, GB

Sales Administrator

Les Caves de Pyrène
Guildford, UK

On Trade & Corporate Accounts Manager

The Champagne Company
Birmingham, UK

Customer Service Assistant

The Champagne Company
Birmingham, UK

Key Account Manager - Distilling Sector - Scotland

Boortmalt
Scotland - call for exact details, UK

UK Brand Ambassador - Ableforth’s

ATOM Brands
Field-based, UK

Pink Rosé Festival

Cannes,France
7th Feb 2018

VinoVision Paris

Paris,France
12th Feb 2018

Vinisud

Montpellier,France
18th Feb 2018
Click to view more

The Global Pinot Noir Masters 2018

Deadline : 26th January 2018

Cabernet Sauvignon Masters 2018

Deadline : 23rd February 2018

Click to view more

The Global Malbec Masters 2017

the drinks business is proud to announce the inaugural Global Malbec Masters 2017

The Global Sparkling Masters 2017

the drinks business is thrilled to announce the launch of The Global Sparkling Masters.

Click to view more