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Comic Relief to stop investing in alcohol companies following independent review

Comic ReliefComic Relief to stop investing fundraising money from initiatives like Sport Relief in to alcohol drinks companies

Comic Relief has taken the decision to stop investing fundraising money in alcoholic drinks companies in a move that could lose the charity £1 million a year.

The move comes after it has faced criticism, most strikingly from BBC's Panorama programme, about where it was investing its money with allegations that some went towards arms manufacturers, and tobacco and  drinks companies. The programme alleged Comic Relief held £300,000 in shares in the alcohol industry between 2007 and 2009, according to a report in the Daily Telegraph.

Comic Relief has released a statement in which it states it will no longer "make investments in companies that manufacture armaments or tobacco products or whose primary business is the manufacture of alcohol products".

It follows an eight week independent review that in today's Telegraph claims Comic Relief had invested £630,000 in BAE Systems, more than £2 million in tobacco companies and also invested in drinks giant, Diageo.

Tim Davie, chairman of Comic Relief is reported as saying: "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.

"We now have an investment policy that is firmly in line with the ethos of the charity, at the same time as making sure that the money we raise can go further to change lives both here in the UK and abroad."

The independent panel said in its summary: "The focus of Comic Relief's revised investment policy should be on using the charity's capital to do good rather than merely preventing it from doing harm."

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