Comic Relief has said it will conduct a “full review” of its investment policy following an episode of BBC’s Panorama, which exposed “millions of pounds” donated to the charity have been invested in funds with shares in tobacco, alcohol and arms firms.
According to Panorama, between 2007 and 2009 Comic Relief invested “millions in managed funds, which in turn bought shares in tobacco, arms and alcohol companies”.
This, it added, included £630,000 in weapons manufacturer BAE Systems, £300,000 in the alcohol industry, primarily in Diageo, and £3m in three different tobacco companies.
A statement issued by Comic Relief said: “Comic Relief relies on the trust and support of the public to do its crucial work. We take seriously the concerns raised by the public about our investment policy.
“All of the decisions trustees have made over the years, including those on investments, have been made entirely to make sure that we can do the most good for the thousands of vital projects we support. Our policy in this area is clearly within Charity Commission guidelines.
“That said, we should never take public trust for granted and because of some of the issues raised this week we will look again at our investment policy and hold a full review.”
Comic Relief chief executive Kevin Cahill added: “Charity investments are a complex area and we have thought long and hard about our approach. We also take great care when considering the concerns of the public. It’s important in such circumstances not to just defend yourself, but to ask if there is anything we could do differently. That’s why we will conduct a review.”
Comments