Nine entertainment excluded from UCA Funds
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Ethical funds manager UCA Funds Management will exclude the Nine Entertainment Company from its eligible investment portfolio.
The decision to exclude Nine from the funds manager is due to the entertainment companies’ market leading position in attracting advertising revenue from the gambling industry.
Under UCA Funds Management’s ethical investment policy, companies involved in gambling are excluded from investment due to the negative effect it has on society.
The ethical funds manager is mainly concerned about the dominance of online gambling advertising and promotional placement screened in Nine’s G-rated time slots and prime-time sports broadcasts. This is accompanied by alcohol advertising, another industry excluded from investment by UCA Funds Management.
“Gambling is a large social issue, and our investors are concerned about the social impacts of increased gambling advertising. More companies should stop and think about where their profits are coming from and strive to be part of the solution, not part of the problem,” said UCA Funds, CEO, Michael Walsh.
“It is hoped that engaging with companies such as Nine Entertainment and the banks will shine a light on the rise of online gambling and its contribution to problem gambling.
“We encourage all companies to review where their profits are coming from and be socially responsible. Are they supporting the community or supporting the companies that are harming the community?”
When Nine Entertainment Company was excluded from investment UCA Funds Management invited the company to discuss their concerns. The media group has yet to respond.
