Sector ‘still unclear on CC14 investment guidance’
The fallout from the BBC Panorama investigation into Comic Relief's investments has highlighted the ongoing confusion in the sector over the Charity Commission's CC14 guidance.
Comic Relief (pictured) has today pledged to review its investment policy in the wake of last night's Panorama programme, which reported that in 2009, through managed funds, Comic Relief had more than £300,000 invested in shares in the alcohol industry, £630,000 invested in shares in BAE Systems and £3m invested in shares in three different tobacco companies. In 2009, Comic Relief had an investment portfolio worth £97m.
Kevin Cahill, Comic Relief's chief executive, admitted that the charity still had up to 5 per cent of its assets in "any of those particular areas". The Charity Commission has assessed Comic Relief’s approach to investment and has found no grounds for regulatory concern.
Sir Stephen Bubb, chief executive of Acevo, called the programme a “wake-up call”: “While thin in places, the Panorama programme shows we need more people in the sector looking seriously at ethically managed funds.”