As part of its vision to become a leader of responsible investments, Swedish insurance and financial group Folksam has decided not to invest in the gaming industry. The board decision was made in late 2019 and in the early months of 2020 all gaming equities were sold.
According to a press release from Folksam, the exclusion follows earlier decisions to not invest in categories like tobacco and controversial weapons.
"We cannot claim that investments in these types of businesses align with our vision. In addition, the necessary precautions would require too much work for us as owners and we are not even sure that precautions can guarantee improvements," says Emilie Westholm, Head of Responsible Ownership at Folksam, in a comment about the gaming industry.
The decision to exclude gambling has resulted in Folksam divesting all of its holdings in companies where more than five percent of sales come from gambling.
This post originally appeared on AM Watch.
