Comic Relief pulls investment from alcohol firms

Comic Relief has pulled its £300,000 investment in alcohol companies, including Diageo, following an investigation by BBC programme Panorama.

Comic Relief has ceased its investment in alcohol firms, including Diageo, following widespread criticism. Picture credit: Comic Relief.

In December last year, Panorama journalists criticised the UK charity for investing its funds in alcohol, tobacco and arms company shares.

Investigators claimed that Diageo was the largest alcoholic firm to receive investment, and that such investment compromised the “core values” of Comic Relief.

Since Comic Relief pays out its donations to other charities over several years, it invests millions of pounds in the stock market in order to “deliver the greatest benefits to the most vulnerable people”.

Diageo corporate relations director Allison Dowling hit out at Panorama’s claims, stating: “Diageo strongly refutes any suggestion that Comic Relief’s ambition to work to reduce alcohol misuse is in some way at odds with its own mission in promoting responsible drinking.”

However, shortly after Panorama aired its investigation, Comic Relief announced that it would be seeking to sell its holdings in alcohol, tobacco and arms companies while it conducted a two-month review of its investment strategy.

On Wednesday this week, the charity said it would no longer be investing in these industries, yet added that it would only be making a “small number of absolute prohibitions” and would not be looking to blacklist other controversial sectors.

“We now have an investment policy that is firmly in line with the ethos of the charity,” said Tim Davie, chair of Comic Relief.

“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.”

A Diageo spokesperson said that the company would not be issuing any comment about the action, but that it stood by its previous claim.