University of Toronto to Sell-Off Tobacco Industry Holdings

University of Toronto to Sell-Off Tobacco Industry Holdings

Decision also Prohibits Future Investments in Tobacco

TORONTO, April 9 /CNW/ - After more than a year of petitioning and deliberation, the University of Toronto will be the first institution of higher education in Canada to divest from the tobacco industry, paving the way for others to follow. For the members of E-BUTT (Education-Bringing Youth Tobacco Truths), a student group at U of T, the decision marks a positive end to a long journey.
"It is an amazing feeling to see all of our efforts over the past year come together and lead to the right decision," said Tyler Ward, University of Toronto student and president of E-BUTT. "U of T president David Naylor made the right decision by not only divesting, but also prohibiting future investments in the tobacco industry, whos products kill more than 50 per cent of long-term users and harm the health of countless others."
U of T joins Ivy League university Harvard, as well as Stanford and Johns Hopkins, becoming the 24th institution of higher education in North America to divest its tobacco holdings. According to Naylor, the fact that "there is no serious academic or social debate about tobacco's health effects," along with the position taken on this issue by sister institutions, partner institutions and countries around the world helped him decide to accept E-BUTT's proposal.
"Against that background, our continued investment in tobacco companies was arguably something of a proverbial elephant in the room," continued Naylor. "It was our students - led by E-BUTT - who decided their university, the University of Toronto, should take a leadership position on this issue."
UTAM (University of Toronto Asset Management) has been instructed by Naylor to begin the divestment process immediately. As of December 31, 2005, U of T held approximately $10.5-million of tobacco industry stock, with investments in Japan Tobacco ($4.6 million), Altria Group Inc. ($4.5-million) and Rothmans Inc. ($1.4-million).



For further information: Tyler Ward, (416) 912-7079,
ebutt.studentaffairs@utoronto.ca