Co-op defends investment portfolio

THE Co-operative Group has defended its decision to invest in companies involved in controversial sectors such as oil, defence and tobacco.

The Co-op has built a reputation for ethical investment, adopting the slogan "Good for Everyone" and its bank has turned away business worth £1bn since 1992 on ethical grounds.

But its asset managment arm Co-operative Asset Management has millions of pounds invested in FTSE 100 companies such as Royal Dutch Shell, BP, British American Tobacco, Smiths Group and Imperial Tobacco.

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