Finished the guns and tobacco for the doctors

Pierre Couture

Wednesday, 28 February 2018 10:34

UPDATE
Thursday, march 1, 2018 00:35

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The pension plan for quebec physicians will withdraw from the sector of firearms and tobacco. The Fédération des médecins omnipraticiens du Québec (FMOQ) confirmed on Wednesday that it was reviewing its investment policy.

• READ ALSO: doctors invest in firearms

“We do not value in any circumstance, this kind of investment. As a result, it was given as instruction to the managers, to withdraw quickly from this type of investment “, said vice-president of the Fonds FMOQ, Jean-Pierre Tremblay.

As reported by The Journal on Wednesday, the FMOQ, which holds its own fund for investment and retirement for its members, held an interest in at least two of the largest manufacturers of firearms in the United States.

Producers of cigarettes

The Newspaper has also discovered that the Fund FMOQ also had holdings in cigarette producers Philip Morris and Altria Group.

According to Morningstar, the Fund FMOQ international equity held at 31 December last year more than 5200 shares in the arms manufacturer Vista Outdoor and approximately 1,000 shares of the manufacturer Sturm, Ruger & Company.

In Canada, the Fonds FMOQ international equity is part of the 10 largest shareholders of these two manufacturers of firearms with the TD Bank, CIBC and HSBC Bank, according to Morningstar.

Pressure doctors

According to Mr. Tremblay, the pension fund of general practitioners in quebec has decided to revise its investment policy in the wake of our coverage and the pressure of its members.

The Fonds FMOQ acknowledges having received several calls from members who have asked him to revise on-the-field its management policy.

“It goes without saying that the manufacture and trade of firearms contrary to the values of general practitioners and that, as soon as we were made aware of this situation, we have taken the necessary measures “, said the vice-president of the Fonds FMOQ.