TEDxSydney
Bronwyn King: You may be accidentally investing in cigarette companies
Filmed:
Readability: 4.5
2,880,250 views
Tobacco causes more than seven million deaths every year -- and many of us are far more complicit in the problem than we realize. In a bold talk, oncologist Dr. Bronwyn King tells the story of how she uncovered the deep ties between the tobacco industry and the entire global finance sector, which invests our money in cigarette companies through big banks, insurers and pension funds. Learn how Dr. King has ignited a worldwide movement to create tobacco-free investments and how each of us can play a role in ending this epidemic.
Bronwyn King - Oncologist, tobacco-free advocate
Dr. Bronwyn King on a mission to save a billion lives -- from tobacco, the greatest preventable cause of premature death. Full bio
Dr. Bronwyn King on a mission to save a billion lives -- from tobacco, the greatest preventable cause of premature death. Full bio
Double-click the English transcript below to play the video.
00:13
In 2001, I was a brand new, shiny doctor,
planning to save the world.
planning to save the world.
0
1540
5368
00:19
My first job was working for three months
on a lung cancer unit.
on a lung cancer unit.
1
7563
4267
00:24
Nearly all of my patients
were smokers or ex-smokers,
were smokers or ex-smokers,
2
12241
3396
00:27
and most of them had started
smoking when they were children
smoking when they were children
3
15661
3516
00:31
or in their early teens.
4
19201
1722
00:33
And despite living
in a beautiful, wealthy country,
in a beautiful, wealthy country,
5
21427
3587
00:37
with access to the most
sophisticated medicines,
sophisticated medicines,
6
25038
3738
00:40
nearly every single one
of my patients died.
of my patients died.
7
28800
3000
00:44
Everyone knows tobacco is bad,
8
32331
1945
00:46
but when you see the impact
firsthand, day-by-day,
firsthand, day-by-day,
9
34300
3055
00:49
it leaves a very deep impression.
10
37379
2420
00:52
Ten years later,
I'm a radiation oncologist,
I'm a radiation oncologist,
11
40895
3277
00:56
fully aware of the suffering
caused by tobacco.
caused by tobacco.
12
44196
3301
00:59
I'm sitting at the hospital cafeteria,
having my first ever meeting
having my first ever meeting
13
47990
3999
01:04
with a representative
from my superannuation fund.
from my superannuation fund.
14
52013
3072
01:07
It was thrilling,
I'm sure you can imagine.
I'm sure you can imagine.
15
55109
2071
01:09
(Laughter)
16
57204
1540
01:10
He tells me I'm in the default option.
17
58768
2611
01:13
And I said, "Option? Does that mean
there are other options?"
there are other options?"
18
61403
3157
01:16
He looked at me,
rolled his eyes, and said,
rolled his eyes, and said,
19
64584
3722
01:20
"Well, there is this one greenie option
20
68330
2976
01:23
for people who have a problem with
investing in mining, alcohol or tobacco."
investing in mining, alcohol or tobacco."
21
71330
4619
01:29
I said, "Did you just say tobacco?"
22
77307
1699
01:31
He said, "Yes."
23
79030
1150
01:32
I said, "So, are you telling me
I'm currently investing in tobacco?"
I'm currently investing in tobacco?"
24
80673
3444
01:36
And he said, "Oh, yes, everyone is."
25
84141
2928
01:40
When you invest in a company,
you own part of that company.
you own part of that company.
26
88292
3816
01:44
You want that company to grow
and succeed and thrive.
and succeed and thrive.
27
92589
3460
01:48
You want that company
to attract new customers,
to attract new customers,
28
96073
2492
01:50
you want that company
to sell more of its products.
to sell more of its products.
29
98589
2643
01:54
And when it comes to tobacco,
30
102046
1555
01:55
I couldn't think of anything
that I wanted less.
that I wanted less.
31
103625
3267
01:59
Now, I know you can only see
one person standing here
one person standing here
32
107846
2509
02:02
on this big red dot,
on this enormous stage.
on this enormous stage.
33
110379
3000
02:05
But instead, I would like you to imagine
34
113942
3092
02:09
that you're looking
at seven million people
at seven million people
35
117942
3572
02:13
crammed up here beside me today.
36
121538
3039
02:17
Seven million people across the world
have died as a result of tobacco
have died as a result of tobacco
37
125538
6753
02:24
in the past year alone.
38
132315
2357
02:27
Just imagine, if a brand new industry
were launched today,
were launched today,
39
135776
2826
02:30
and by the end of next June,
40
138626
1460
02:32
that industry's products
had killed seven million people.
had killed seven million people.
41
140110
4906
02:37
Would any of us invest
in that new, deadly industry?
in that new, deadly industry?
42
145539
4621
02:43
Tobacco is one of the most
pressing global issues of our time,
pressing global issues of our time,
43
151186
4079
02:47
and most of us are far more complicit
in the problem than we may realize.
in the problem than we may realize.
44
155289
4859
02:53
So, the super fund representative
explained to me
explained to me
45
161420
2485
02:55
that tobacco companies would be found
46
163929
1968
02:57
in the international shares portion
of my portfolio.
of my portfolio.
47
165921
4045
03:02
So I asked him, "Well,
which international shares do I have?"
which international shares do I have?"
48
170386
3337
03:06
He got back to me
two weeks later with this list:
two weeks later with this list:
49
174220
3048
03:09
my number one holding
in international shares
in international shares
50
177292
3886
03:13
was British American Tobacco.
51
181202
1933
03:15
Number two, Imperial Tobacco.
52
183805
2420
03:18
Number four, Philip Morris.
53
186575
1991
03:21
And number five,
the Swedish Match company.
the Swedish Match company.
54
189165
2721
03:23
Four of the top five companies
were tobacco companies,
were tobacco companies,
55
191910
2699
03:26
my investments, an oncologist.
56
194633
2253
03:29
And then I realized it wasn't just me.
57
197458
2302
03:31
It was all members of my super fund.
58
199784
1888
03:34
And then I realized it wasn't just
my super fund, it was all of them.
my super fund, it was all of them.
59
202125
3253
03:37
And then I realized,
it wasn't just superannuation funds,
it wasn't just superannuation funds,
60
205402
2684
03:40
it was banks, insurers and fund managers.
61
208110
3094
03:43
And then I realized
it wasn't just Australia.
it wasn't just Australia.
62
211228
2873
03:46
It was the entire global finance sector,
63
214125
2912
03:49
completely tangled up
with the tobacco industry.
with the tobacco industry.
64
217061
2635
03:51
The industry that makes products
that kill seven million people every year.
that kill seven million people every year.
65
219720
5207
03:57
So I started discussing the issue
with my superannuation fund,
with my superannuation fund,
66
225475
3167
04:00
and I've been discussing it ever since.
67
228666
2110
04:03
Finance leaders have many challenging
issues to deal with, these days.
issues to deal with, these days.
68
231125
3738
04:06
So I suggest they adopt a framework
69
234887
2801
04:09
that clearly articulates
why it is reasonable
why it is reasonable
70
237712
3119
04:12
to take a strong position on tobacco.
71
240855
2381
04:15
I suggest finance leaders
ask a suite of three questions
ask a suite of three questions
72
243847
4602
04:20
of any company in which
they might invest our money.
they might invest our money.
73
248473
3533
04:24
Question one:
74
252465
1524
04:26
Can the product made
by the company be used safely?
by the company be used safely?
75
254013
4617
04:31
"No" is the answer for tobacco companies.
76
259156
2880
04:34
Zero is the only safe number
of cigarettes for a human being.
of cigarettes for a human being.
77
262060
3422
04:37
It could not be more black and white.
78
265506
2166
04:40
Question two:
79
268291
1524
04:41
Is the problem caused by the company
so significant on a global level
so significant on a global level
80
269839
5048
04:46
that it is subject
to a UN treaty or convention?
to a UN treaty or convention?
81
274911
3266
04:50
"Yes" is the answer for tobacco.
82
278974
2119
04:53
Indeed there is a UN tobacco treaty
83
281117
2984
04:56
that has been ratified by 180 countries.
84
284125
3426
05:00
The treaty was created
85
288215
1707
05:01
because of the catastrophic
global impact of tobacco.
global impact of tobacco.
86
289946
3667
05:06
The current forecast
is that the world is on track
is that the world is on track
87
294192
4044
05:10
for one billion tobacco-related
deaths this century.
deaths this century.
88
298260
4390
05:15
One billion deaths.
89
303292
1266
05:16
There's only seven billion of us.
90
304998
2200
05:20
Question three relates
to the concept of engagement.
to the concept of engagement.
91
308085
3883
05:24
Many financial organizations genuinely
want to be good corporate citizens.
want to be good corporate citizens.
92
312355
3817
05:28
They want to use their shareholder power
93
316577
2746
05:31
to sit down with companies,
engage with them,
engage with them,
94
319347
2310
05:33
and encourage them to do better things.
95
321681
2126
05:35
So the question is:
96
323831
1556
05:37
Can engagement with the company
be an effective lever for change?
be an effective lever for change?
97
325411
4781
05:43
"No" is the answer for tobacco companies.
98
331026
2801
05:46
Engagement with
the tobacco industry is futile.
the tobacco industry is futile.
99
334153
2621
05:49
The only acceptable outcome would be
100
337157
1778
05:50
if tobacco companies ceased
their primary business.
their primary business.
101
338959
3334
05:54
In fact, engagement
with the tobacco industry
with the tobacco industry
102
342712
2680
05:57
has never led to less human death.
103
345416
3820
06:02
When we consider that framework,
three simple questions,
three simple questions,
104
350387
3277
06:05
we can see that is reasonable
and defensible
and defensible
105
353688
3405
06:09
to take a strong position and exclude
investment in the tobacco industry.
investment in the tobacco industry.
106
357117
5176
06:15
In addition to the UN tobacco treaty,
107
363663
2365
06:18
there is, in fact, another global treaty
that demands that we act on tobacco.
that demands that we act on tobacco.
108
366052
4322
06:22
In 2015, the UN adopted
the Sustainable Development Goals.
the Sustainable Development Goals.
109
370972
4772
06:28
Now, we're talking about tobacco,
110
376069
1635
06:29
and I know you're going to jump
straight to number three:
straight to number three:
111
377728
2739
06:32
good health and well-being.
112
380491
1316
06:33
And indeed, ramping up
tobacco control regulation
tobacco control regulation
113
381831
2313
06:36
is essential if we're going
to achieve that goal.
to achieve that goal.
114
384168
2351
06:38
However, look a bit more deeply,
115
386543
2336
06:40
and you will find that 13
of the 17 goals cannot be achieved
of the 17 goals cannot be achieved
116
388903
5031
06:45
unless there is a major shake-up
of the tobacco industry.
of the tobacco industry.
117
393958
3596
06:50
Personally, my favorite goal is number 17:
118
398323
2989
06:53
partnerships for the goals.
119
401336
1800
06:55
At present, we have the entire global
health sector doing everything it can
health sector doing everything it can
120
403478
5682
07:01
to help the tidal wave of patients
suffering as a result of tobacco.
suffering as a result of tobacco.
121
409184
3893
07:05
But that said, in the past year alone,
seven million people have died,
seven million people have died,
122
413450
3302
07:08
so clearly, that is not enough.
123
416776
1936
07:11
We also have governments
aligned on tobacco, 180 of them,
aligned on tobacco, 180 of them,
124
419323
3564
07:14
busily trying to implement
the provisions of the UN tobacco treaty.
the provisions of the UN tobacco treaty.
125
422911
3999
07:18
But that, too, is not enough.
126
426934
2444
07:22
If the global finance sector continues
to lend money to tobacco companies,
to lend money to tobacco companies,
127
430038
6301
07:28
to invest in tobacco companies,
128
436363
2357
07:30
and to strive to profit
from tobacco companies,
from tobacco companies,
129
438744
2992
07:33
we are working against each other.
130
441760
2267
07:36
Now, if we are going to disrupt
131
444411
2388
07:38
what doctors call
"the global tobacco epidemic,"
"the global tobacco epidemic,"
132
446823
3699
07:42
we need every sector of society
to stand side by side
to stand side by side
133
450546
4118
07:46
and be part of the solution.
134
454688
1867
07:49
So I call on finance leaders
135
457385
2246
07:51
to implement a framework
to deal with sensitive issues.
to deal with sensitive issues.
136
459655
3730
07:55
And I call on them to uphold
global conventions.
global conventions.
137
463409
3340
07:59
But in addition, there are business risks.
138
467307
2691
08:02
Pure financial risks, associated with
being invested in the tobacco industry
being invested in the tobacco industry
139
470022
4698
08:06
over the long term,
140
474744
1412
08:08
and I ask finance leaders
to consider them.
to consider them.
141
476180
3069
08:12
The first risk is that fewer
and fewer people will smoke,
and fewer people will smoke,
142
480006
4091
08:16
as a result of increasing
tobacco regulation.
tobacco regulation.
143
484121
3067
08:19
When these warnings were put
on cigarette packets in Canada,
on cigarette packets in Canada,
144
487891
3695
08:23
[Tobacco can make you impotent]
145
491610
1562
08:25
the first response of smokers was
to give them right back to the salespeople
to give them right back to the salespeople
146
493196
3678
08:28
and say, "Could you please just give me
the ones that say they'll kill me?"
the ones that say they'll kill me?"
147
496898
3583
08:32
(Laughter)
148
500505
1553
08:34
Regulation gets noticed,
regulation reduces consumption,
regulation reduces consumption,
149
502082
3737
08:37
and we have 180 countries
committed to more regulation.
committed to more regulation.
150
505843
4464
08:43
Let's talk about litigation
and the risk that presents.
and the risk that presents.
151
511061
3127
08:46
At present, it's the business model
of the tobacco industry
of the tobacco industry
152
514664
4143
08:50
that is being challenged.
153
518831
1667
08:53
Currently, the tobacco industry
externalizes all of the health costs
externalizes all of the health costs
154
521133
4923
08:58
associated with tobacco.
155
526080
1904
09:00
Governments pay,
communities pay, you pay, I pay.
communities pay, you pay, I pay.
156
528326
3388
09:04
The tobacco industry
externalizes all those costs,
externalizes all those costs,
157
532222
4027
09:08
with an estimated one trillion
US dollars per year.
US dollars per year.
158
536273
3809
09:12
Yet they internalize
and privatize the profits.
and privatize the profits.
159
540527
3200
09:16
In 2015, in Quebec province,
160
544614
2906
09:19
the courts determined
that the tobacco industry
that the tobacco industry
161
547544
2207
09:21
was indeed responsible
for those health costs,
for those health costs,
162
549775
2800
09:24
and ordered them to pay
15 billion US dollars.
15 billion US dollars.
163
552599
2476
09:27
That case is under appeal.
164
555457
1779
09:29
But it begs the question,
why should any of us, in any country,
why should any of us, in any country,
165
557260
6119
09:35
be paying for the costs
of the tobacco industry?
of the tobacco industry?
166
563403
3475
09:40
Let's move on to supply chain
and the risk there.
and the risk there.
167
568301
3761
09:44
It is not well known
168
572086
1873
09:45
that the tobacco industry
significantly relies on child labor.
significantly relies on child labor.
169
573983
5499
09:53
In March 2017, the International
Labour Organization
Labour Organization
170
581394
3374
09:56
issued a report which stated:
171
584792
2786
09:59
"In tobacco-growing communities,
child labor is rampant."
child labor is rampant."
172
587602
5063
10:05
The US Department of Labor
173
593499
1492
10:07
currently lists 16 countries
that use children to produce tobacco leaf.
that use children to produce tobacco leaf.
174
595015
6484
10:14
Scrutiny of supply chains is intensifying,
175
602155
2468
10:16
and that cannot continue
to escape public attention.
to escape public attention.
176
604647
3230
10:20
Finally, there is also
reputation risk to consider
reputation risk to consider
177
608218
3177
10:23
for individuals and organizations
that continue to maintain an affiliation
that continue to maintain an affiliation
178
611419
4991
10:28
with the tobacco industry.
179
616434
1508
10:29
In countless surveys,
180
617966
1721
10:31
the tobacco industry ranks
as the world's least reputable industry.
as the world's least reputable industry.
181
619711
4200
10:36
Let's just look at the impact on children.
182
624640
2279
10:39
Globally, every single day,
183
627355
3628
10:43
it is estimated that
100,000 children start smoking.
100,000 children start smoking.
184
631007
5419
10:48
That's enough children to fit
inside the Melbourne Cricket Ground.
inside the Melbourne Cricket Ground.
185
636807
3841
10:53
And most of those children
are from the poorest communities on earth.
are from the poorest communities on earth.
186
641188
3611
10:57
Here in Australia, the average age
that people start smoking
that people start smoking
187
645252
4698
11:01
is 16 years and two months.
188
649974
2571
11:05
They look pretty young to me,
but the worst thing here
but the worst thing here
189
653338
2541
11:07
is that while we don't have
data from every country on earth,
data from every country on earth,
190
655903
2888
11:10
we believe that is the oldest age.
191
658815
2158
11:13
Everywhere else is younger.
192
661427
2221
11:16
Now for the good news.
193
664760
1809
11:18
Things are changing.
194
666593
1309
11:19
The finance sector is coming to the party.
195
667926
2675
11:22
After around 2,000 meetings
with finance leaders,
with finance leaders,
196
670974
3238
11:26
primarily in the cafés
of Melbourne and Sydney
of Melbourne and Sydney
197
674236
2540
11:28
and London and Paris and New York
and all across the globe,
and all across the globe,
198
676800
3507
11:32
momentum, moving away from investment
in the tobacco industry,
in the tobacco industry,
199
680331
3971
11:36
is starting to snowball.
200
684326
1745
11:38
Finance leaders are alarmed
when they're presented with the facts,
when they're presented with the facts,
201
686095
3191
11:41
and overwhelmingly,
they want to be part of the solution.
they want to be part of the solution.
202
689310
3491
11:45
Here, in Australia, we now have
203
693357
2990
11:48
10,636,101 superannuation accounts
204
696371
6651
11:55
that are tobacco-free.
205
703046
1340
11:56
That one is mine, by the way.
206
704410
1728
11:58
(Applause)
207
706162
6915
12:05
There is still a lot of work to be done,
208
713101
1913
12:07
but I've watched the conversation go
from "Should we go tobacco-free?"
from "Should we go tobacco-free?"
209
715038
3618
12:10
to "Why haven't we done it yet?"
210
718680
1920
12:13
In the past year alone,
211
721174
1214
12:14
major tobacco-free moves have been made
by leading financial organizations
by leading financial organizations
212
722412
4254
12:18
in eight different countries.
213
726690
2095
12:20
In Australia, New Zealand,
the Netherlands, Sweden,
the Netherlands, Sweden,
214
728809
3038
12:23
Denmark, France, Ireland and the USA.
215
731871
3063
12:26
By sovereign wealth funds,
fund managers, pension funds,
fund managers, pension funds,
216
734958
3302
12:30
banks, insurers and reinsurers.
217
738284
2301
12:32
Since tobacco-free portfolios began,
218
740609
2135
12:34
more than six billion dollars
has been redirected
has been redirected
219
742768
3378
12:38
away from investment
in the tobacco industry.
in the tobacco industry.
220
746170
3137
12:41
The case study is well and truly proven.
221
749331
2667
12:45
When making the tobacco-free
announcement in March this year,
announcement in March this year,
222
753069
3103
12:48
the CEO of AMP Capital said,
223
756196
2873
12:51
"We are not prepared to deliver
investment returns
investment returns
224
759093
3706
12:54
at any cost to society."
225
762823
2325
12:58
And that is the question
we need to ask ourselves.
we need to ask ourselves.
226
766117
2539
13:01
Is there no baseline standard
below which we will not sink
below which we will not sink
227
769030
4682
13:05
to make profit?
228
773736
1150
13:08
Along the way, I've had a lot of help
and incredible support.
and incredible support.
229
776363
2968
13:11
Now, if you're trying to do something,
230
779355
1833
13:13
I highly recommend that you have
a princess on your team.
a princess on your team.
231
781212
2889
13:16
Her Royal Highness, Princess Dina Mired,
232
784871
2301
13:19
is the global ambassador for this work.
233
787196
2841
13:22
We also have a lord,
a knight, a former premier,
a knight, a former premier,
234
790061
2851
13:24
a former federal minister
and a stack of CEOs.
and a stack of CEOs.
235
792936
3005
13:28
But the capacity to change things
236
796373
2143
13:30
does not rest exclusively
with these highly influential people.
with these highly influential people.
237
798540
3972
13:34
The power to do that is with all of us.
238
802992
3031
13:38
Everyone here can be part of the solution.
239
806696
2643
13:41
In fact, everyone here must be
part of the solution.
part of the solution.
240
809363
3900
13:45
Most people in this room own companies
241
813809
4047
13:49
via their superannuation funds,
their banks and their insurers.
their banks and their insurers.
242
817880
4267
13:54
And it is time for us to ask them:
243
822483
2790
13:57
Are they investing our money
in companies that make products
in companies that make products
244
825297
4252
14:01
that kill seven million people every year?
245
829573
2745
14:04
It's your money.
246
832342
1270
14:05
It's my money, it's our money.
247
833636
1687
14:07
And that is a very reasonable question.
248
835347
3198
14:11
Pretty cramped up here,
249
839379
1595
14:13
with seven million people beside me today.
250
841824
2558
14:16
But if we don't act now, and act together,
251
844823
3269
14:20
we'll need to make way
for one billion people
for one billion people
252
848116
3380
14:23
before the end of this century.
253
851520
2067
14:25
And this is a very big stage.
254
853960
2405
14:28
But there is no more room.
255
856841
1960
14:30
Thank you.
256
858825
1167
14:32
(Applause)
257
860016
4872
ABOUT THE SPEAKER
Bronwyn King - Oncologist, tobacco-free advocateDr. Bronwyn King on a mission to save a billion lives -- from tobacco, the greatest preventable cause of premature death.
Why you should listen
After stumbling upon what she calls "the missing piece of global tobacco control," Dr. Bronwyn King abandoned plans for a career in medicine to start Tobacco Free Portfolios, a charity that brings the reality of tobacco into corporate boardrooms across the globe.
By working collaboratively with the global finance sector -- big banks, insurers and pension funds -- Dr. King and her team have been instrumental in major financial organizations in a dozen countries moving to tobacco-free finance, shifting more than twelve billion US dollars away from investment in tobacco. And she is just getting started.
Dr. King previously worked as Team Doctor for the Australian Swimming Team, was listed in 2014 as one of the Westpac/Australian Financial Review 100 Women of Influence and has received a host of medals and awards for building a bridge between the global health and finance sectors.
Bronwyn King | Speaker | TED.com