Dear Fellow Supporters of Integrated Reporting,

On May 31, 2019 I published a piece in Barron’s titled “How to Get Big Tobacco to Quit Cigarettes.” The basic thesis is that exclusion of tobacco stocks alone is not how the capital markets can best push for the elimination of cigarette smoking.

While I respect the decision of those who have chosen to exclude these stocks, I also argue that “Those who hold tobacco stocks have a responsibility to engage with these companies to reduce and eliminate cigarette smoking and to encourage them to transform their business models to one whose success is not based on selling addictive, cancer-causing products.” This will require a major transformation in their business model, a transformation about as big as you can imagine.

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Kind regards,

Bob