When Woolworths decided to spin off its bottle shop and pubs businesses, it was meant to signify a big moment for environmental, social and governance investing.
Though the official reason for the divestment was to simplify its operations, Woolies management no longer had to defend its status as the largest owner of poker machines in the country or one of the biggest booze retailers.
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Jonathan Shapiro writes about banking and finance, specialising in hedge funds, corporate debt, private equity and investment banking. He is based in Sydney. Connect with Jonathan on Twitter. Email Jonathan at jonathan.shapiro@afr.com
