Minnesota State Board of Investment voted to divest its $200 million worth of tobacco-related stocks over the next three years.
Joan Growe, secretary of state and a member of the $40 billion board, sponsored the resolution. Ms. Growe said she and others on the board had become uncomfortable with the risk-reward tradeoff of tobacco stocks.
Since June, external managers already had been told they should not buy any more tobacco-related stocks for the board, she said.
