But the ACT Government will not reveal exactly where its $1.8 billion public service superannuation fund is invested, saying the stock list is commercial-in-confidence and changes often.

The Government became Australia's first to sign the United Nations' Principles of Responsible Investment in July last year.

The Canberra Times had revealed a year earlier that ACT taxpayers were supporting ethically questionable industries such as tobacco, logging and poker machines, as well as manufacturers of cluster bombs, which Australia has now banned.

Chief Minister Jon Stanhope ordered a review of the investments, saying he was uncomfortable with some of the companies' work. But the Government has not instructed its investment managers to sell any shares since then, nor has it exercised voting rights at company meetings.

Treasurer Katy Gallagher said yesterday that it had, however, hired an investment consultant, Regnan, to discuss environmental, social and governance issues with companies on the Government's behalf.

She also confirmed the Government invested in tobacco companies directly and indirectly through a managed fund, but the ACT's financial exposure was ''minimal''.

The UN principles do not require signatories to divest any shares, but they are expected to consider environmental, social and governance issues when deciding how to invest.

''The Government maintains a risk-based approach to investing, which means the fund managers make decisions about whether to invest or divest shares ... on a risk and return basis,'' Ms Gallagher said.

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