ITV Wales can reveal Assembly Members' pensions are benefiting from investments in tobacco and gambling companies, along with a firm involved in so-called 'fracking' for shale gas.
The members' scheme is also investing around £90,000 in Burberry - a company which made staff redundant from its factory in Treorchy back in 2007 and saw a strong campaign from a number of AMs to keep the work in Wales.
Members pay into a pension scheme, which also receives contributions from the public purse.
There is no suggestion of any impropriety on the part of AMs, but, campaigners have questioned the wisdom of some of these investments.
Friends of the Earth are demanding the Assembly looks again at where the funds are invested.
William Graham AM, Chair of the Trustees of the AMs’ pension scheme, said he was "satisfied" that the Trustees had acted reasonably and in accordance with professional advice.
Here is Mr Graham's statement in full: