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County backs arms investments |
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20th June 2006 At a meeting of Full County Council today (20th June), Councillors from Conservatives, Labour and LibDems failed to support a motion from Green County Councillor Craig Simmons (text below) to look at ways of further reducing unethical investments held by the County's pension fund. Currently the County Pension fund invests £4.2m in 4 top arms companies. For more information see: http://www.caat.org.uk/ Says Cllr Simmons; "£4.2m is a lot of money but represents less than 1% of the total pension fund investments. Tightening the County's Socially Responsible Investment (SRI) guidelines to exclude this remaining investment makes sense both financially and ethically." FMI: Cllr Craig Simmons 01865 202257 1. Motion from Councillor Craig Simmons (lost 48 votes to 8)
“This Council notes that:
(a) the Oxfordshire Pension Fund had over £4.2 million worth of investment in the stock of arms companies, as of 31st December 2005(1);
(b) while the management of pension funds requires an adequate spread of investment to ensure a decent return, there are numerous examples of large institutions divesting from particular sectors, including from the arms trade. Notably, the Church of England maintains a successful stock portfolio while refusing to invest in the arms trade, alcohol, tobacco or gambling;
(c) Oxford University Congregation agreed in May to develop a Socially Responsible Investment policy, including divestment from the arms trade;
(d) many Oxfordshire County Council employees would wish to see the pension fund invested more ethically.
This Council believes that:
(a) the example of the Church of England, Oxford University and other large institutions in divesting from the arms trade is laudable;
(b) the County Council should direct its investments in a fashion that will promote the social good, and should not invest in the arms trade.
This Council resolves:
(a) in light of these concerns to ask the Pension Fund Committee to review its investments to ensure these comply with its own policy on Socially Responsible Investments;
(b) if (a) is found to require legislative change, to write accordingly to the Government asking it to make the necessary changes to investment regulations.
(1) At 31st December 2005, Oxfordshire Pension Fund held stock in BAE Systems (£1.2million); EADS (£2.25million); Lockheed Martin (£325,000); Northrop Grumman (£494,000) (Source: www.caat.org.uk)”
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