Town Hall reporter KEN LEE on a move to bring a more ethical approach to the council’s massive pension fund
World War III: a petition has been launched to stop your council’s money being invested in the arms trade
As global tensions increase over the Russian invasion of Ukraine, with permission being given by the United States for American missiles to be used against targets inside Russia, here in Croydon some councillors are demanding that the local authority stops investing in the companies behind many of the weapons being used in war zones around the world.
Green councillors Ria Patel and Esther Sutton have set up a petition calling for the council to end its investments in the arms trade and those companies supporting or enabling war crimes, human rights atrocities or genocide.
Croydon Council’s pension fund is estimated to be worth at least £1.9billion. The fund doubled in size between 2016 and 2022.
Councillors on the pension committee have in the past voted to divest in all arms companies – but council officials refused to follow through on this democratic decision.
Ethical activists: Croydon’s Green councillors, Esther Sutton (left) and Ria Patel
Patel and Sutton, councillors for Fairfield ward, want the council to adopt an ethical investments policy, stating that the council has obvious moral and ethical obligations.
To trigger a debate at the next meeting of full council in the Town Hall Chamber, the petition requires 2,000 signatures from people who are registered to vote in Croydon, before the end of this week.
The petition states: “Croydon should not be investing public money in companies that support and enable regimes to commit war crimes, human rights atrocities or genocide. Croydon residents have family and community connections to people across the world who are suffering, and our council should not be supporting those abuses.”
Collectively, local authority pension funds have more than £500million invested in the arms trade and more than £4.4billion “in companies complicit in Israel’s oppression of Palestinians”.
The petition states: “Croydon should not be trying to profit from atrocities. The Law Commission of England and Wales has issued guidance clarifying that ‘there are no legal or regulatory barriers to social investment’ and reminded trustees bluntly that ‘it is possible to do well and do good at the same time’.”
The petition cites the genocide being committed against Uyghurs and other groups in Xinjiang, China, as well as “accusations of apartheid genocide by Israel in the occupied Palestinian territories”.
It continues: “The former leader of Croydon Council issued a statement in support of Ukraine following the invasion by Russia and residents have highlighted the ongoing crimes and atrocities being committed in Yemen, West Papua, Western Sahara, Democratic Republic of Congo and Sudan.
“This list is not exhaustive but each of them is a clear example of conflicts that Croydon Council should not be making any worse.
“Aside from the immediate impact on local populations, the world’s militaries combined and the industries that provide their equipment, are estimated to create 5% of all global emissions, with little transparency or accountability. Croydon Council’s recognition of the climate emergency is yet another reason to divest from these activities.”
The petition calls on the council to “specifically identify and disclose its investment in, or other financial relationship with, companies that support or enable war crimes, human rights atrocities or genocide – including any investments that are likely to include these companies or lead to these activities”.
It also demands that the council should divest in weapons manufacturers and calls for an immediate “freeze any new investment in the top 100 arms-producing and military services companies and any companies complicit in Israel’s genocide and apartheid”.
And it includes a call for Croydon Council to “endorse the global movement for the Boycott, Divestment and Sanctions (BDS) of companies and entities that are complicit in the oppression and exploitation of the Palestinian people, as part of this council’s broader commitment to human rights”.
This should involve formal consultations with the trades unions representing council staff, and “explore formal representation of unions in the council’s investment decision processes”.
The use of the London councils’ investment vehicle, with other London boroughs, should also include finding funds to invest in “that align with the ambitions listed above”. The petition calls for a report to full council and the pensions committee twice a year.
To find out more, click here to visit the petition page – where signatories are required to provide their email addresses and postcodes.
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