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Council under fire over arms trade investment
£4m handed to controversial firms in bid to boost pensions
WESTMINSTER has come under fire for investing in companies profiting from the arms trade.
Figures obtained under the Freedom of Information Act show how more than £4 million of Westminster’s pension fund is invested in the world’s leading arms companies – including BAE Systems and Boeing.
Boeing is ranked second in the world by the Campaign Against Arms Trade (CAAT) for supplementing the trade and there has been months of controversy surrounding BAE’s alleged corruption and influence within government.
The figures, part of a wider survey by CAAT, open up moral arguments for the council.
Westminster UNISON, representing council employees, has already signalled its opposition at a national conference last month to oppose the investment.
Westminster Unison chief Rahul Patel said the issue of pensions and arms trade investment was top of the agenda.
He said: “It’s £4.5m too much.
“It is quite clear local government workers want their pensions to be invested ethically. It would be a better invested in infrastructure, environment and housing, rather than in companies that bring death and destruction.”
CAAT research co-ordinator Ian Prichard, who conducted a survey of all London councils, said: “The arms trade is not a legitimate industry, but a business whose purpose is to profit from insecurity and conflict.
“The last year has seen a sharp rise in public opposition to the arms trade following revelations about BAE-Saudi arms deals.
“Any local authority can improve its reputation by withdrawing from the arms trade and adopting an ethical investment policy. The evidence shows that clean investment can be as sound financially as it is ethically.”
Cllr Mark Page, chairman of the superannuation investments committee, said: “We have employed investment managers to ensure the fund maximises the best possible return, so that council employees are provided for into their retirement at the least possible cost to the local taxpayer. The total fund is currently worth around £625m.”
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