Dramatic moment when Cllr McKenna is elected the Chair of the Planning Committee (04.06.25)

 

Strategic CIL money available ( O & S - 12.06.24)

 

Surrey Pension Fund continues to invest in companies that profit from the bombing of Gazans.

30.06.25 question to Surrey Pension Fund Committee

In July 2024, a Freedom of Information (FOI) request revealed that BAE Systems had the highest weighting among all pension fund investments made by Border to Coast in the defence sector. At the most recent Committee meeting, it was stated that fiduciary duty prevents this Committee from divesting from BAE Systems - a company that has been associated with genocidal acts in Gaza. However, in April 2025, another FOI request showed that BAE Systems was no longer among Border to Coast’s listed investments. Notably, since the turn of the year, BAE Systems’ share price has performed strongly. Whatever the rationale behind the removing BAE Systems from the list of investments, it is clear that avoiding investment in arms companies that Israel relies on when bombing Gaza does not necessarily conflict with the Committee's fiduciary duty. Moreover, choosing not to invest in a small number of such companies is consistent with the ethical stance this Committee already takes in its decision to exclude firms involved in the manufacture of cluster munitions. Consider the following current exposures in percentage terms: • QinetiQ (0.15%): develops UAVs (drones) exported to the Israeli military for use in Gaza. • Chemring (0.18%): manufactures countermeasure flares for F‑35 jets used in Israeli air operations over Gaza. • Rolls‑Royce (0.29%): supplies critical F‑35 components, including aft fuselage sections, fuel systems, and electronic systems. With the example of BAE Systems in mind, given the above companies' connections to conflict in Gaza, will this Committee now commit to stop investing in QinetiQ, Chemring, and Rolls-Royce?

RESPONSE:  The Committee does not dictate individual company exclusions to its investment managers. Other than market weighted index funds, the Fund’s listed asset investment managers exclude companies involved in certain weapons such as cluster munitions. For example, for investments through Border to Coast Pensions Partnership (BCPP), the Fund’s pooling partner, there will be no investment in companies contravening the Convention on Cluster Munitions (2008). This includes investment in companies where there is evidence of manufacturing cluster munition whole weapons systems and those manufacturing components that were developed or are significantly modified for exclusive use in cluster munitions. On this basis, BCPP have excluded 14 companies. A range of data providers are used during the due diligence and risk management processes. For human rights indicators, UN Global Compact Company Assessments, the Plenitude Compass Country Risk List and ESG incident feeds are used. Further, watchlists related to a company’s involvement in Palestine are referred to and the UN Human Rights Office of the High Commissioner and NGOs are monitored. Companies exposed to human rights issues are expected to have adequate due diligence processes in line with the UN Guiding Principles on Business and Human Rights. Where a company is involved in significant social controversies and at the same time is assessed as having poor human rights due diligence, votes are cast against the most accountable board member or the report and accounts. BCPP is monitoring the UK Government’s legal and policy response to the Israel/ Palestine conflict and will respond to any relevant developments. They rely on the UK Government's interpretation of international law and are also expecting further guidance from the Scheme Advisory Board on fiduciary duty, which will be reviewed once available

https://www.facebook.com/ElectShashaKhan/videos/30860134003573691

£5bn Surrey Pension Fund continues to invest in BAE Systems. BAE Systems make vital components for F-35 jets that bomb #Gaza. #divestment

https://www.instagram.com/reel/DHrc6aks8TE/?igsh=MWN2eGw4a3hlMjZhMQ==

Above was my supplementary question from March 2025. The initial question is below

Below is the question I submitted in December 2024