Council commits to divesting pension funds from weapons manufacturers
Tower Hamlets Council is now one of four London Councils which will divest its Pension Scheme from companies linked to the occupation of Gaza and the arms trade
At a full council meeting on 22 January, Tower Hamlets committed to divesting its Local Government Pension Scheme (LGPS) from companies with ties to the arms trade.
The motion commits the Council to a full audit of its pension scheme to identify and remove any investments in the arms trade. Councillors were especially concerned about funding arms linked to civilian deaths in the ongoing occupation of Gaza.
During the meeting, Councillor Saied Ahmed said: ‘Investment into the arms trade feeds into devastating conflict across the world, including Palestine, Sudan and other conflict zones. It is unsettling to think that money generated in our borough could be used to fund this trade.’
‘From today we call for a complete audit of how pension funds are being used and where funds are invested.’
The motion passed with only one vote against it from Conservative Councillor Peter Golds, who said, ‘Arms are not pleasant, but I’m afraid it’s a fact of life.’
An amendment by Tower Hamlets Labour, which proposed expanding the motion to include companies tied to broader human rights violations and fossil fuel producers, did not pass.
Separate from the motion, the Pension Committee has since also requested an audit of any assets in the pension fund that could be linked to companies profiting from the Occupation of the West Bank.
The Tower Hamlets branch of the union UNISON, which represents government service workers, has been urging the Council for a similar divestment plan since September.
Their campaign asked the Council to ‘divest its Local Government Pension Scheme (LGPS) assets from companies complicit in human rights abuses of the Palestinians and from planet destroying Fossil Fuels.’
‘This is a great first step victory and follows months of campaigning by the Tower Hamlets Coalition for Ethical Investment,’ UNISON said, ‘We need to keep going – until we know that our pension pots are not invested in death, climate change, destruction and human rights abuses.’
UNISON’s Tower Hamlets Branch Secretary Kerie Anne said ‘What happens next, is we need to monitor whether [the motion] is actioned on the ground and at a fast enough pace. We have also formally requested that we have a representative on the pensions committee.’
Tower Hamlets Council now joins Waltham Forest, Islington, and Lewisham Councils in London with similar commitments to divest from companies involved in the arms trade and the occupation of Gaza.
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