Members of Falkirk Pension Fund include employees of Clackmannanshire Council, Falkirk Council, Stirling Council, the Scottish Environment Protection Agency, plus around 30 other public and charitable bodies in central Scotland. The fund holds assets worth over £2.3 billion.[1]
A list of investments taken from the fund’s website shows that Falkirk Council Pension Fund held shares worth £4 million (0.2% of the fund) in two companies that undertake nuclear weapons work as at 30 September 2020:[2]
| Company | Value of shares (£) |
| BAE Systems | 2,555,058 |
| Rolls Royce | 1,524,346 |
| Total | 4,079,404 |
Policy
Falkirk Pension Fund’s statement of investment principles states that “the Fund’s investment managers are required to integrate [environmental, social and governance] analysis into their decision-making, including those related to climate change” but the pensions committee prefers “engaging with companies to reduce risk, rather than divesting”.[3] See section 3A.1 for a discussion of the limitations of this approach.
Action
If you live in any of the council areas covered by Falkirk Pension Fund (Clackmannanshire, Falkirk or Stirling), please contact your local councillor about the fund’s investments in nuclear weapons and urge them to support a resolution calling on the fund to divest: see https://nukedivestmentscotland.org/local-authority-divestment-resolutions/
NOTES
[1] https://www.falkirkpensionfund.org/media/5867/fcpf-accounts-final-signed.pdf.
[2] https://www.falkirkpensionfund.org/media/5869/assets-listing_300920.pdf.
[3] Statement of Investment Principles: https://www.falkirkpensionfund.org/media/4690/statement-of-investment-principles.pdf.
Don't Bank on the Bomb Scotland 