5.6 Heriot-Watt University

In response to our freedom of information request, Heriot-Watt University told us that its endowment funds are held in CCLA Investment Management Ltd’s COIF Charities Investment Fund. The fund has a policy which excludes companies that produce cluster munitions or landmines from investment, however, the policy does not mention nuclear weapons.[1]

The University declined to send us a list of its shareholdings on the grounds that this information is held by CCLA, not the university. A portfolio statement in the COIF Charities Investment Fund’s 2019 annual report shows that the fund held shares in one nuclear weapons producer, Honeywell International.[2]


If you’re a student at Heriot-Watt University and you’re concerned about the university’s investments, you can write to the university’s principal. You can also contact Campaign Against Arms Trade (CAAT) Scotland about getting involved in the divestment activities of the CAAT Universities Network: scotland@caat.org.uk.

You could also contact CCLA’s Head of Ethical and Responsible Investment, James Corah, to suggest that the company adopts a comprehensive policy prohibiting investment in nuclear weapons producers: james.corah@ccla.co.uk.


[1] https://www.ccla.co.uk/sites/default/files/COIF%20Investment%20Fund%20August%202018.pdf.

[2] https://www.ccla.co.uk/sites/default/files/6760%20CCLA%20COIF%20Investment%20Fund%20Annual%202019%20%2810%29.pdf.