Highland Pension Fund is valued at nearly £2 billion. The fund’s 32,000 members include employees of Highland Council, Comhairle Nan Eilean Siar and a range of other organisations, such as local colleges and tourist boards, NHS Highland and the Hebridean Housing Partnership.[1]
A list of assets taken from the fund’s website shows that Highland Council Pension Fund held shares worth nearly £6 million (0.3% of the fund) in one nuclear weapons producer as at 30 September 2020:[2]
| Company | Value of shares (£) |
| General Dynamics | 5,980,807 |
| Total | 5,980,807 |
The fund previously held shares in Rolls Royce until at least June 2020.[3]
Policy
Section 16 of Highland Pension Fund’s statement of investment principles[4] says that the fund “recognises that social, environmental and ethical considerations are among the factors which Investment Managers will take into account, where relevant, when selecting investments for purchase, retention or sale”. However, the fund does not appear to have any policies that exclude harmful industries.
Instead, fund managers are encouraged to influence companies on social, environmental and ethical issues through meetings, correspondence and the exercise of voting rights at annual general meetings. See section 3A.1 for a discussion of the limitations of this approach.
Action
If you live in either of the council areas covered by Highland Pension Fund (Comhairle nan Eilean Siar or Highland), please contact your local councillors about the fund’s investments in nuclear weapons and urge them to support a resolution calling on the fund to divest: https://nukedivestmentscotland.org/local-authority-divestment-resolutions/
NOTES
[1]https://www.highland.gov.uk/downloads/file/22881/audited_accounts_april_2019_to_march_2020%209.
[2] https://www.highlandpensionfund.org/media/6011/bid_ask_positions_query_for_website_30_09_2020.xlsx.
[3] https://www.highlandpensionfund.org/media/5524/bid_ask_positions_query_for_website_30_06_2020.xlsx.
[4] https://www.highlandpensionfund.org/media/3463/sip-approved-at-pc0-8-02-18.pdf.
Don't Bank on the Bomb Scotland 