Our research covers 11 Scottish local authority pension funds, three financial institutions, 10 Scottish Universities and the Scottish Parliamentary Pension Scheme). We looked for investments held by these organisations in the world’s top 28 nuclear weapons producers.[1]
We found investments in the companies in bold:
We have also included information about investments in Rolls Royce and Babcock International[3] where we found them, because these companies play a key role in Britain’s nuclear weapons programme.
Rolls Royce was involved in the development of Britain’s current fleet of nuclear-armed Vanguard class submarines and has been working with Babcock International and BAE Systems on the development of the successor, Dreadnought class, submarines since 2007. Rolls Royce has a billion-pound contract to manufacture the submarines’ new PWR3 reactors, plus several other contracts related to the Ministry of Defence’s nuclear projects worth over three and a half billion pounds.[4]
Babcock International maintains the British Navy’s nuclear submarines and is a member of the ABL Alliance, which is contracted to provide support for the Trident nuclear weapons system at Coulport and Faslane.[5] Babcock also manufactures Missile Tube Assemblies as part of the Common Missile Compartment project for the Dreadnought submarines.[6]
Rolls Royce and Babcock International are blacklisted by several financial institutions because of their involvement with nuclear weapons.[7]
NOTES
[1] As defined in S Snyder, Producing Mass Destruction – Private companies and the nuclear weapons industry (PAX, 2019): https://www.dontbankonthebomb.com/wp-content/uploads/2019/05/2019_Producers-Report-FINAL.pdf. This report contains information about how each of these companies is involved with nuclear weapons.
[2] Serco is a member of the consortium that runs the UK Atomic Weapons Establishment (AWE). The UK government has announced that it will take AWE back under public control on 30 June 2021, at which point Serco will no longer be classed as a nuclear weapons producer: https://www.serco.com/media-and-news/2020/involvement-of-awe-management-ltd-in-the-atomic-weapons-establishment.
[3] Investments in Babcock International are not included in section 6 because the company was not included in the research provided to us by PAX.
[4] https://www.nao.org.uk/wp-content/uploads/2018/05/The-Defence-Nuclear-Enterprise-a-landscape-review.pdf.
[5] https://www.awe.co.uk/about-us/our-locations/.
[6] https://www.babcockinternational.com/news/babcock-awarded-multimillion-pound-missile-tube-contract-extension-by-electric-boat/.
[7] https://www.paxforpeace.nl/publications/all-publications/beyond-the-bomb.
Don't Bank on the Bomb Scotland 