Orkney Islands Council Pension Fund has over 4,000 members, including employees of Orkney Islands Council, Orkney Tourist Board, Orkney Ferries Ltd and Orkney Enterprise.[1] The fund is valued at £377 million.
The response to our freedom of information revealed no shareholdings in nuclear weapons producers as at September 2020. The fund, which is managed by Baillie Gifford, previously held shares in Rolls Royce until at least 2019.[2]
Policy
Orkney Islands Council Pension Fund’s statement of investment principles says that the pensions committee “recognises that ESG issues including 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”.[3] Management of the fund is delegated to investment managers, Baillie Gifford, and Baillie Gifford sets the ESG policies that apply to the fund.
There is no indication that harmful industries are excluded from investment; the list of assets provided to us shows that the fund holds shares in fossil fuels and tobacco.
Action
If you live in the Orkney Islands and you’re concerned about Orkney pension fund’s investments, please contact your local councillors: see https://nukedivestmentscotland.org/local-authority-divestment-resolutions/
NOTES
[1] https://www.orkney.gov.uk/Files/Finance/2019-2020/Pension_Accounts_2019_2020.pdf.
[2] https://nukedivestmentscotland.org/wp-content/uploads/2018/09/working-to-eliminate-nuclear-weapons-through-divestment-a-guide-for-scotland1.pdf.
[3] http://www.orkney.gov.uk/Files/Committees-and-Agendas/Pension_Fund_Sub_Committee/PEN2018/21-11-2018/I09__Statement_of_Investment_Principles.pdf.
Don't Bank on the Bomb Scotland 