If you have money in a British bank account, there’s a good chance that it is being used to fund nuclear weapons. A total of 31 British financial institutions together invested £33 billion in nuclear weapons companies between January 2018 and January 2020.[1] See section 6 for details of the Scottish banks which finance nuclear weapons.
Four steps towards divestment
Step 1: do your research
Find out:
- Whether your bank is financing nuclear weapons producers (check Don’t Bank on the Bomb’s Hall of Shame).[2]
- Whether your bank has a policy restricting the financing of nuclear weapons producers and whether the policy is comprehensive (check Don’t Bank on the Bomb’s Hall of Fame and Runners-Up list[3]).
If your bank is not covered by Don’t Bank on the Bomb’s research, you can write to the bank yourself to ask whether it has a policy that covers investment in nuclear weapons producers.[4]
Step 2: express your concerns
If the bank either does not have a comprehensive policy or does have a comprehensive policy but is still financing nuclear weapons producers, write to the bank’s Chief Executive to express your concerns. You can use the template emails at www.investinginchange.uk/action/ or compose your own with the following points:
- Say that you’re an account holder.
- Say that you are aware of the bank’s financing of nuclear weapons producers and explain why you believe that the bank should end its relationship with these companies (see section 1 for arguments you can use in favour of divestment).
- If the bank does not have a comprehensive policy, request that it adopts one. There are many examples of comprehensive policies which you can point to in the Hall of Fame.[5] If the bank already has a policy that is not comprehensive, you can ask the bank to strengthen its existing policy.[6]
- Let them know that you expect a response and say that you will move your money if the bank does not adopt a comprehensive policy.
Step 3: arrange a meeting
If the bank is unwilling to divest, try to arrange a meeting. You may wish to look for like-minded account holders and approach the bank as a group. Go as high as you can, so try to get a meeting with a member of the board of directors or someone who is in a position to influence internal company policies. See the DBOTB Campaigner Guide for guidance on who you should approach (page 18), along with tips on how to negotiate and how to rebut common arguments against divestment (pages 21 to 24).[7]
Step 4: move your money
If you can’t persuade your bank to change its policy, consider moving your money to a bank with a comprehensive policy. Tell your previous bank that you have closed your account because of its involvement with nuclear weapons producers. You can also post about your decision on social media to spread the word and encourage others to take action.
NOTES
[1] S Snyder, Problematic Profiteering: Private company involvement in nuclear weapon production and their financial backers (PAX, 2021), forthcoming.
[2] Check here: www.dontbankonthebomb.com/investors.
[3] https://www.paxforpeace.nl/publications/all-publications/beyond-the-bomb.
[4] https://www.dontbankonthebomb.com/wp-content/uploads/2015/10/2015_campaigner_guide-web.pdf.
[5] https://www.paxforpeace.nl/publications/all-publications/beyond-the-bomb
[6] https://www.paxforpeace.nl/publications/all-publications/beyond-the-bomb
[7] https://www.dontbankonthebomb.com/wp-content/uploads/2015/10/2015_campaigner_guide-web.pdf.
Don't Bank on the Bomb Scotland 