The Falkirk Pension Fund has recently come under fire from local divestment activists.
The board and committee of the Falkirk pension fund originally faced criticism about the fund’s investments in major arms companies. The companies, outlined by divestment campaign Time to Divest Forth Valley, include: BAE Systems, Lockheed Martin, Northrop Grumman and General Dynamics. Time to Divest Forth Valley is part of the wider national Time to Divest campaign. Campaigns are active in other areas around Scotland, including Edinburgh and the Scottish Borders.
All of the aforementioned companies have been found to manufacture for and provide arms to Israel.
Falkirk Pension Fund and its pension scheme also encompasses the Stirling and Clackmannanshire areas.
More recently, the Forth Valley group expressed discontentment with the way a commissioned report deadline had been handled. The report had been commissioned by the pension fund board in response to pressure to divest from arms. The contents of the report, according to the board, would look at the financial viability of divestment.
Erin Smith, a university student and a campaigner with Time to Divest stated:
“In June last year the pension fund agreed to commission a report to consider their statement of investment principles which was due to be ready for the November meeting, in November, they informed us this report would not be ready to be considered until March. In the March meeting they considered this report and made the conclusion to commission another report for June. We have now just been informed that this report will also not be ready for the June meeting.
“While the Falkirk pension fund drags its feet and fails to deliver on actions agreed at pension fund meetings the arms companies they are currently investing 28.2 million in continue to arm the Israeli state and enable crimes against humanity.”
The amount the Falkirk Pension Fund are currently investing into arms and fossil fuels stands at around 61.1 million pounds. Time to Divest Forth Valley has urged the pension fund to move away from such investments. Moreover, the group emphasises the importance of adopting a more robust Statement of Responsible Investment.
As of now, despite continuous pressure from activists, the commissioned report regarding divestment still hangs in the balance.
Feature Image Credit: Time to Divest Forth Valley
MA International Journalism, with a passion for animal, climate and political issues
