The Orkney group of the Scottish Greens is delighted that Orkney Islands Council has agreed to formally adopt the United Nations’ Principles of Responsible Investment with regards to its pension fund.
OIC Green Party councillor Steve Sankey said:
“This is wonderful news, and the culmination of a couple of years of lobbying, not just by the Greens, but a whole partnership of political parties and organisations in Orkney that are concerned about our public funds being invested in the arms trade.
“I stood for election on this issue, and I’m delighted that this has been agreed less than a year later. I’m grateful for the support of my Council colleagues and partner organisations over this issue.”
Local MSP John Finnie, Scottish Greens, is also campaigning on this issue in the Scottish Parliament.
Chris Giles, the Orkney Greens’ Co-convenor added:
“I share Steve’s excitement that we now have a set of principles to help steer OIC’s large pension portfolio towards divestment from companies involved in the arms trade. Companies such as BAe and Rolls Royce are not only helping to inflict terrible carnage in countries like the Yemen, but from a narrow investment perspective may not be performing very well either.
“There are plenty of alternative investment opportunities to enable OIC pension fund members and their managers to satisfy their fiduciary duty whilst taking on board ESG principles as well. I’m delighted.”
The Orkney Greens are looking forward to working with other groups to support OIC’s investment committees in their move away from their investments in arms companies.