Croydon should not be investing public money in companies that support and enable regimes to commit war crimes, human rights atrocities, or genocide. Croydon residents have family and community connections to people across the world who are suffering, and our Council should not be supporting those abuses.

Croydon Council not only has legal obligations not to support war crimes and genocide, it also has moral and ethical obligations. For example through the Croydon Equality Pledges (1), and specifically the George Floyd Race Matters Pledge (2), Croydon Council has a commitment to put anti-racist practices into its strategies, actions and behaviours. All of these should be recognised in decisions over where Council Pension Fund money is invested.

We know that local authority pension funds collectively invest over half a billion in the arms trade and over £4.4 billion in companies complicit in Israel’s oppression of Palestinians (3). Croydon should not be trying to profit from atrocities. The Law Commission of England and Wales has issued guidance clarifying that “there are no legal or regulatory barriers to social investment” and reminded trustees bluntly that “it is possible to do well and do good at the same time.”

The UK Government has already recognised the genocide being committed against Uyghurs and other groups in Xinjiang, China. There is also mounting evidence from recognised legal experts and international bodies, including agencies of the United Nations, of ongoing human rights violations, and accusations of apartheid genocide by Israel in the occupied Palestinian territories.

The former Leader of Croydon Council issued a statement in support of Ukraine following the invasion by Russia and residents have highlighted the ongoing crimes and atrocities being committed in Yemen, West Papua, Western Sahara, Democratic Republic of Congo, and Sudan. This list is not exhaustive but each of them is a clear example of conflicts that Croydon Council should not be making any worse.

Aside from the immediate impact on local populations, the world’s militaries combined, and the industries that provide their equipment, are estimated to create 5% of all global emissions, with little transparency or accountability (4). Croydon Council’s recognition of the climate emergency is yet another reason to divest from these activities.

Therefore we, the undersigned, are calling on Croydon Council to:
- Specifically identify and disclose its investment in, or other financial relationship with, companies that support or enable war crimes, human rights atrocities, or genocide - including any investments that are likely to include these companies or lead to these activities.

- Divest all funds administered by the Council within 6 months of completion of the review from the harmful companies identified in that review, and immediately freeze any new investment in the top 100 arms-producing and military services companies and any companies complicit in Israel’s genocide and apartheid.

- Significantly build on its Responsible Investment Policy (5) and adopt an ethical investment framework which:
1) Prohibits investment in companies that contribute to or enable war crimes, human rights atrocities, or genocide;
2) Explores divestment options and implements divestment from direct ownership and any commingled funds that include investments in firms that derive any revenue from arms or weapons, and companies working in illegally occupied territories (as recognised by the United Nations); and
3) Actively seeks to invest in companies that have an express policy commitment and strategy for respecting and protecting human rights and explores climate, nature-based and community-positive solutions.

- Endorse the global movement for the Boycott, Divestment, and Sanctions (BDS) of companies and entities that are complicit in the oppression and exploitation of the Palestinian people, as part of this Council’s broader commitment to human rights.

- Formally consult unions, representing Croydon’s Council’s workers, in investment decisions and explore formal representation of unions in the council’s investment decision processes.

- As a member of the London CIV, which was founded by London Local Authorities, and manages London Local Government Pension Scheme assets, apply pressure and work with other London borough pension fund managers to ensure there are funds available to invest in, that align with the ambitions listed above.

- Report back to Full Council and the Pensions Committee on progress on these areas twice a year.