The Falkirk pension fund must strengthen its Statement of Responsible Investment Principles

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The Falkirk pension fund must strengthen its Statement of Responsible Investment Principles

The board and committee of the Falkirk pension fund

At the reporting point on the 30th of September 2023 the Falkirk pension fund had 12.7 million invested in arms manufacturers that send arms to Israel. In March 2024 this had increased to 35.8 million, and in September 2024 it had increased again to 36.7 million. Making arms during a genocide is profitable and without proper policies in place the pension fund will invest in whatever makes profit. We need these policies so we can be sure that our pensions are not funding war, oppressive military regimes, the climate crisis, and other industries that contributes to the injustices of the world.

When asked about these investment the board and committee insist it is their duty to insure the maximum amount of returns is made regardless of what they are investing in. This is not true. Their legal duty is to make the most returns possible AND they may choose to consider non - financial factors. This has been done in other Local Government Pension Schemes (LGPS) in Scotland, who have included in their policy the provisions for divesting from certain industries. Inverness pension fund Responsible Investment policy states “ financial factors should not be the Fund's only consideration when making investment decisions: wider social and environmental impact are important.” The Borders pension fund states “When companies are involved in certain controversial activities, the Fund may refrain from investment in those companies”.

That the Falkirk pension fund still invests 36.7 million in Arms is not a 'duty', it is a choice. By refusing to strengthen their statement of responsible investment they are choosing to fund the genocide, displacement and occupation of Palestine and Palestinians.

As residents of the Forth Valley and members of the pension fund we say no more public money for genocide and human rights abuses!

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Global Justice Now Stirling

To: The board and committee of the Falkirk pension fund
From: [Your Name]

We, residents of the Forth valley and members of the fund, would like to express our strong feelings that the Statement of Responsible Investment Principles must be strengthened to allow for divestment of arms industries, fossil fuel industries, and industries involved in other controversial activities.

The pension fund currently has direct holdings in arms companies including Lockheed Martin, a company that supplies the IDF with fighter jets, planes and missiles, General Dynamic, the world's sixth largest weapons manufacturer which supplies Israel with artillery ammunition and bombs, Northrop Grumman which supplies the Israeli Air Force with the missiles, laser, and warships and last but not least, BAE systems, a British company that manufactures electronic missile launching kits and other components for Israel’s fighter jets. Additionally the fund has

At the reporting point on the 30th of September 2023 the Falkirk pension fund had 12.7 million invested in arms manufacturers that send arms to Israel. In March 2024 this had increased to 35.8 million, and in September 2024 it had increased again to 36.7 million. Making arms during a genocide is profitable and without proper policies in place the pension fund will invest in whatever makes profit. The statement of responsible investment should protect the fund from making investments that contribute to conflict, and the climate crisis.

The Review of Investment Principles previously commissioned by the fund stresses that engagement is the approach favoured by the fund. While this may be an appropriate approach for some industries, there is no 'engagement' with arms companies that mean they are not profiting from war and conflict. Thus the SRIP should stress the importance of wherever possible divesting from arms companies.

The legal duty of the pension fund is to make the most returns possible, but non - financial factors may also be considered. This has been done in other Local Government Pension Schemes in Scotland, who have included in their policy the provisions for divesting from certain industries. Highland pension fund Responsible Investment policy states “ financial factors should not be the Fund's only consideration when making investment decisions: wider social and environmental impact are important.” The Borders pension fund states “When companies are involved in certain controversial activities, the Fund may refrain from investment in those companies. For example, deciding to exclude companies which are involved in the direct production of controversial weapons.

That the Falkirk pension fund still invests 31.4 million in Arms is not a 'duty', it is simply the demonstration of a fund with weak investment principles.

The Genocide Convention requires that public officials ensure that they are not complicit in a genocide. The ICJ has identified a plausible genocide in Gaza, we have seen many legal cases brought against public bodies for their complicity and inaction in regard to the war crimes of Israel and we will see more in the future. Thus it is both a legal and moral duty of the fund to divest.