Campaigners call on council to stop investing pension cash in arms trade

hg.editorial@archant.co.uk
13 November 2009

By Jasmine Coleman

CAMPAIGNERS are calling on Hackney Council to stop investing money in a controversial arms company.

Hackney Green Party and the Hackney branch of the Campaign for Nuclear Disarmament have joined forces to protest about cash from the council's pension fund being invested in BAe Systems.

The council has more than £5 million invested in the British company, according to figures released by CAAT (Campaign Against Arms Trade) in 2007 - more than any other London local authority.

BAe, Europe's largest weapons manufacturers, is currently being investigated by the Serious Fraud Office over allegations of bribery and corruption in dealings with South Africa, Tanzania, the Czech Republic and Romania.

It has also faced criticism over the human rights records of governments to whom it has sold equipment, including Indonesia, Israel, Saudi Arabia and Zimbabwe.

Now the campaigners are targeting the council with a petition. Signatures include those of David Holland, chairman of Upper Clapton socialist campaign group, Labour Representation Committee, and the Rev Julia Porter-Pryce, vicar of St Peter's church in De Beauvoir Road and the Anglican area dean for Hackney.

Campaign co-ordinator Matt Hanley, of Hackney Green Party, said: "This long overdue campaign brings together anti-war activists, people from all faiths and political views, joined in one common demand - that Hackney Council ceases investing in companies that profit from war."

Hackney CND chairman, Pat Allen, said: "Hackney electors have no wish to invest in this sordid industry. The council needs to listen to public opinion and switch to ethical investment with no further excuses."

The council defended its investment. "A cross-party group of councillors acts as trustees for the pension fund," said a spokesman.

"The main aim for the pension fund is to provide pensions for its employees and to be run in a way that minimises costs to taxpayers, particularly during a recession.

"The fund's Statement of Investment Principles is currently being reviewed. The committee encourages fund managers to favour socially responsible investment, but only where performance is similar to that of other companies.