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20
Jan 2022
A North Yorkshire County Council pension fund invests £15m in arms companies that have built weapons for the deadly Saudi Arabia-led bombing campaign in Yemen.
The revelations come as part of a series of investigations by the Stray Ferret into controversial investments made by the North Yorkshire Pension Fund, which is controlled by the council.
The Stray Ferret obtained a full list of the companies the pension fund invests in through a freedom of information request.
The council's pension fund is now facing renewed calls to divest from arms firms. However, its own responsible investment policy, last updated in July 2021, clearly states that it will not implement an “exclusionary policy” against companies that are deemed by some to be questionable.
It says:
A Paveway bomb being dropped. Credit - Raytheon
In 2019, the European Center for Constitutional and Human Rights (ECCHR) submitted a 300-page document accusing European arms executives at firms, including BAE and Raytheon, of “aiding and abetting” alleged war crimes in Yemen by the Saudi-led coalition.
Kirsten Bayes from the Campaign Against Arms Trade, called on North Yorkshire County Council to reconsider its pension fund's investments into arms companies.
As well as BAE Systems and Raytheon, the pension fund also invests £7.3m in Safran and £6.9m in Rolls Royce, which are both major manufacturers of military equipment.
Ms Bayes said:
Cllr Clark believes by remaining as an investor in companies that are deemed by some to be controversial, it can use its power to influence decision-making.
He said:
Cllr Clark was unable to provide evidence of how the North Yorkshire Pension Fund has influenced decision-making at BAE Systems.
Gary Fielding, treasurer of North Yorkshire Pension Fund for North Yorkshire County Council, said:
In the final part of our investigation into the council's pension fund, we reveal it holds over £20m in cancer-causing tobacco companies despite the council being in charge of public health.
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