Pension provider under fire from Dudley councillor for weapon company investments
Dudley councillors are being asked to demand a local authority pension provider cut ties with companies accused of helping countries commit genocide.
Watch more of our videos on ShotsTV.com
and on Freeview 262 or Freely 565
Independent councillor Andrew Tromans will ask a meeting of the council on March 3 to back a motion calling on The West Midland Pension Fund (WMPF) to stop investing in organisations which sell weapons in conflict zones.
The motion, which is expected to have support from many Labour and Lib Dem councillors, says the WMPF should divest the ‘millions’ it invests in companies involved either directly or indirectly in arms production and look at ways to support companies with ‘ethical and environmental priorities’.
Cllr Tromans said: “Across our world, there are many conflict zones, Yemen, Palestine and Sudan just to name a few.
“As concerned citizens, it can often be difficult to know how to help.
“However, ensuring any pension funds we pay into make ethical investments is a good start.
“The West Midlands Pension Fund, which tens of thousands of public sector workers in our region contribute towards, can be a powerful agent for change.”
The fund receives pension payments from 838 employers, including Dudley Council, has total value of £21bn and 117,784 individual members according to its most recently published accounts.
The fund is overseen by a committee at City of Wolverhampton Council and Cllr Tromans’ motion for debate says Dudley Council should note: “The WMPF currently invests over £231 million in companies as identified in Wolverhampton Pension Committee’s Responsible Investment Activities Report of June 2024.
“Some of these companies profit from arms sales to regimes which breach international law and carry out human rights abuses.”
A statement from the company released in June 2024 says WMPF acknowledges concerns about it operating in aerospace and defence industries.
The WMPF statement added: “The fund expects its investee companies to comply with relevant laws applicable in the jurisdictions in which they operate and to comply with the United Nations Guiding Principles on Business and Human Rights.
“The fund currently does not apply any exclusions to its investments or have policies for specific countries, sectors or issues, but instead adopts a holistic approach to investing responsibly across its investment portfolio.
“The fund understands its position and responsibility in this matter and continues to monitor, assess, and evaluate these ongoing risks in line with the Responsible Investment Framework and quarterly disclosures to the pension committee.”
