Agenda item

Youssef Ezzat Ibrahim addressed the Committee in the absence of Ray Wilson who had registered to make a statement but was unable to attend. A copy of Ray Wilson’s statement is available as an online appendix to these minutes, and a summary of the statement given is set out below.

He stated that the climate crisis is at a breaking point and that the Avon Pension Fund was still investing in companies that will make it worse.

He said that the ongoing conflicts that involve weapons funded by Avon Pension Fund are having a devastating overall effect on the planet. He added that they are destroying its natural structure, poisoning the environment and leading to a climate breakdown.

He said that the arms companies that profit from these wars are facilitating a climate emergency.

He asked if all the Fund members realise that they are investing in the acceleration of a climate crisis and funding war crimes?

He demanded that a full consultation of all members is carried out, not just a sample of them. He said that people were feared of being shut down and want to know that their pension is protecting the planet and not funding war crimes.

He stated that the Fund cannot claim to support peace and climate justice by still funding these crimes.

He said that he was disappointed that the Committee had not already made a decision to disinvest from companies involved in the arms trade that is supporting the genocide in Gaza.

Benazir Jatoi addressed the Committee, a copy of her statement is available as an online appendix to these minutes, and a summary is set out below.

‘I speak before you today as an Avon Pension Fund Scheme member, a Bath resident and a passionate believer in peace and justice – which means no war, no weapons and definitely no investment of my pension money in arms companies and weapons manufacturers.

Unfortunately, at the last Committee meeting, it was decided that the committee will continue to maintain the status quo – i.e continue to invest our money in arms companies.

As a reminder: Your fiduciary duty, as trustees of our money, is not, as some wrongly believe, only about ensuring maximum returns for the best interest of members. You can exclude sectors if they would cause legal, environmental or reputational risks relevant to beneficiaries.

You have discretion and we know you know how to use it – you have rightly recognised the risk to the Fund from climate change and recognise your power as a shareholder to influence change.

Given the grave environmental impact of weapons production and the devastating death and destruction they cause to people and planet around the world, I cannot emphasis enough the need for a transparent, thorough, and robust consultation that is widely carried out with all its members. I welcome that research partners are being consulted.

Since the last Committee meeting, a small group of members, here in Bath, have organised to draft, print and post over 10,000 flyers and letters to employers and employees from the Avon Pension Fund - alerting them of an upcoming consultation. We are all waiting for this consultation.

Dr Eldin Fahmy addressed the Committee, a copy of his statement is available as an online appendix to these minutes, and a summary is set out below.

‘Israel’s ongoing assault on Gaza is a moral catastrophe without recent parallel. There is no comparable case where a captive population has been so relentlessly persecuted, terrorised, and killed on this scale by a State actor - and UK ally.  The suffering Israel is inflicting in Gaza and beyond is undermining international law and global security.  If we do not act, there may yet be worse to come in Gaza…

The Avon Pension Fund continues to invest members' deferred wages in companies profiting from arms exports to Israel which facilitate illegal occupation of territory and egregious human rights abuses. 

The Committee has suggested without evidence that jobs in Bristol are at risk if we do not continue to invest in arms companies facilitating war crimes in Palestine.  In fact, arms companies are doing brisk business - global defence spending is now at heights not seen for over 40 years.

The Committee believes that investing in arms companies facilitating war crimes in Palestine helps ‘keep us safe’. In fact, it is the predatory and expansionist activities of military powers like Israel, the USA, and Russia which are destabilising the international order.

The Board acknowledged in March the need to consult members on their wishes. It is regrettable that the Board has chosen to consult on maintaining the status quo – and to do so based on their own political views, opinions and interests. 

Decision-making bodies usually consult on maintaining the status quo (i.e. literally consult on doing nothing).  It would be shameful if personal and institutional vested interests were allowed to skew the consultation in this way.  But it is difficult to see how choosing to consult on doing nothing is consistent with good governance principles. 

It would also be regrettable if the consultation was limited to only a small sample of APF members, however representative they may be. APF Committee is responsible for investing members' deferred wages. For practical purposes, it is THEIR money - and ALL members must be entitled to express a view on this matter in any consultation. This is highly feasible due to developments in online survey methods which are now routinely used in UK Government surveys at very low cost. 

So far, APF Committee has made no public statement about how any consultation will be conducted, who will be included, and what questions will be asked.

It is time for APF Committee to come clean about their plans - and to expedite them ASAP. It is time to let all members have their say.’

Roger Thomas addressed the Committee, a summary of their statement is set out below.

He explained that he was a member of the scheme and was disappointed that no progress had appeared to have been made within the last three months, and that more weapons would have been sold as no change to the investment plans of the Fund have taken place.

He stated that these weapons are being used against civilians, that they are bombing women and children and that innocent people were being attacked while waiting for food, water and aid.

He said that any member of the Committee that has a conflict of interest and has a role in the procurement of weapons should declare it to the Committee.

He urged the Committee to vote for a full consultation of its members as he was sure that none of them want blood on their hands.

Eileen Kay addressed the Committee, a copy of her statement is available as an online appendix to these minutes, and a summary is set out below.

‘I urge the Board to ensure that the upcoming consultation on arms divestment is conducted in good faith and reflects the principles of transparency and democracy. All members of the Avon Pension Fund, whose deferred wages are being invested, deserve a meaningful say in this decision.

The consultation must be open to all members, not just a sample, and must provide the necessary information and context to allow members to make an informed and independent decision. This includes the ethical, social, financial and environmental implications of continued investment in arms companies, including those arming governments accused of human rights abuses.

UWE UNISON, represent members in one of the largest contributing cohorts to the fund. We urge the Board to uphold your decision made in March to consult your members regarding divestment from the Aerospace and Defence sectors.

Members have a right to say how they wish their deferred wages are invested, and we should be allowed to do this without further delay.

Freedom of Movement is protected by International Law. The right to work and just and favourable conditions is protected by International Law. The right to Health is protected by International Law. The right to Education is protected by International Law. The right to Water and Sanitation is protected by International Law.

Palestinians are denied safe and fair access to all these rights. By investing our wages in companies like BAE systems that help Israel maintain its illegal occupation of Palestinian territories – you are making us complicit in human rights violations without our consent. We have a responsibility as individuals and groups to ‘promote and protect universally recognised human rights and fundamental freedoms’, this has been recognised in International Law since 1999.

The British Army emits around 11 million tons of CO2 annually, equivalent to over 60 other countries combined, with 30% of those emissions being attributed to BAE Systems.

UWE staff are one of the largest contributors to APF. As the recognised trade union body representing staff that feed significantly into the fund, UWE UNISON is calling APF to:

• Conduct a full democratic consultation of all members of the fund

• To include an alternative in the form of the Paris Climate Fund

UWE UNISON members are asking APF to choose Welfare not Warfare.’

Loulou Brouard addressed the Committee, a summary of their statement is set out below.

She began by seeking clarification on whether there was any outcome from a conflict of interest complaint against Councillor Dando.

She said that she was an advocate for the Fund to carry out a consultation on its investments as there needs to be a stable, positive and liveable future.

She stated that it was her view that the weapons industry needs to be scrutinised and that she had not yet been consulted on the question of divestment.

She said that she expected the Avon Pension Fund to invest her money responsibly and to gain consent for how her money is invested. She added that she suspected that many members of the Fund were unaware of how their money was being invested.

She said that the ongoing conflicts were also causing an environmental devastation alongside the human impact from bombing schools, hospitals and civilians.

Sheila Caffrey (NEU) addressed the Committee, a summary of their statement is set out below.

She said that the Union were in a strong position to support their staff on this matter and were seeking for pensions to be provided ethically.

She stated that by holding a consultation it was a chance for members to voice their opinion. She added that many other unions support their views on divestment.

She called for notification of a timeframe for the consultation to be given as soon as possible and said that all current and receiving members should be consulted.

She questioned how the data following the consultation would be shared with the public and how would it be ensured that all voices will be heard.

She said that all conflicts of interest should be shared with the Committee and that members must be accountable for their decisions.

The Chair commented that members of the Committee are obliged to declare any disclosable pecuniary interests. Members may also choose to declare ‘other interests’ at their own discretion. Any concerns about such declarations should be addressed to the Council’s Monitoring Officer.

He also said that Avon Pension Fund had now selected a research partner for the survey, which would now work with the Fund to design the survey, including the questions, methodology, and sample population.

He outlined a provisional timeline for the survey process:

• July 2025 – Development of survey methodology and sample population; Committee briefing
• August 2025 – Survey testing and data preparation
• September 2025 – Survey launch
• October/November 2025 – Public out-of-cycle Committee meeting to review results and make a final decision on Aerospace & Defence investments. This meeting will be open to the public

Shona Jemphrey asked if the name of the research partner could be disclosed.

The Head of Pensions replied that they were called Prevision Research and that they had robust experience working across the public sector with this type of work.

Councillor Joanna Wright said that she had received many letters from the public on this issue and asked if there was any way in which the process could be sped up.

The Head of Pensions replied that he had to be mindful of several competing priorities that affect the timing of the survey, including, migration of the core administration system to the cloud, regulatory deadlines for Annual Pension Statements, changes to investment pooling arrangements and the summer holiday period. The timeline outlined would thus be how the matter would be progressed.

The Chair thanked the members of the public for attending and those that had made statements to the Committee.