Deputations (if any)
Decision Maker: Brent Pension Fund Sub-Committee
Decision status: Recommendations Approved
Is Key decision?: No
Is subject to call in?: No
The Sub-Committee welcomed Mr Simon Erskine who addressed the meeting on behalf of Brent Divest. In reference to the report by the Director of Finance on Brent Pension Fund's approach to Responsible Investment and Environmental, Social and Governance issues, Mr Erskine submitted the following comments. As the analysis in that report was likely to delay any action on protecting the Fund from the inherent risk of fossil fuel investment, any proposed action should be time limited with the shortest possible timescale and any engagement should be followed up with concrete action. In his view, the Council’s policy of engaging with fossil fuel investment was not achieving the desired effect. He made reference to other London boroughs which had made a firm commitment to fully divest from fossil fuel investments and urged Brent to follow that example. Mr Erskine however acknowledged the Fund’s fiduciary duty to safeguard the financial security of the Fund and thus its members.
In conclusion, Mr Erskine urged the Sub-Committee to urgently explore in partnership with other boroughs that had made the commitment to divest from fossil fuel investment and that whilst the Fund was awaiting the appropriate CIV funds to which existing funds could be moved, it should carry out the analysis suggested in the report (Responsible Investment in ESG) at an early agreed deadline and with set goals.
Mr Erskine was thanked for his address.
Publication date: 21/11/2019
Date of decision: 02/10/2019
Decided at meeting: 02/10/2019 - Brent Pension Fund Sub-Committee