Agenda item

Members are asked to note the following request which has been received for presentation of a deputation at the meeting relating to the following issue:

(a)       Divestment Campaign (to be presented by Brent & Harrow Palestine Solidarity Campaign)

(Agenda updated to include notice of deputation request on 8 July 2026)

Councillor Burn (as Chair) advised that he had agreed to receive a deputation at the meeting from Sheila Guhadasan representing the Brent & Harrow Palestine Solidarity Campaign (PSC).  The Chair welcomed Sheila Guhadasan along with other representatives from the Brent & Harrow PSC who were attending in support with members advised that the deputation was seeking an update on progress in relation to commitments regarding the disclosure, review and potential divestment of Pension Fund investments.

In presenting the deputation, Sheila Guhadasan thanked Members for the opportunity to address the Sub Committee and highlighted that Brent & Harrow PSC had been campaigning for almost two years for the Council to divest Pension Fund investments from companies said to be complicit in human rights abuses against Palestinians, a call which had originated from a petition of around 2,000 signatures.

Referring to developments in international law and human rights, Sheila Guhadasan highlighted findings from a United Nations Commission of Inquiry report and referenced the advisory opinion of the International Court of Justice issued in July 2024 regarding the situation in Gaza, the West Bank and East Jerusalem, which she felt established a clear legal and moral case for local authorities to review and withdraw investments from companies alleged to be involved in violations of international law. Members were advised that the PSC’s concerns extended beyond human rights issues and also encompassed environmental, governance and fossil fuel-related considerations, on which support had been received from environmental campaign groups as well as local residents.

In highlighting and welcoming previous statements made by the Council regarding engagement with the London Collective Investment Vehicle (London CIV) the Sub Committee was reminded of the commitment made by the previous Deputy Leader & Cabinet Member for Finance and Resources at the Council meeting in September 2025 to write to the London CIV calling for a more robust framework to enable future exclusion of investments linked to conflict, military occupation or genocide, and to work with fund managers to disclose the Fund's investment in companies listed by the United Nations OHCHR. Reference was also made to the Brent Labour and Brent Green Party manifestos, which it was pointed out had contained commitments supporting divestment, ethical procurement and responsible investment approaches, with the deputation therefore urging the Council to honour these commitments and maintain momentum in progressing the work already outlined.

Drawing comparisons with previous campaigns against apartheid in South Africa, Sheila Guhadasan felt that the Council had already demonstrated previous leadership on ethical investment and divestment matters which it was hoped they would continue in relation to the current position within Palestine. She further highlighted comments made at previous Pension Fund Sub Committee meetings indicating that companies achieving strong Environmental, Social and Governance (ESG) performance often delivered strong financial results, suggesting that ethical investment objectives could be pursued without compromising the Fund’s fiduciary responsibilities to members and would be consistent with the Fund's long-term financial objectives.

Whilst recognising that investment management arrangements were increasingly undertaken through the London CIV, the deputation highlighted that the Council retained responsibility for determining its investment strategy and investment preferences with examples provided of other London authorities, including Lewisham, Waltham Forest, Tower Hamlets and Hackney, who were understood to be exploring or supporting investment options incorporating stronger ethical exclusions. Particular reference was made to discussions around the London CIV's proposed "third pillar" investment arrangements and the potential opportunity for participating authorities to shape investment products incorporating more comprehensive ethical screens.

In concluding, Shelia Guhadasan advised that the deputation was therefore requesting that the Sub Committee commit to the following actions:

·            Conduct and publish a full and transparent audit of Pension Fund investments, identifying holdings in arms companies and companies alleged to be involved in violations of international law within the Occupied Palestinian Territories.

·            Provide clear timelines for any future divestment actions.

·            Work with the London CIV to secure investment options incorporating stronger ethical exclusions.

·            Review and strengthen the responsible investment provisions within Brent's Investment Strategy Statement before submission to the London CIV.

·            Provide regular progress updates to future Pension Sub Committee meetings and continue engagement with Brent & Harrow PSC through ongoing dialogue

Having thanked Sheila Guhadasan for presenting the deputation, Councillor Burn (as Chair) in response, took the opportunity to acknowledge the strength of feeling regarding human rights, international law and ethical investment.  Confirmation was provided that the officers were currently reviewing recent correspondence issued to the Local Government Pension Scheme Advisory Board by the Minister for Local Government Minister concerning the role of local authorities in relation to boycott, divestment and sanctions matters. Whilst noting that the guidance indicated such issues were principally matters of national foreign policy, the Chair also highlighted that it had been clear local authorities retained the ability to determine investment strategies where consistent with their fiduciary responsibilities and legal obligations.

The opportunity was also taken to confirm the Adminstration’s manifesto commitment to review and disclose Pension Fund investments, incorporate principles arising from the United Nations Genocide Convention into its investment framework, and work with the London CIV to support divestment from companies operating within UN-identified occupied territories, involved in human rights abuses, or associated with fossil fuel activities with an assurance provided that the Council remained committed to these objectives and would continue exploring lawful and practical mechanisms for integrating them into the Pension Fund's investment strategy.

In addition, the Chair confirmed that engagement would continue with the London CIV, Government Ministers, other London boroughs and relevant partners as the regulatory and policy environment developed in order to ensure the Council’s approach towards responsible investment was kept under review and any future strategy remained legally compliant, financially responsible and consistent with the values and commitments previously established by the Council.

In concluding, the Chair once again thanked Brent & Harrow PSC for their continued engagement and constructive dialogue with the Council with assurance provided that the matters raised would remain under active consideration as the Pension Fund's investment strategy evolved and as further opportunities emerged to strengthen responsible and ethical investment approaches within the framework of the Fund's fiduciary obligations.