Members were informed of a petition submitted by Sheffield Climate Alliance for an ethical investment policy.

K Stott from Sheffield Climate Alliance informed Members of the following:-

·             Sheffield Climate Alliance was a Sheffield based network of individuals and voluntary community organisations, campaigning locally and nationally for effective climate action, some of whom are also SYPA active members.

·             With temperatures set to rise 4 degrees before the end of this century, this was a global emergency; such a temperature rise was not compatible with human civilisation.

·             We therefore believe that there is compelling financial and ethical arguments for organisations such as pension funds to radically review investments.

·             Morally indefensible to invest in companies that destroy our climate and so leave to our children a world where life, as we know it, is unsustainable.

·             Financially irresponsible to invest in such a high risk sector where the assets, experts agree, are currently wildly overstated and where share prices will plummet.

·             Mark Carney and many other financial advisors say that business as usual is neither acceptable nor viable.

·             Low carbon and ethical portfolios are performing at least as well as other portfolios and coal investments have already brought losses to local authority pension funds.

·             We want to see SYPA divest from carbon intensive industries (such as Shell, BP, BHP Biliton) and instead make positive investments, such as building the local South Yorkshire low carbon infrastructure, developing local energy generation and other aspects of the low carbon future.

·             Our petition:-

·             Calls for the Authority ‘to implement an ethical investment policy that will divest from fossil fuels and ensure that our money is used to support the creation of a sustainable, healthy, just and fair future for us, our families and the planet as a whole’.

·             143 signatures.

·             Mainly from just one lunchtime a month ago at Moorfoot (our resources are limited).

·             At least 1 in 3 people we approached were happy to sign.

·             Demonstrates that a significant proportion of members want you, the Authority, to take account of their ethical concerns (including divestment from fossil fuels) when investing their pension contributions.

·             What now?

·             The petition should act as a catalyst for further action by the Authority, including:-

·             Use the opportunity afforded by the Authority’s carbon audit to better align the current portfolio with members’ views.  By being the change they want to see.  By investing in the world they want to leave for future generations.

·             Seek legal advice and re-examine the meaning of fiduciary duty in the light of a well-documented threat to human civilisation.

·             Reverse the current position on members’ ethical concerns and allow them to become a driver for investment policy.

·             Canvass the entire membership to ascertain their views about an ethical investment policy (in parallel with a programme of balanced information to inform their decision).

·             Continue to build your own knowledge of divestment issues and the options available to pension funds.  We, SCA, have offered to co-organise a workshop with you on this topic (in our letter sent to the Investment Board in September).  We look forward to working with you on this.

Councillor Ellis acknowledged receipt of the petition and she added that the Authority would provide a response to the Sheffield Climate Alliance.