A major vote on ethical pension fund investment following concern over Isle of Wight Council pension fund investments ‘potentially complicit’ in ‘Israeli war crimes’ has been delayed due to unseen legal advice.
Pension fund committee (PFC) chair Cllr Chris Jarman tabled a proposal for the PFC to ‘strongly urge’ fund managers ‘to avoid any direct or indirect investment which may or may be seen to be supporting or enabling the continuing genocide in Gaza’.
It also says the PFC should ‘write to the relevant national pension oversight bodies and the UK Government urging them to support ethical investment standards across all Local Government Pension Scheme funds’.
The Empowering Islanders councillor’s plea comes after Marilyn Barrett, an activist from the Isle of Wight branch of the national Palestine Solidarity Campaign, probed the integrity of the council’s pension fund investments at a full council meeting earlier this month.
PFC yesterday afternoon (29th July) heard from County Hall’s pension fund manager Steve Harrison who relayed advice from the chief financial officer, Chris Ward:
“Any motion that carries potential financial risk to the fund itself, members of the committee or officers of the council should be fully informed.
“As yet, we are not in receipt of all the legal advice necessary for that motion to be an informed motion. Should the motion be voted upon, I consider that it would be a failure of governance.”
Mr Ward recommended a “fully informed and considered” report to be brought back to the committee.
Cllr Joe Lever, the Green Party representative for Carisbrooke and Gunville, said:
“I’m incredibly frustrated by this…this has been discussed for nearly a year now. The wording of the motion itself isn’t dictating anything…it’s simply urging fund managers and relevant bodies into action.
“As days go on, it is more clear and more evident about what is happening (in Gaza).”
Later in the meeting he added:
“I don’t want us as a committee to risk making a decision now, as much as I would like to, that is then undermined at a later date…without the advice that we’re being told we need to receive.”
Liberal Democrat councillor for Brighstone, Calbourne and Shalfleet Nick Stuart said:
“Cllr Lever has articulated better than I could do the discomfort we feel. My party in parliament has been shouting about this issue for months and in some cases years.
“There is no doubt where we stand but we want to have something here that will stand up to any consideration by any other body – if we’re going to do something, we need to do it properly.”
PFC requested a meeting be scheduled in 2 weeks’ time for a deferred vote.
Isle of Wight UNISON Branch Secretary Mark Chiverton, has said:
“As the largest trade union in local government…(UNISON has) a very clear policy setting out its opposition to a whole range and raft of policies undertaken by Israel over a number of years in terms of the displacement of Palestinians both in Gaza, on the West Bank and in other illegally occupied Palestinian territories.
“I just wanted to be absolutely sure that you as a committee…are aware of the deep support of the local branch of that national UNISON policy.”
