Richmond Council Divest for Palestine: Stop investing pension funds in complicit companies

Statement

This petition calls upon Richmond Council to: 1. Conduct a thorough, urgent, and transparent review of all council pension fund investments, including those held via the London CIV, to identify holdings in companies complicit in violations of international law and human rights in Palestine (including Israeli companies operating in occupied territories and international companies involved in the arms trade, settlement support, or resource exploitation). 2. Instruct Wandsworth Council and London CIV and relevant fund managers to divest from all identified complicit holdings as swiftly as possible. 3. Strengthen the Council's Responsible Investment Policy to explicitly exclude investments in companies complicit in violations of international law, military occupation, and systematic human rights abuses, specifically referencing the situation in Palestine. 4. Commit to full transparency by publicly reporting on the review findings, divestment actions taken, and ongoing monitoring processes.

Details

We note that the Royal Borough of Richmond Upon Thames operates under the London Pensions Fund Authority Responsible Investment Policy (updated October 2023) which has an RI and ESG policies. Our petition is grounded in the belief that holding investments in companies complicit in violations of international law and human rights abuses in Palestine directly contradicts this stated policy and the ethical responsibilities of the Council. Research by organisations such as the Palestine Solidarity Campaign (PSC) indicates that UK Local Government Pension Scheme (LGPS) funds collectively hold significant investments (potentially billions of pounds) in companies involved in, or profiting from, the occupation and conflict. This includes companies involved in the arms trade supplying Israel, settlement construction and infrastructure, or financial institutions facilitating these activities. While we understand Richmond’s investments are primarily managed through the Wandsworth Pension fund who also partially use the pooled funds via the London Collective Investment Vehicle (London CIV), the Council retains ultimate responsibility for its investment strategy, the mandates given to fund managers via London CIV, and ensuring its holdings align with its own ethical commitments, including on human rights. We believe divestment is not only an ethical imperative consistent with the Council's own policy but also prudent financial management, mitigating reputational, legal, and stranded-asset risks associated with complicity in illegal activities.

Started by: Rehena Harilall