To receive and consider the recommendations of the Investment and Pension Fund Committee to the following Notice of Motion submitted previously to the Council by Councillor Hodgson and referred thereto in accordance with Standing Order 8(2), namely;
Further to withdrawing over £2 million in investments from companies selling arms to Israel. Devon County Council now commits to investigating withdrawing the £84 million that remains invested through its investments and pension funds in such companies, including Rolls Royce (£1,951,241), Barclays Bank (£12,889,533), BAE Systems (£4,969,449), and Babcock (£360,850).
Devon County Council seeks immediate withdrawal of these investments, particularly in light of the tragic loss of over 20,000 children in Gaza. Our pension fund should not support activities contributing to such atrocities.
Devon County Council seeks to fully divest from these companies and to uphold values of peace, justice, and ethical responsibility.
The minutes of the Investment and Pension Fund Committee will be available here shortly, outlining the Committees deliberations and response.
https://democracy.devon.gov.uk/ieListDocuments.aspx?CId=187&MId=5028&Ver=4
Decision:
The motion in the name of Councillor Morrish was put to the vote and declared CARRIED (outlined below).
that Council;
(a) Expresses solidarity with the innocent people directly affected by the ongoing situation in Israel and Gaza;
(b) Supports the engagement activity undertaken on behalf of the Devon Pension Fund by the Brunel Pension Partnership with companies operating in high risk areas including Gaza and the West Bank to use their influence to promote positive human rights outcomes;
(c) Supports the exclusion from investment portfolios of companies manufacturing controversial weapons (cluster bombs, biological and chemical weapons, antipersonnel landmines);
(d) Affirms the inclusion in the Pension Fund investment strategy of the allocation to the Global Developed Paris Aligned Equity Fund, as part of the commitment to work towards net zero investment portfolios; and
Minutes:
Pursuant to County Council Minute 313 of 5 September 2024 relating to the Notice of Motion set out below as previously submitted and formally moved and seconded by Councillor Hodgson that:
Further to withdrawing over £2 million in investments from companies selling arms to Israel. Devon County Council now commits to investigating withdrawing the £84 million that remains invested through its investments and pension funds in such companies, including Rolls Royce (£1,951,241), Barclays Bank (£12,889,533), BAE Systems (£4,969,449), and Babcock (£360,850).
Devon County Council seeks immediate withdrawal of these investments, particularly in light of the tragic loss of over 20,000 children in Gaza. Our pension fund should not support activities contributing to such atrocities.
Devon County Council seeks to fully divest from these companies and to uphold values of peace, justice, and ethical responsibility.
and having had regard to the advice of the Investment and Pension Fund Committee as set out in Minute 38 of 2 December 2024:
Councillor Morrish MOVED and Councillor Trail SECONDED that the Investment and Pension Fund Committees advice be accepted and that the Notice of Motion be amended to read that Council;
(a) Expresses solidarity with the innocent people directly affected by the ongoing situation in Israel and Gaza;
(b) Supports the engagement activity undertaken on behalf of the Devon Pension Fund by the Brunel Pension Partnership with companies operating in high risk areas including Gaza and the West Bank to use their influence to promote positive human rights outcomes;
(c) Supports the exclusion from investment portfolios of companies manufacturing controversial weapons (cluster bombs, biological and chemical weapons, antipersonnel landmines);
(d) Affirms the inclusion in the Pension Fund investment strategy of the allocation to the Global Developed Paris Aligned Equity Fund, as part of the commitment to work towards net zero investment portfolios; and
The amendment in the name of Councillor Morrish was put to the vote and declared CARRIED, therefore becoming the substantive motion.
Councillor Hodgson then moved that the motion be amended as follows, with the additional wording in red.
(a) Express solidarity with the innocent people directly affected by the ongoing situation in Israel and Gaza;
(b) Support the meaningful engagement activity undertaken on behalf of the Devon Pension Fund by the Brunel Pension Partnership with companies operating in high risk areas including Gaza and the West Bank to use their influence to promote positive human rights outcomes;
(c) Support the exclusion from investment portfolios of companies manufacturing controversial weapons (cluster bombs, biological and chemical weapons, antipersonnel landmines);
(d) Support the exclusion from investment portfolios of companies producing armaments, that are specifically flagged by the United Nations as supplying a state suspected of carrying out serious Human Rights violations, war crimes and / or genocide.
(e) Affirm the inclusion in the Pension Fund investment strategy of the allocation to the Global Developed Paris Aligned Equity Fund, as part of the commitment to work towards net zero investment portfolios; and
(f) Have officers and members engage in conversations with Brunel representatives and other pool members on ensuring that the UN Guiding Principles on Business and Human Rights, as set out in paragraph 3.10 of the report, are fully reflected in investment policies.
Councillor Hodgson MOVED and it was duly SECONDED that there be a recorded vote on the amendment.
The motion was put to the vote and declared LOST.
(In accordance with Standing Order 32(4) Councillors Adams, Asvachin, Aves, Bradford, Brazil, Connett, Cox, Dewhirst, Gent, Leaver, Whitton and Wrigley asked that their vote in favour of the motion be recorded)
The amendment in the name of Councillor Hodgson was then put to the vote and declared LOST.
(In accordance with Standing Order 32(4) Councillors Adams, Asvachin, Aves, Brazil, Connett, Cox, Dewhirst, Leaver, Whitton and Wrigley asked that their vote in favour of the amendment be recorded)
The motion in the name of Councillor Morrish was then put to the vote and declared CARRIED.