This week CAAT is releasing figures on shareholdings – held by public organisations, trade unions, political parties and charities – in British arms companies that trade their weapons abroad.
Richard Bingley of CAAT said: It is wrong that organisations promoting social good at home, earn money from investing in companies that sell weapons into conflict areas and openly seek to divert resources away from development abroad.
Often these investments assume conflicts of interests. It is absurd that local authorities such as Tower Hamlets, Camden, Southwark and Islington, which also deal with refugees dispersed by armed conflict or suppressive governments, are shareholders in international arms companies.
It is likewise inconsistent that health, charitable, and educational institutions, undertaking admirable work improving fitness, personal development and general welfare in Britain, invest in technology that can often deny these opportunities abroad.
Rasmus M Jensen of CAAT said: We call on these institutions to realise that arms companies can do as much damage as other types of companies, such as cigarette manufacturers, and to include them under any ethical investment criteria they may have.
For further information on CAAT’s Clean Investment Campaign 2002, please contact Richard Bingley or Rasmus Jensen on 020 7281 0297
Shareholdings Overview
Pensions Funds
Labour Party Pension Funds: 27,940 in BAE Systems = £95,275 in value
Trade Unions:
British Coal – Mineworkers Pension Funds (over 7 million in BAE), MSF, Union of Shop and Distributive and Allied Workers and the TUC (495,000 shares in BAE)
Local Authorities:
56 funds recorded outside London including the Northern Ireland’s local government pension fund and 23 recorded in London – including many of those that cope with refugees dispersed by conflict and the wide availability of arms, such as Tower Hamlets, Camden, Southwark and Islington.
Education Universities Superannuation Scheme:
BAE Systems 17,038,325 (value £58.1 million)
BAES Loan Stock 1,274161 (£4.34m)
GKN 2,300,000 (£7m)
Smiths Group 1,750,000 (£12.64m)
Cobham 200,000 (£2.3m) (Total = £84.38m)
Others Include:
University College, Oxford; Balliol College, Oxford; Somerville College, Oxford; Birmingham University (total is almost £1m worth); Dundee University; St. Johns College, Cambridge; Fitzwilliam College, Cambridge, Glasgow University Endowment Fund, University of London, Imperial College of Science, Lancaster University, Leeds University Pension Fund for Support Staff, Manchester University Superannuation scheme, Edinburgh University Pension Fund.
Health and Charities
Scottish Hospital Trust (BAE 80,000), St Bartholomew’s (Barts) Hospital Charitable Funds (BAE 90,000), University of Wales College of Medicine (BAE 20,000 and BAE Loan Stock 450,000), Cancer Research Campaign (30,000-40,000 BAE), Leukaemia Research Fund (BAE 152,769), Mencap City Foundation, National Trust for Scotland, Sue Ryder Foundation and the Orphan Society of Non-subscribing Presbyterian Church of Ireland.
Others
Co-operative Insurance Service has 25 million shares in BAE.
TO WORK OUT THE VALUE OF AN ORGANISATION’S SHAREHOLDING PLEASE FEEL FREE TO USE THE FOLLOWING:
Share Prices 07/03/02 BAE £3.41
Rolls-Royce £1.70
GKN £3.04.25
Smiths £7.22
Cobham £11.47.5
Alvis £1.48.5
Vosper £14.90
