How ethical are Lambeth pensions?

The Greens are campaigning for local authority pension funds to take an ethical stance. At a recent meeting of Lambeth’s Pension Fund Investment Panel, Councillor Rebecca Thackray described the current ethical policy as ‘brief and vague’. Instead, she urged the Panel to be a catalyst for change – by avoiding companies trading in products such as arms or tobacco, or with a poor environmental record. One Panel member responded by claiming that British Aerospace aren’t really an arms manufacturing company! But the Trade Union representative argued that the Panel should see fund managers regularly and receive adequate reports. The financial consultants Mercer were also positive, stating that ethical investments are sounder. The Chair observed that ‘we need to raise our game as a panel’ and Council Officers were asked to give more information on ethical screening in future. Officers also promised to investigate best practice in other local authorities. Lambeth Greens await developments!