500 signatures reached
To: South Yorkshire Pension Authority
Ask South Yorkshire Pension Authority to invest ethically and divest from fossil fuels
We, as members of the Local Government Pension Scheme, urge the South Yorkshire Pension Authority to implement an ethical investment policy that will divest from fossil fuels and ensure our money is used to support the creation of a sustainable, healthy, just and fair future for us, our families and the planet as a whole.
Why is this important?
Since its formation in 1988, South Yorkshire Pensions Authority has worked hard on behalf of its nearly 140,000 members to provide them with a safe and secure future in retirement. Yet while ever it invests in unethical companies or industries, including fossil fuels and tobacco, the Authority is putting these achievements at great risk, by undermining long-term commitments to maximise pension fund investments and to provide good service to fund members. (The over 300 employers contributing to the Authority's schemes are also at risk, as it is they who will ultimately meet any shortfall in the cost of providing scheme benefits to retired members.)
The South Yorkshire Pensions Authority (SYPA) which manages the Local Government Pension Scheme has £259m invested in companies with fossil fuel and fracking connections such as Shell, BP and Glencore, 4.25% of its £6.1bn holdings (as at Mar 2016). It also holds investments in companies which fail to balance their focus on profit with the social and environmental responsibilities expected in the modern day.
We believe it is morally indefensible to invest in companies that destroy our climate and so leave to our children a world where life as we know it is unsustainable. And that it is financially irresponsible to invest in such a high risk sector where the experts agree that the assets are currently wildly overstated and where share prices are certain to plummet.
How it will be delivered
We delivered this petition to the Pension Authority at their 3 Dec 2015 meeting and we continue to submit the additional petition numbers to SYPA to show the on-going strength of feeling amongst fund members.