Agenda item - Pension Fund Divestment

Joint motion proposed by Councillor Druitt on behalf of the Green and Labour Groups.

57.1      The Notice of Motion as listed on the agenda was moved by Councillor Druitt on behalf of the Green and Labour Groups and was formally seconded by Councillor Appich.

57.2      Councillor Miller stated that the Pension Board was an independent body and should therefore be left to determine how investments were made. Councillor Childs expressed his support for the motion and noted that the council were represented on the Board and should therefore be able to make its views known.

57.3      Councillor Druitt stated that there was a need to move away from investment in fossil fuels and hoped that the motion would be supported..

57.4      The Mayor then put the following motion to the vote:

That council agrees to request that officers contact the East Sussex Pensions Committee in order to:

1)     Congratulate the East Sussex Pensions Committee (ESPC) on the moves it is making to reduce the exposure of the Pensions Fund from 4% to 2%;

2)     Highlight the overcapacity and fragility of the fossil fuel system, and the prospect of big near-term losses for investors like the East Sussex Pensions Committee, as a result of analysis which shows that demand for fossil fuels has likely already peaked; [1] and further, wishes to stress to the ESPC that rapid and unprecedented action is going to be necessary in order to keep global warming to ‘well below 2ºC' and that such action is incompatible with continued investment in giant oil and gas companies like Shell and BP;

Council therefore also requests, through contact with the East Sussex Pensions Committee:

3)     That the ESPC commit now to a complete phase-out of the Fund’s investments in fossil fuels, in line with  the declarations made by both Brighton and Hove City Council and East Sussex County Council of a ‘climate emergency,’ and associated climate change mitigation targets.

57.5      The Mayor called on each of the Group Leaders to confirm their position as well as the Groups in turn and each of the Independent Members:

Councillor Mac Cafferty stated that the Green Group were in favour of the motion and this was confirmed by the Members of the Green Group;

Councillor Platts stated that the Labour Group were in favour of the motion and this was confirmed by the Members of the Labour Group;

Councillor Bell stated that the Conservative Group wished to abstain from voting on the motion and this was confirmed by the Members of the Conservative Group;

Councillor Brennan confirmed that she was voting for of the motion;

Councillor Janio confirmed that he wished to abstain from voting on the motion;

Councillor Knight confirmed that she was voting for the motion.

57.6      The Mayor confirmed that the motion had been carried.