'End Greater Gwent Pension Fund investments in arms'

The Newport Palestine Solidarity Campaign staged an occupation in Torfaen County Borough Council’s civic centre in Pontypool yesterday to shed light on what they call "controversial pension fund investments".

The group say they have been in talks with the five Greater Gwent (Newport, Monmouthshire, Torfaen, Caerphilly and Blaenau Gwent) council leaders to call for divestment from Elbit Systems, which the group have said is weaponizing “war crimes in Gaza”.

The Greater Gwent Pension Fund say they do not invest directly into the company and the money is part of a pooled investment managed by Blackrock. The fund has since launched a strategy to ‘level up’ its investment approach and ensure future investment within the UK.

The secretary for Newport Palestine Solidarity Campaign, Zahid Noor, said: “Members of staff and members of the public should know about it and they were outraged when they heard their pension is being put into an arms company.

“They weren’t aware of where their money is going, and we’ve been in talks with them (the local councils) for more than a year.”

Newport Palestine Solidarity Campaign outside the Pontypool civic centre to raise awareness (Image: Newport Palestine Solidarity Campaign)

The group, in a new campaign with the slogan ‘No Gwent in Genocide’, have said the pension fund is under scrutiny for "investing £110m to arms companies in Israel".

Joe Logan, a resident in Abergavenny, has come forward to say: "I am a pensioner with the Greater Gwent Council’s Pension Fund.

“I see in their publicity that they aim to invest our money ethically. So I was horrified to find that they are allowing our pension funds to be invested in arms manufacturers like Elbit.

“Elbit is guilty of supplying the Israeli army with weaponry to use against Palestinian civilians; men, women, and a huge number of children and babies.

“It is a genocidal and cruel massacre of innocents, making my Pension Fund complicit in these war crimes. They must divest now in the war industry as they must in the fossil fuel industry, for all our futures."

Hillary Brown, a resident in Newport, added: "I’m shocked and horrified that Gwent Councils are investing our pensions in war crimes and genocide.

“I have been heartbroken to see videos daily of the atrocities in Gaza.

“Councillors need to act now to stop these investments. We all want to have a good pension, but it shouldn’t be at a cost to the most defenceless and vulnerable people in the world.

“Nor should 10,000 children have to die in Gaza, with Gwent pension members as shareholders of this carnage!"

The group also sat into Newport Council's full cabinet meeting on Tuesday, January 23, urging them to divest.

The group took a video (below) to show their occupation.

Mr Noor said: "Although we want to bring awareness, we don't want to be disruptive."

Torfaen County Borough Council said that as of December 2023, the Pension Fund had £59,000 invested in Elbit Systems via a pooled investment fund, which is not a direct investment in the company. 

Chair of the Greater Gwent Pension Fund, Cllr Nathan Yeowell, said: “The majority of the Greater Gwent Pension Fund investments are now pooled via the Wales Pension Partnership (WPP), with this investment being managed by Blackrock and the reputation of the fund is important when formulating investment strategies.

“The WPP recognises that Human Rights abuse can represent a reputational risk to assets within the WPP. The WPP also recognise that reputational risks can also develop into, financial and legal risks.

“It is in an investor’s best interests to undertake Human Rights due diligence and compliance and the WPP’s preference is to engage with companies as opposed to divestment. Active ownership is considered integral to improving business practices of the companies it invests in.

“Robeco was appointed by the WPP in 2020 to provide Voting and Engagement activity and to engage with companies on ‘Human Rights Due Diligence for Conflict-Affected and High-Risk Areas’, including within the Occupied Palestinian Territories. The Local Authority Pension Fund Forum (LAPFF) of which we are members, have also undertaken similar work.

“The Greater Gwent (Torfaen) Pension Fund has also recently agreed a new three-year strategy to ‘level up’ its investment approach and ensure future investment within the UK. The strategy will deliver the dual aim of contributing towards the UK Government’s levelling up objectives while generating a positive financial return for its members.

“The Fund also agreed a new impact policy which seeks opportunities to invest in UK-based carbon net zero and infrastructure projects.”