UK government divestment rules ‘unlawful’, court rules

first_imgThe UK government’s power to keep local authority pension investments in line with national foreign and defence policy has been quashed.A High Court judge ruled last week that the guidance, announced only last year, had been used unlawfully.The guidelines related to procurement and required local government pension schemes (LGPS) to have a policy on environmental, social, and governance issues. However, it also affected some schemes’ decisions to divest from certain companies.The Palestine Solidarity Campaign, which brought the case, said the power was introduced “specifically to curtail divestment campaigns against Israeli and international firms implicated in Israel’s violations of international law, as well as to protect the UK defence industry”. Unison, the biggest trade union in the public sector, said it was “preposterous that local government funds had to invest in the best interests of UK foreign and defence policy”.Several European pension investors – including Norway’s Government Pension Fund Global and the Dutch healthcare scheme’s asset manager, PGGM – have divested from specific Israeli companies in recent years because of concerns about the treatment of Palestinians in contested territories in the Middle East.Conversely, some authorities have introduced anti-boycott legislation. In 2015, the US state of Illinois put a legal block on five state pension funds’ ability to invest or maintain holdings in companies that directly or indirectly boycotted Israel.The UK ruling would not prevent government from intervening in how local authority pensions are invested. Ralph McClelland, a lawyer at Sackers, said funds “should only take a non-financial factor into account if they are satisfied that this view is shared by the membership and ratepayers and if they can do so without significant financial detriment to the fund”.Unison, however, wants the government to go further and make the £217bn LGPS system subject to the EU’s IORP directive. This would require schemes to analyse their portfolios in depth to assess their exposure to carbon-intensive assets.John Hanratty, head of pensions in the north at law firm CMS, described it as “anathema” that the biggest funded pension scheme in the country was not subject to the same regulations as private-sector schemes. “The 2016 regulations were apparently motivated in part by political interests, which is unsettling,” he said.The government may yet appeal the ruling or rewrite its guidance.last_img read more

Cam Newton trade rumours: Carolina Panthers likely to release injured star quarterback

first_img Suraj Alva Carolina Panthers quarterback Cam Newton may have played his last game with the team this season. According to a report on the NFL’s official website, Newton is likely to be traded by the Panthers in the offseason. He was the first overall pick in the 2011 NFL Draft, making this a major development.Also Read: New England Patriots Caught In Spygate 2.0, Admit To Violating NFL Policy In Bengals’ GameCam Newton trade rumoursThere have already been plenty of rumours about where Cam Newton would be heading. The Chicago Bears have been touted as one of the most likely suitors, as the team is expected to make a decision on whether to stick with the struggling Mitch Trubisky as their quarterback or take a swing for a more established one like Newton. Panthers have a chance to keep Newton for $18.6 million, which he is owed next year or the team could look to rebuild themselves around their young quarterback Kyle Allen, who is much cheaper in terms of cost.Also Read: NFL Trade Rumours: Cowboys To Bring Former Patriots Kicker As Possible Maher Replacement?fsCam Newton injury Last Updated: 10th December, 2019 18:08 IST Cam Newton Trade Rumours: Carolina Panthers Likely To Release Injured Star Quarterback Cam Newton trade rumours: The quarterback had surgery on his Lisfranc injury in New York on Monday which keeps him out for the rest of the NFL season. LIVE TV Written By First Published: 10th December, 2019 18:08 IST FOLLOW US SUBSCRIBE TO US COMMENT WATCH US LIVE Cam Newton suffered the injury against New England Patriots in a pre-season game. The incident happened during a third-down play against the Patriots. Newton played through his foot injury in the Panthers’ first two games this season, but his disastrous performance against the Buccaneers led the team to realize the three-time Pro Bowler needed time to heal the injury.Also Read: NFL Trade Rumours: Antonio Brown To Continue Exile Despite Patriots Struggle Vs ChiefsNewton underwent surgery on his Lisfranc injury on Monday in New York.  According to a report in The Athletic, the quarterback injured his foot during his first and only appearance so far this summer during the team’s third preseason game. He tried to play through the injury but lasted just two games before admitting in a YouTube vlog that he really couldn’t push off of his foot and that he probably shouldn’t have played.Also Read: NFL Trade Rumours: Antonio Brown To Continue Exile Despite Patriots Struggle Vs ChieCam Newton trade rumours: His career so farNewton has been Carolina’s starting quarterback since 2011. He is 68–55–1 in his career, leading the Panthers to the playoffs four times. Newton and the Panthers reached the Super Bowl 50 in February 2015 before losing to the Broncos. Currently sitting at 5-8 and an uncertain future of Newton, the franchise could be looking to draft a quarterback last_img read more