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

Wellington Golf Association Stroke Play results from Aug. 17-18.

first_img Close Forgot password? Please put in your email: Send me my password! Close message Login This blog post All blog posts Subscribe to this blog post’s comments through… RSS Feed Subscribe via email Subscribe Subscribe to this blog’s comments through… RSS Feed Subscribe via email Subscribe Follow the discussion Comments Logging you in… Close Login to IntenseDebate Or create an account Username or Email: Password: Forgot login? Cancel Login Close WordPress.com Username or Email: Password: Lost your password? Cancel Login Dashboard | Edit profile | Logout Logged in as Admin Options Disable comments for this page Save Settings You are about to flag this comment as being inappropriate. Please explain why you are flagging this comment in the text box below and submit your report. The blog admin will be notified. Thank you for your input. There are no comments posted yet. Be the first one! Post a new comment Enter text right here! Comment as a Guest, or login: Login to IntenseDebate Login to WordPress.com Login to Twitter Go back Tweet this comment Connected as (Logout) Email (optional) Not displayed publicly. Name Email Website (optional) Displayed next to your comments. Not displayed publicly. If you have a website, link to it here. Posting anonymously. Tweet this comment Submit Comment Subscribe to None Replies All new comments Comments by IntenseDebate Enter text right here! Reply as a Guest, or login: Login to IntenseDebate Login to WordPress.com Login to Twitter Go back Tweet this comment Connected as (Logout) Email (optional) Not displayed publicly. Name Email Website (optional) Displayed next to your comments. Not displayed publicly. If you have a website, link to it here. Posting anonymously. Tweet this comment Cancel Submit Comment Subscribe to None Replies All new comments The following is the Wellington Golf Association Stroke Play results from Aug. 17-18. Gross Division1st  $175                    67-68=135 – Myles Miller2nd $150                   68-71=139 – Derek Harrison3rd $135                   69-73=142 – Scott Templeton4th $125                    70-76=146 – Josh Troutman5th $100                   76-73=149 – Duane FreeNet Division1st  $175                    65-68=133 – Harry Ricke2nd $150                   67-69=136 – Buddy Robertson3rd $135                   70-67=137 – Drew Hodson4th Tie $105            70-69=139 – Scott Saunders4th Tie $105            72-67=139 – Brad Stocking4th Tie $105            66-73=139 – Richard Orton7th Tie $75  69-71=140 – Richard Lara7th Tie $75  66-74=140 – Mark Erickson9th Tie $50  73-68=141 – Dave Klein9th Tie $50  72-69=141 – Doug Norris9th Tie $50  70-71=141 – Jason Blasi12th Tie $5   74-68=142 – Chaney Stallbaumer12th Tie $5   73-69=142 – Bill Butts12th Tie $5   69-73=142 – Jeff McGovern12th Tie $5   70-72=142 – Kerry Schnecklast_img read more