SOUTH WALES ANARCHISTS CLAIM VICTORY AS YET ANOTHER PENSION FUND SCANDAL EMERGES
Following our revelations that the welsh arsembly members’ pension fund is being held in companies with appalling environmental and human rights’ records, chair of the pension scheme trustees, Alun ‘greasy wops’ Cairns has resigned.
End of story? Er, we don’t think so. Mr Cairns isn’t the only villain of the piece. There are, of course, four other trustees representing all the political parties who must have known as much or as little as Mr Cairns. Perhaps the lot of them should come clean and tell us exactly what they’ve been up to during their tenure as trustees? We’ll be sending a freedom of information question to the government requesting details of ‘meetings’ between trustees and Baillie Gifford Life Ltd, the Edinburgh-based partnership that manages members’ pensions. Watch this space, although we’ll probably be met with more porky pies from the freedom of misinformation team at the assembly.
But the story doesn’t end there. We’ve been in touch with the nice freedom of information officer at Rhondda Cynon Taf (RCT), one of our favourite councils (see Gagged 24 and16) and we’ve learned that, coincidently, of course, Baillie Gifford, along with four other financial companies, manages RCT’s pension fund too! The assembly’s stash of £10.5 million pales into insignificance against RCT’s fund with a membership of 23,000 people. At the end of March 2008 the fund stood at £1.3 billion, with Baillie Gifford Asset Management holding £540 million.
And, you’ve guessed it, many of the star performers in the arsembly fund feature in RCT’s. We asked specifically about money given to the arms and tobacco industries and were told the breakdown of holdings at 31st March 2007 in aerospace and defence was:
BAE Systems £2,908,645
Rolls Royce £6,770,177
The breakdown of RCT’s holdings in tobacco was:
British American Tobacco £ 6,252,715
Imperial Tobacco £10,838,441
Which, when added up, comes to £13 million to weapons manufactures and £17 million to tobacco barons.
By the end of March 2008 RCT’s investments in the arms trade had fallen to £9 million, following the sales of shares in arms companies including Lockheed Martin, worth £840,000 in 2006, and the sale of nearly £500,000 of shares in our old friend, Raytheon (see Gagged 25). Investments in tobacco stood at almost £16 million.
Perhaps it’s time for the Pension Panel Members, which include council leader Russell Roberts and councillor Clayton Willis, to step up to the mark and account for their murderous investment decisions.