Cheltenham’s MP Martin Horwood has urged constituents to act to stop their pension funds fuelling climate chaos.
Martin has tabled a House of Commons motion in support of shareholder resolutions about tar sands – widely acknowledged as the world’s dirtiest fuels – tabled for BP and Shell’s upcoming AGMs.
The resolutions, co-ordinated by responsible investment charity FairPensions, ask the companies to report to shareholders on the investment risks associated with their tar sands projects.
Over 4,000 people have already contacted their pension funds to lobby for the resolutions via FairPensions’ website at http://www.countingthecost.org.uk, making it the largest-ever mobilisation of its kind.
Martin said:
“I’ve taken action to encourage my pension fund to vote in favour of these resolutions, and urge others to do the same.
Financial institutions and fund managers have shown they can’t always be trusted to invest our money responsibly. It’s time we took control of our pensions and started demanding a say in the investment decisions that affect us.
Our pensions, which are supposed to safeguard our wellbeing in later life, are being invested in a hugely destructive activity. Coming clean on the risks involved is the least these companies can do.”
Duncan Exley, Director of Campaigns at FairPensions, said:
“This AGM season could herald a new era of public accountability for companies and their investors.
It’s becoming increasingly clear that tar sands are a risky investment, both environmentally and financially. What people may not realise is that their pension provider almost certainly holds shares in the companies responsible on their behalf.
Anyone with pension savings has a right to lobby their fund manager on how to vote on these vitally important resolutions.”
ENDS
Martin has tabled a House of Commons motion in support of shareholder resolutions about tar sands – widely acknowledged as the world’s dirtiest fuels – tabled for BP and Shell’s upcoming AGMs.
The resolutions, co-ordinated by responsible investment charity FairPensions, ask the companies to report to shareholders on the investment risks associated with their tar sands projects.
Over 4,000 people have already contacted their pension funds to lobby for the resolutions via FairPensions’ website at http://www.countingthecost.org.uk, making it the largest-ever mobilisation of its kind.
Martin said:
“I’ve taken action to encourage my pension fund to vote in favour of these resolutions, and urge others to do the same.
Financial institutions and fund managers have shown they can’t always be trusted to invest our money responsibly. It’s time we took control of our pensions and started demanding a say in the investment decisions that affect us.
Our pensions, which are supposed to safeguard our wellbeing in later life, are being invested in a hugely destructive activity. Coming clean on the risks involved is the least these companies can do.”
Duncan Exley, Director of Campaigns at FairPensions, said:
“This AGM season could herald a new era of public accountability for companies and their investors.
It’s becoming increasingly clear that tar sands are a risky investment, both environmentally and financially. What people may not realise is that their pension provider almost certainly holds shares in the companies responsible on their behalf.
Anyone with pension savings has a right to lobby their fund manager on how to vote on these vitally important resolutions.”
ENDS
Martin Takes Pension Funds To Task On Tar Sands
- Thursday 01st of April 2010 23:38
Martin Horwood is your
Liberal Democrat
Member of Parliament for Cheltenham
working for a fairer,
greener, safer community
Member of Parliament for Cheltenham
working for a fairer,
greener, safer community