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Wales Pension Partnership urged to move ahead with divestment from genocide

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Palestine Solidarity Campaign Cymru said it was joining climate partners in demanding the WPP act as a responsible investor, ahead of a lobby of its next meeting in Carmarthen on Tuesday September 22.

Activists will gather outside County Hall from 9am.

Over the past 18 months, PSC Cymru said it had “made huge progress” campaigning to stop Welsh local government pension funds investing in companies complicit in Israel’s genocide, occupation and apartheid.

It credited campaign pressure for last week’s raft of sanctions announced by Prime Minister Andy Burnham’s government against Israel and companies linked to illegal settlements.

Welsh government First Minister Rhun ap Iorwerth and Deputy First Minister Sioned Williams have both described Israel’s actions as genocidal, alongside a long list of experts and human rights organisations, while the International Court of Justice has ruled Israel has a plausible case of genocide to answer.

Despite this, Welsh public pension money totalling £28 billion remains invested in companies including Elbit Systems and Palantir, as well as businesses connected to the illegal settlement enterprise in the occupied West Bank.

Half of Wales’s councils have passed motions calling for divestment, and the WPP has adopted an exclusion framework to help rule out companies breaching international norms.

“But we are not there yet,” said PSC Cymru secretary Gavin Evans.

“Adopting policies is one thing, delivering real divestment is another. The WPP must follow through on what its member councils are telling them.”

PSC Cymru said partner organisations — including Cymru Divest for Palestine, Divest Cymru, Global Climate Justice Cymru and Climate Cymru — shared “a coherent vision for a sound ethical investment strategy,” adding: “We believe the WPP cannot separate legal obligations under the Well-being of Future Generations Act 2015 from its public oversight roles.

“The goals of the act must therefore be embedded in the responsible investment and exclusions policies.”

Campaigners across Britain are urging authorities to divest Local Government Pension Scheme funds from companies linked to Israel’s human rights abuses.

The scheme controls roughly £391bn across 86 authorities, with the PSC estimating that billions are invested in firms tied to arms manufacturing or military logistics.

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Source: Morning Star