MSP helps reveal dodgy investments of Scottish Parliamentary Pension Scheme: Monsanto, tobacco, oil, rotten banks, unethical mining companies…

Marco Biagi, MSP for Edinburgh Central

Marco Biagi, MSP for Edinburgh Central, wrote to the Scottish Parliament’s Presiding Officer on my behalf to obtain a list of the funds in which MSPs’ pensions are invested. What he found out for me makes disturbing reading.

Many thanks to my MSP, Marco Biagi (of the SNP), who has obtained, on my behalf, the details of the Scottish Parliament’s pension scheme for MSPs. It makes disturbing reading, with some of the investments seeming to run counter to the will of the Scottish Parliament.

Here is the letter he received from the Parliament’s Presiding Officer, which accompanied the information.  You will see from this that the Scottish Parliament Corporate Body (far less MSPs) cannot direct the holdings.

The Scottish Parliamentary Pension Scheme is managed by Baillie Gifford, with investment split between the Diversified Growth Pension Fund and the Managed Pension Fund.

You will see that companies in which MSPs indirectly invest include notorious GM-crop and glyphosate(Roundup)-producer, Monsanto, Japan Tobacco, Imperial Tobacco and British American Tobacco, Barclays Bank, the Royal Bank of Scotland, BHP Billiton, Coca Cola, and several oil companies.

Click on the above names (apart from the tobacco- and oil-associated ones – everyone surely knows what they do!) to see why I consider them to be unethical.  There are many other dubious investments (such as food giants, huge supermarkets and Big Pharma).

In short, the Scottish Parliament voted for tight anti-tobacco legislation, is supposedly keen to have an ethical foreign policy, is supposedly against GM crops and in favour of renewable energy.  However, MSPs have vested interests in the profits of companies whose activities appear to undermine their aims.

Lest I be accused of hypocrisy, I recently looked into my own (supposedly ethical) pension investments and was horrified to see where my own money was going.  I transferred the money (little as it is!) to something recommended by this company.   Can the Scottish Parliament look into doing the same?

My impression is that pension funds are virtually a law unto themselves, the sinister saboteurs of the decent, fair and environmentally sustainable society most thinking people would like to see.  We need to shine a bright light on this and get public bodies, at least, to offer their staff truly ethical pensions.

How can we hope to make the world a better place if most of us, including our political representatives, don’t put our money where our mouths are?  What, specifically, should we do about this?  Petition, demonstrate, move our own money…? Please comment on this article to make suggestions.  (Or below the Facebook post where I shall flag this up.)

Share

Advertisements

About biowrite

I am a writer specialising in non-fiction, particularly in assisting people with their biographies.
This entry was posted in Politics, Scottish Parliament and tagged , , , , , , , , . Bookmark the permalink.

2 Responses to MSP helps reveal dodgy investments of Scottish Parliamentary Pension Scheme: Monsanto, tobacco, oil, rotten banks, unethical mining companies…

  1. Maybe that is why they are so friendly to these criminals, what with tax breaks and friendly legislation.

    • biowrite says:

      Thanks for your comment. I think most of them are just too busy to care about this issue. Most people’s pensions are invested in these things. (I was horrified when I discovered what my pension funds were invested in.) Arguably, the real motivation for tax breaks, etc., comes with more substantial vested interests – large shareholdings and cosy jobs after leaving parliament (consultants, board members, non-executive directorships, etc.) – and applies more to Westminster, I think. See this: The Cereal Project

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s