To consider the following Notice of Motion, which has been submitted by Cllr Jules Crossley pursuant to Standing Order 9 (1):
“Ahead of the Hampshire Pension Fund
(HPF) report on Responsible Investment, which will be considered by the HPF
Panel and Board on 28th July, I would like to propose the following motion for
the consideration of this Council.
The Council Leader will write to the Chair of the Board of
the Hampshire Pension Fund, and request that HPF commits to transition it's
entire investment portfolio to net-zero greenhouse emissions by 2030, where
practical and financially viable, and completely by 2050 at the latest, to be
consistent with a maximum temperature rise of 1.5 degrees Celsius above
pre-industrial levels by the century's end. The Council also urges the
Hampshire Pensions Fund to join the Net-Zero Asset Owner Alliance, which is the
investor alliance doing the most robust work on aligning to 1.5C. Other County
Council Pension Funds, such as Wiltshire Pension Fund Committee and South
Yorkshire Pensions Authority, are members of this alliance.
This Council will also review its investment portfolio
with a view to not investing in carbon intensive industries or companies which
have NOT committed to 1.5C consistent portfolio alignment guarding the critical
1.5-degree Celsius target and will encourage other organisations in the Borough
to do the same.”
Minutes:
The Council was asked to consider a Motion which had been submitted by Cllr Jules Crossley in accordance with the provisions of Standing Order 9 (1):
“Ahead of the Hampshire
Pension Fund (HPF) report on Responsible Investment, which will be considered
by the HPF Panel and Board on 28th July, I would like to propose the
following Motion for the consideration of this Council.
The Council Leader
will write to the Chair of the Board of the Hampshire Pension Fund, and request
that HPF commits to transition its entire investment portfolio to net-zero
greenhouse emissions by 2030, where practical and financially viable, and
completely by 2050 at the latest, to be consistent with a maximum temperature
rise of 1.5 degrees Celsius above pre-industrial levels by the century’s
end. The Council also urges the
Hampshire Pensions Fund to join the Net-Zero Asset Owner Alliance, which is the
investor alliance doing the most robust work on aligning to 1.5C. Other County Council Pension Funds, such as
Wiltshire Pension Fund Committee and South Yorkshire Pensions Authority, are
members of this Alliance.
The Council will
also review its investment portfolio with a view to not investing in carbon
intensive industries or companies which have NOT committed to 1.5C consistent
portfolio alignment guarding the critical 1.5 degrees Celsius target and will
encourage other organisations in the Borough to do the same.”
In moving the
Motion, Cllr Crossley referred to the declaration of a climate emergency and the desperate need for action
to avoid the pending devastating impact on the world. Cllr Crossley was of the opinion that county
councils and local authorities should lead by example and take action.
In seconding the
Motion, Cllr Gaynor Austin referred to the fact that Rushmoor had declared a
climate emergency in 2019. Actions were
needed and not just words. The HPF
should be urged to divest from fossil fuel investments and Rushmoor should be
leading the way for others to see action being taken, not just following.
During discussion,
Members referred to the question whether any real change could be made to the
HPF as it was one of the largest funds of its kind in the county with a wide
range of advisers who acted carefully and prudently for the HPF. It was understood that the HPF Board was
committed to net zero and invested on that basis. The view was expressed that, at this stage,
any major change in investments could be expensive and unnecessary. The view
was also expressed that Rushmoor invested to meet its financial obligations and
that the issue of climate change was one that investment pool managers were
very aware of and such issues were reviewed on a regular basis.
The opinion was
also expressed that radical actions were required across the world to save the
planet and intervention was required now.
Members were urged to vote not just on financial implications but on
what was morally and ethically right.
The Motion was then put to the Meeting. There voted FOR: 9; AGAINST: 21 and the Motion was DECLARED LOST.
NOTE: Cllr M.L. Sheehan declared a personal interest in this item as a member of the Hampshire Pension Fund and, in accordance with the Members’ Code of Conduct, left the meeting during the discussion and voting thereon.