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.”

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 28^th 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.