Kent Green Party has discovered the extent to which tax payers' money is being used to fund arms companies and polluters by Kent County Council. KCC currently has investments totalling around £1.8 billion but chooses not to invest these in ethical companies and allows this money to fund death and environmental destruction. This is despite ethical investments out performing non-ethical ones.
Among the investments are BAE: £13.9 million; British American Tobacco: £10.1 million; and Shell: £39.0 million .
Stuart Jeffery of Kent Green Party: “We live in a world where news headlines are dominated by terrorism, war and death, problems which we have discovered are being supported by the Conservatives in Kent with taxpayers money. This is a disgusting state of affairs why should our taxes be going to these companies when it could be used for good?
“BAE is the largest arms manufacturer in the world weapons that are killing people across the world . British American Tobacco is responsible for countless deaths and has been lobbying developing countries not to put strong health warnings on cigarette packs . Shell continues to explore for more oil and intends to continue to increase extraction this is madness in the face of climate change . And many of the other companies that KCC invest in are no better.
“With the high performance of ethical investments there is absolutely no reason to continue to fund death and destruction as KCC are doing. This is a thorough disgrace and we are calling upon people to sign our online petition to stop this madness: http://maidstone.greenparty.org.uk/kccinvestment.php ends c267 words
1. See below for top 100 investments by KCC at 31 March 2007 (from Nick Vickers, Head of Financial Services, KCC)
2. Corporate Watch
Top 100 KCC Investments at March 2007:
United Kingdom £000
Royal Bank of Scotland41,958
Royal Dutch Shell39,007
Societe Generale UK Smaller Cos Fund21,296
Legal & General12,552
Schroder Instl UK Small Cos Inc Fund12,163
British American Tobacco10,056
Daily Mail and Gen Trust8,923
JP Morgan Chase5,846
Toyota Motor Corp3,928
Mitsui & Co3,914
Nissan Motor 2,401
Mitsui Sumitomo Insurance2,063
Total Fina Elf9,053
Credit Suisse 6,387
Allied Irish Bank3,916
GMO Developed World Equity Fund158,633
Schroder GAV Unit Trust119,681
Schroder Emerging Market Inc Fund24,593
Schroder Instl Pacific Inc Fund18,614
Samsung Group 10,861
GS Emerging Markets Offshore 10,735
GMO Emerging Markets9,135
BNC Itau 3,622