Sunday, 5 August 2007

KCC Funds Arms Sales and Pollution

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 [1].

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 [2]. British American Tobacco is responsible for countless deaths and has been lobbying developing countries not to put strong health warnings on cigarette packs [3]. Shell continues to explore for more oil and intends to continue to increase extraction this is madness in the face of climate change [2]. 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

Notes:

1. See below for top 100 investments by KCC at 31 March 2007 (from Nick Vickers, Head of Financial Services, KCC)

2. Corporate Watch

3. www.monbiot.com

Top 100 KCC Investments at March 2007:

United Kingdom £000
GlaxoSmithkline51,842
Vodafone Group44,273
HSBC Holdings43,875
Royal Bank of Scotland41,958
Royal Dutch Shell39,007
B.P. Amoco38,129
Barclays28,507
Anglo American22,070
Societe Generale UK Smaller Cos Fund21,296
AstraZeneca20,802
BT Group20,489
BG Group19,222
Standard Chartered17,933
Centrica17,728
Prudential 16,875
HBOS16,385
Unilever14,309
BAES Systems13,949
Legal & General12,552
Schroder Instl UK Small Cos Inc Fund12,163
Whitbread10,148
3I Group10,097
British American Tobacco10,056
Johnson Matthey9,803
Xstrata9,639
Pearson9,504
Daily Mail and Gen Trust8,923
Aviva8,584
BBA Aviation7,600
North America
Altria Group13,667
Well Point9,953
Omnicom7,738
Moodys6,724
Microsoft6,586
Citigroup6,057
JP Morgan Chase5,846
American International5,758
Walgreen5,697
Mohawk 5,263

Japan£000
Canon4,945
Japan Tobacco3,985
Toyota Motor Corp3,928
Mitsui & Co3,914
Asahi Glass3,517
FE Holdings2,453
Nissan Motor 2,401
Mitsui Sumitomo Insurance2,063
Daikin Industries2,029
Europe
Total Fina Elf9,053
Nestle8,358
UBS6,921
Sanofi Aventis6,741
Investor6,176
Credit Suisse 6,387
Svenskahandelsbank5,643
Celesio4,629
Atlas Copco4,162
Allied Irish Bank3,916
Groupe Bruxelles3,256
CRH3,199
Essilor3,087
Munchener Ruckver2,922
DCC2,845
Securitas2,726
SAP2,715
Industrivarden2,647
L’Oreal2,581
Pacific/Other
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
America Movil4,179
Petrol Brasileiros3,744
BNC Itau 3,622

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