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Profits from terror war
• I FULLY support Angela Sinclair and Robin Yu’s letters (Why is our council tax supporting arms firms? May 9, Investment profits amount to shockingly dirty money, May 16). Why does Islington Council’s pension fund invest in arms? Those of us who have already questioned them know the answer – because it’s very profitable and in the current global climate, with the war on terror and whatnot, arms companies represent “good returns”.
The great irony is that, despite the council advising council tax-payers to invest in renewable energy to combat climate change, its largest investments are in oil, gas and mining companies which, by definition, are unsustainable and massive contributors to climate change.
Since its investments contradict the very issues it professes to care about, it should be clear to Islington residents that the council will not introduce a comprehensive change in its investment policy, incorporating good responsible investment practices, such as the exercise of voting rights and disinvestment in arms, without council tax- payers actively lobbying councillors on this issue.
Michael Johnson
Loraine Road, N7
• ANGELA Sinclair asks the council tax-payers of Islington to query how “their” money is invested. Once the council’s contribution to the pension fund is paid it ceases to be their money but belongs to the fund. The trustees of the fund are then responsible for the prudent management of the assets.
Robert Maxwell shared her view that the employer should control pension fund assets. It was not a good idea then and is no better now.
NIGEL FLETCHER
Helmet Row, EC1
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