Decision details
Notice of Motion to Council, 18th October 2018 - Invest in the Future/Divest from Fossil Fuels
Decision Maker: Cabinet
Decision status: Recommendations Approved
Is Key decision?: No
Is subject to call in?: Yes
Decision:
At the meeting of Council held 18th October 2018, Members received a notice of motion calling on the Council to request the Essex Pensions Committee to divert investment away from fossil fuels.
This had been proposed by Councillor Ware-Lane and seconded by Councillor Dent.
Resolved:
1. That it be noted that the Essex Pension Fund has advised that it
has a fiduciary duty to ensure it has sufficient funds to pay
pensions on behalf of more than 150,000 people. Investment decisions must therefore be directed
towards achieving what is best for the financial position of the
Fund. In order to maximise returns, the
Fund has a diverse range of investments including investment
attributed to the energy/mining sector.
2. That the approach adopted by the Essex Pension Fund, be endorsed.
Reason for decision:
To respond to the Notice of Motion.
Other options:
None
Note: This is an Executive Function
Eligible for call-in to: Policy & Resources Scrutiny Committee
Cabinet Member: Cllr Lamb
Publication date: 09/11/2018
Date of decision: 06/11/2018
Decided at meeting: 06/11/2018 - Cabinet
Effective from: 17/11/2018
This decision has been called in by:
- Councillor Matt Dent who writes for consideration by the Policy & Resources Scrutiny Committee"
- Councillor Laurie Burton who writes for consideration by the Policy & Resources Scrutiny Committee"
Accompanying Documents:
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