Issue - decisions
Notice of Motion - Fossil Fuels
09/11/2018 - Notice of Motion to Council, 18th October 2018 - Invest in the Future/Divest from Fossil Fuels
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