London Pensions Fund Authority investments

Meeting: 
MQT on 2008-11-12
Session date: 
November 12, 2008
Reference: 
2008/2427
Question By: 
Mike Tuffrey
Organisation: 
Liberal Democrats
Asked Of: 
The Mayor

Question

As part of your oversight of the LPFA, have you offered them any advice or instruction relating to investments in companies that are involved in the arms and tobacco industries?

Answer

Answer for London Pensions Fund Authority investments

Answer for London Pensions Fund Authority investments

Answered By: 
The Mayor

The Mayor has no powers to instruct the LPFA as to their investment policy. As regards advice, the Mayor appoints Board members to the Authority and I would expect those members to wrestle with the difficult issues of ethical investment, which are considerably wider than investment in arms or tobacco companies. Current Board members of the Authority include the Deputy Director of the Ethical Trading Initiative and the author of a book on ethical investment. The Authority does I know regard itself to be a leader in the field of determining the extent to which social, ethical and environmental issues should influence pension fund investment, which is an area of increasing importance.