Issue - meetings

To consider the Member motion regarding an Ethical Investment Protocol as proposed by Councillor Fairhurst.

To consider the Member motion regarding an Ethical Investment Protocol as proposed by Councillor Fairhurst.

Councillor Fairhurst presented his motion relating to an ethical investment protocol. He said he had questioned the governance process surrounding investments for three years, and had asked for a number of measures to be put in place, including the appropriate training for Members who sit on the Investment Board. He said it was essential that an ethical protocol was put in place, and that Council listened to residents, regardless of whether dissenting voices were in the majority. He said it was right that a protocol was put in place now, even if there were no plans to add to the investment portfolio, as it would give a clear message that the Council was committed to integrity and good governance. He proposed the motion as follows:

Recent controversy surrounding a particular investment has once again raised the issue of ethical investments considered by the Council.

It is unfortunate that these parameters were not agreed when the Investment Board was established, but the Council recognises that it has a public mandate and is using public money which warrants a higher degree of ethical selectivity than a private investment portfolio.

This Council therefore resolves to establish and agree an Investment Protocol and process which reflect the highest ethical standards and values and will exclude all investments that compromise or do not meet or exceed these values.

This Council will demonstrate its commitment to ethical integrity by requiring its investment strategy not to include the purchase of any commercial assets which are directly or indirectly associated with issues of human rights, environmental or social harms.

Councillor Khan seconded the proposal and reserved his right to speak.

Councillor Luck said he had been impressed by Councillor Reeve and his account on Investment Opportunity 12.

 Councillor Lodge raised a point of order and said the amendment should be taken at this point.

In response, the Chief Executive explained that the amendment had yet to be proposed and a number of Members had raised their hands indicating that they wanted to speak on the substantive motion first. The correct procedure was being followed.

Councillor Light said she was in mourning as children were dying in Yemen every 10 minutes. She said investments had to be ethical and asked whether councillors could make such investments in good conscience. She said the first draft of the motion had been deemed too prescriptive by officers, and now the amendment was reducing the scope of the motion even further. She supported the motion.

Councillor Freeman said he supported an ethical policy but he said the reason the Council were making commercial investments was in order to protect finances and fund services in light of the reduction in central Government funding. 

Councillor Reeve proposed an amendment to the motion as follows:

To strike out the substantive motion and replace with the following wording

This Council commends the commitment to ethical integrity as set out in paragraphs 36 and 37 of the Commercial Strategy 2021 – 2025, and the requirement therein to  ...  view the full minutes text for item 17