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Lothian fund to discuss arms divestment

UK - The Lothian pension fund, the retirement scheme for the city of Edinburgh, will discuss possible divestments from arms companies following a motion put forward by one of its councillors.

Leith Walk councillor Maggie Chapman has put forward a motion asking the council to switch to ethical investments.

The fund holds shares in the UK's BAE Systems, and the US companies Lockheed Martin, Boeing, Northrop Grumman and Raytheon - the world's top five arms companies - while other local Scottish authority funds have stopped their investments in these companies on ethical grounds.

Clare Scott, investment manager at the £2.8bn (€4bn) scheme, told IPE the council is set to discuss the motion and possible action at this Thursday's council meeting.

Chapman was unavailable for comment at the time of publication.

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