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• Question by: Jenny Jones
• Meeting date: 17 January 2007

You can see from the questions that you have been asked today this is clearly a hot topic for us, and also, as politicians, we are very concerned about the issue of openness and the public knowing. So far this aspect has not been in the annual report, that is other information that I have. Is that not true? This is something you bring in to the annual report or is it simply that it is the first time you have had it so it has not happened yet?

• Question by: Jenny Jones
• Meeting date: 17 January 2007

Judging from your answers, some of the information I have here that I was going to ask you about is completely erroneous, and I am going to be delighted if you tell me I am completely wrong. I would like to follow on from my colleague Mike's [Tuffrey] excellent line of questioning on openness. The feeling is generally that there is not as much openness from you as there are from other companies who have got the same sort of ethical and socially responsible stance. Can I clarify; you commented on the voting record, however my understanding is that although...

• Question by: Jennette Arnold OBE
• Meeting date: 17 January 2007

Can I then ask what is the current investment in, specifically, tobacco? I ask this because I raised this question in September 2005 with the Mayor, and his answer then was that he was of the opinion that LPFA was looking towards developing an ethical investment policy that would take account of this type of issue. Can I just add, you talked about employment and you said it was fine, if you like, to be investing in BAE (British Aerospace) because it gave us great employment. Is it fine to stay investing in tobacco companies that kill hundreds of thousands...

• Question by: Jennette Arnold OBE
• Meeting date: 17 January 2007

Can I just say that for me the meeting started well but from that last response I am really quite disappointed. Can we go back to the answers to Mike's [Tuffrey] question? If we are talking about openness, then why do we not see something like that in this document? Where would you see this approach that you have outlined in this document? Basically, from what you have said, you have a very narrow definition of a pension fund that seeks to be socially responsible. Let me just say to you, you used the phrase, `It would be lunatic to...

• Question by: Jennette Arnold OBE
• Meeting date: 17 January 2007

How long will that stock remain with your fund?

• Question by: Jennette Arnold OBE
• Meeting date: 17 January 2007

But can you tell me the share? And can I just follow you on and say, if you are thinking long term, are you not aware that tobacco companies, themselves, are disinvesting in the poisonous weed, and are going into different stocks and different products? So, can you not say that on this issue, you, as the Chair of this body, will be working with your officers to be shifting whatever that investment that is currently within the portfolio somewhere else?

• Question by: Jenny Jones
• Meeting date: 17 January 2007

It does leave the question hanging in the air; what on earth is the point of having any sort of strategy or corporate social responsibility and ethical policy if you are not going to implement it by choosing between companies? Let me go back to your answer about the arms trade and tobacco. You say at the moment you are not big investors in them. It is my question you are probably answering later. In that case, why not take a principled stance and stop investing. There must be thousands upon thousands of people who are pension holders who would...

• Question by: Jennette Arnold OBE
• Meeting date: 17 January 2007

I did not hear your answer. Is your answer that your fund managers are being asked to move this share out of the current investment portfolio?

• Reference: 2007/0007
• Question by: Jennette Arnold OBE
• Meeting date: 17 January 2007

What actions are you taking towards a more ethical investment policy by disinvesting from tobacco companies and the arms trade?

• Reference: 2007/0010
• Question by: Jenny Jones
• Meeting date: 17 January 2007

What is the total current value of LFPA investments in companies involved in arms, tobacco and animal testing?