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• 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: Damian Hockney
• Meeting date: 17 January 2007

Our pensioners, Mr Newton, I am sure will take great heart I have to say from what I regard as a very responsible stand and your defence of their interests so I do congratulate you for that. One thing occurred to me. Obviously some people round here have talked about ethical investment and ethical being from their own stance. I totally accept and respect their position. Is there a possibility - and I certainly would not want such a thing; I do not want my pension being played as part of politics, even with things that I believe in personally...

• 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?

• Question by: Damian Hockney
• Meeting date: 17 January 2007

I think the main point is that if we do have even minor falls this ongoing amount of money taken from pensioners in Britain will have an impact. Do you still have forecasts and estimates for what will happen ongoing, say over the next five to ten years as a result of it?

• Question by: Damian Hockney
• Meeting date: 17 January 2007

If it were removed, how helpful would that be? Say it were removed next year, how helpful would that be to the London Pensions Fund?

• 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: 2007/0009
• Question by: Damian Hockney
• Meeting date: 17 January 2007

By how much has the current value of the fund been reduced as a consequence of the removal in 1997 of tax credits on share dividends and what impact has this had on the value of pensions paid by the fund?