Issue - meetings

Request submitted to the Leader of the Council by Councillor Adrian Ross, in accordance with the Council’s Cabinet Procedure Rules.

That, in light of the coronavirus crisis, the Leader of the Council, on behalf of Cabinet writes to the Pensions Committee of East Sussex County Council asking it to:

(1) Immediately freeze any new investment in the top 200 publicly traded fossil fuel companies;

(2) Ask all fossil fuel companies in which the pension fund holds investments for a firm commitment to entirely decarbonise by 2030;

(3) Commit itself, over the course of the next 4 years, to divest the East Sussex Pension Fund from any investments in companies that do not provide that commitment by March 2021.

The Cabinet considered the request from Councillor Ross in relation to pension fund divestment from fossil fuel industries.

Councillor Ross addressed and presented the item to Cabinet.

Cabinet unanimously supported the request and conveyed their thanks to Councillor Ross for submitting the item.

Councillor Collier declared a prejudicial interest in this item and withdrew from the meeting whilst the item was being considered.

Councillors O’Brien and O’Keeffe declared a personal interest in this item and remained in the meeting and took part in the discussion.

Resolved (Non-key decision):

That, in light of the coronavirus crisis, Cabinet write to the Pensions Committee of East Sussex County Council asking it to:

(1) Immediately freeze any new investment in the top 200 publicly traded fossil fuel companies.

(2) Ask all fossil fuel companies in which the pension fund holds investments for a firm commitment to entirely decarbonise by 2030.

(3) Commit itself, over the course of the next 4 years, to divest the East Sussex Pension Fund from any investments in companies that do not provide that commitment by March 2021.

Reason for decision:

Both Lewes District Council (LDC) and East Sussex County Council (ESCC) have recognised and declared climate emergencies and have made commitments to decarbonise.