Shares in the arms and tobacco industry

Roedd y cais yn llwyddiannus.

Dear Worcester College, Oxford,

I am writing to request information on the financial relationships the college holds with the arms and tobacco trade (specifically, but not limited to:

- BAE Systems
- Rolls-Royce
- Smiths Group
- Cobham
- Elbit
- Finmeccanica
- QinetiQ
- VT Group
- Halliburton,
- United Technologies
- Airbus SE
- Lockheed Martin
- Caterpillar Inc,
- General Dynamics
- Raytheon
- Northrop Grumman
- Raytheon, Textron and Thales Group
- L3 communications

- Philip Morris
- British American Tobacco
- Altria
- Imperial Brands

Please include the following information:

1) A portfolio statement for the fund(s) the college has investments in. If you do not have a copy of this, please send me a list of the names of the fund(s) and the corresponding management companies. Details should be broken down, year-by-year for the last five financial years.

2) Please also confirm if any shares are held in arms trade companies as part of a pension fund or endowment, either directly or indirectly through an externally managed fund. Details should be broken down, year-by-year for the last five financial years.

I would wholeheartedly encourage the university to adopt an ethical investment policy that excludes the arms trade, and would appreciate it if you could tell me if this is something that the university is working towards.

Yours faithfully,

Sarah Woolley

Emma Standhaft, Worcester College, Oxford

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Worcester College Academic Administrator, Worcester College, Oxford

Dear Sarah Woolley

Please find below the response of Worcester College to your freedom of information request about shares in the arms and tobacco industry:

1. The College does not invest directly in equities. All of our investments are in Oxford University Endowment Management (OUEM), and we do not hold data on, or have access to, the underlying holdings. OUEM’s Ethical Social and Governance policies are available on the OUEM website.

2. Per previous answer, the College’s endowment is invested in OUEM and we do not hold data on the underling holdings. Occupational pensions are provided by the Universities Superannuation Scheme and the Oxford Staff Pension Scheme. We do not hold data on the underlying holdings.

If you are not satisfied with the response to your request, you have the right to request an internal review of the decision; if you are not satisfied with the outcome of any internal review, you have the right to complain to the Information Commissioner’s Office.

Internal review requests should be submitted within 40 working days of the date of receipt of the response to your original email and should be addressed to the College’s FOI email account (mailto:[Worcester College request email]).

If you are not content with the outcome of the internal review, you have the right to apply directly to the Information Commissioner for a decision. Details of how to do so can be found on the Information Commissioner’s website:

Yours sincerely

Phillipa Tarver

dangos adrannau a ddyfynnir