Dear London School of Economics
I am writing to make an open government request for all the information to which I am entitled under the Freedom of Information Act. In order to assist you with this request, I am outlining my query as specifically as possible. If however this request is too wide or too unclear, I would be grateful if you could contact me as I understand that under the act, you are required to advise and assist requesters.
Does the London School of Economics have any annual investments directly or indirectly in the following companies (if it has direct and indirect, could you please clarify the value for each):
Shaanxi Coal Industry
China Shenhua Energy
Inner Mongolia Yitai Coal
Yanzhou Coal Mining
China Coal Energy
Lu'an Environmental Energy
Shanxi Xishan Coal and Electricity
China Coal Xinji Energy
Alliance Resource Partners
DaTong Coal Industry
China Cinda Asset Management
Jastrzębska Spółka Węglowa
Shanghai Datun Energy Resources
Yang Quan Coal
Shanxi Lanhua Sci-Tech
Cloud Peak Energy
Beijing Haohua Energy Resource
Indika Inti Corpindo
Datang International Power Generation
Coal of Africa
Golden Energy Mines
Jindal Steel & Power
Berau Coal Energy
Up Energy Development
Shanxi Meijin Energy
Rhino Resource Partners
Lubelski Węgiel Bogdanka
Steel Authority of India
Indo Tambangraya Megah (Banpu)
Monnet Ispat & Energy
Kinetic Mines and Energy
Feishang Anthracite Resources
Beijing Jingneng Thermal Power
African Rainbow Minerals
Huadian Power International
Golden Eagle Energy
Royal Dutch Shell
Canadian Natural Resources
Cabot Oil & Gas
Seven Generations Energy
Pioneer Natural Resources
Crescent Point Energy
Painted Pony Petroleum
Polish Oil & Gas
National Fuel Gas
Lastly, does the London School of Economics have a formal pledge to avoid such investments, both for present and future investments? If so, what progress has been made on said pledge?
Many thanks for taking the time to respond to my questions.
I understand that under the Act, I should be entitled to a response within 20 working days. I would be grateful if you could confirm in writing that you have received this request. I look forward to hearing from you in the near future.
I have spoken to colleagues in Finance and it will breach the cost limit to search through the list of companies you have provided. What we can do is provide a list of all the School's investments for you to search through yourself. Please let me know if you would be happy to receive this.
Information and Records Manager
London School of Economics
Thank you very much for the response. Would you be able to inform me as to what the cost limit is? In the meantime, I would be happy to receive the full list if you can provide it.
Lastly, would you be able to provide an update on the last part of my query regarding the progress of LSE in keeping its ethical investment commitment made in 2015.
With reference to your request for information under the Freedom of Information Act, please find below the School's response.
The list of investments is attached. Please note that the cost limit is set by Section 12 of the Freedom of Information Act.
Regarding ethical investments, the following is from the Ethics Committee in Michaelmas term, Academic year 2018/19:
PROGRESS ON IMPLEMENTATION OF SOCIALLY RESPONSIBLE INVESTMENT POLICY 2017/18
The LSE Socially Responsible Investment Policy was approved by Council on 26th November 2015.
The Policy requires, subject to the School’s fiduciary responsibilities, that there be no direct investments in stocks issued by companies engaged in manufacture of tobacco, indiscriminate arms, or substantially in extraction of thermal coal or tar sands (TWTT) and, as far as possible, no indirect investments (i.e.; through collective investment vehicles) in the same companies. It also requires that management of the endowment funds should take into account the six UN Principles for Responsible Investment. (UNPRI).
Progress during the year ending 31st July 2018
During the year there have been no direct investments in TWTT companies. Indirect TWTT investments held through Investment Trusts or unquoted open ended funds at the start of the year represented 1.7% of the School’s total investment portfolios. At the end of the year this had fallen to 1.4%. Of this 0.8% were in passive index funds which automatically include quoted TWTT. The remaining 0.6% is spread across several of the active investment vehicles.
If you think that the information provided does not meet your request, contact me on 020 7849 4622 or write to Louise Nadal, School Secretary, London School of Economics and Political Science, Houghton Street, London, WC2A 2AE. We will then review the response to your request and get back to you within 20 working days. You can also contact the Information Commissioner's Office http://www.ico.gov.uk/, though they expect the internal review to be carried out before receiving a complaint directly.
The provision of information by the LSE under the Freedom of Information Act 2000 does not imply a right to copy, reproduce publish or otherwise use such information.
Copying or reproducing such information in any way either in whole or in part without prior written consent may be an infringement of copyright or other intellectual property right belonging to the LSE or a third party.
London School of Economics
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