Fossil Fuel Investments at LSE

Gabriel Davalos made this Freedom of Information request to London School of Economics

This request has been closed to new correspondence. Contact us if you think it should be reopened.

The request was partially successful.

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):

Coal India
Shaanxi Coal Industry
Adani Enterprises
China Shenhua Energy
Inner Mongolia Yitai Coal
Yanzhou Coal Mining
China Coal Energy
Public Power
Exxaro Resources
Glencore
Peabody Energy
Bukit Asam
BHP Billiton
Foresight Energy
Lu'an Environmental Energy
BUMI Resources
Shanxi Xishan Coal and Electricity
Mechel
Mitsubishi
China Coal Xinji Energy
Raspadskaya OAO
Alliance Resource Partners
Arch Coal
Anglo American
DaTong Coal Industry
China Cinda Asset Management
EVRAZ
Vale
Rio Tinto
Severstal
Tata Steel
Westmoreland Coal
Jastrzębska Spółka Węglowa
Resource Generation
Teck Resources
United RUSAL
Adaro Energy
AGL Energy
Shanghai Datun Energy Resources
Yang Quan Coal
Shanxi Lanhua Sci-Tech
Whitehaven Coal
Kuzbasskaya Toplivnaya
Cloud Peak Energy
CONSOL Energy
South32
New Hope
Yancoal Australia
NACCO Industries
Huolinhe Coal
ITOCHU
Beijing Haohua Energy Resource
NLC India
Novolipetsk Steel
Indika Inti Corpindo
Datang International Power Generation
Coal of Africa
Golden Energy Mines
Jindal Steel & Power
Mitsui
Banpu
Berau Coal Energy
Wesfarmers
Up Energy Development
Kangaroo Resources
Shanxi Meijin Energy
Mongolian Mining
Jizhong Energy
Allete
Aspire Mining
ArcelorMittal
Hallador Energy
Vedanta
LG International
Rhino Resource Partners
Ramaco Resources
Lubelski Węgiel Bogdanka
CLP Holdings
Bayan Resources
Steel Authority of India
Vimetco
Indo Tambangraya Megah (Banpu)
Black Hills
Monnet Ispat & Energy
Kinetic Mines and Energy
Feishang Anthracite Resources
FirstEnergy
Sasol
Prairie Mining
Tata Power
American Energy
Coal Energy
Agritrade Resources
Beijing Jingneng Thermal Power
African Rainbow Minerals
Huadian Power International
Golden Eagle Energy
JSW Energy
Wollongong Coal
TBEA Co
Gazprom
Rosneft
PetroChina
ExxonMobil
BP
Lukoil
Royal Dutch Shell
Chevron
Petrobras
Novatek
Total
Tatneft
ENI
ONGC
ConocoPhillips
Statoil
CNOOC
Inpex
Canadian Natural Resources
Sinopec
Bashneft
Occidental
EOG Resources
Repsol
Antero Resources
Suncor Energy
EQT
Imperial Oil
Range Resources
Marathon Oil
Ecopetrol
Anadarko Petroleum
Devon Energy
BASF
Chesapeake Energy
Noble Energy
Apache
Continental Resources
Cabot Oil & Gas
BHP Billiton
Hess
YPF
OMV
Cenovus Energy
Woodside Petroleum
CONSOL Energy
KazMunaiGas EP
Southwestern Energy
Encana
Concho Resources
Husky Energy
Seven Generations Energy
Pioneer Natural Resources
Tourmaline Oil
SK Innovation
QEP Resources
PTT
Murphy Oil
Whiting Petroleum
Sasol
Aker BP
California Resources
Crescent Point Energy
Rice Energy
Linn Energy
Newfield Exploration
MEG Energy
Lundin
Mitsui
Birchcliff Energy
Cimarex Energy
EP Energy
Maersk
Santos
Oil India
Ultra Petroleum
Oil Search
SM Energy
ENGIE
Painted Pony Petroleum
WPX Energy
ARC Resources
JX Holdings
Gulfport Energy
Oasis Petroleum
Polish Oil & Gas
PDC Energy
Energen
Peyto E&D
MOL
Oando
Galp Energia
Denbury Resources
National Fuel Gas
Centrica
TAQA
Premier Oil
Great Eastern
Japex
DNO International

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.

Yours faithfully,

Gabriel Davalos

GLPD.Info.Rights, London School of Economics

Dear Gabriel,

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.

Regards,
Rachael Maguire
Information and Records Manager
London School of Economics

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Dear GLPD.Info.Rights,

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.

Yours sincerely,

Gabriel Davalos

GLPD.Info.Rights, London School of Economics

1 Attachment

Dear Gabriel,

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.

Yours sincerely,
Rachael Maguire
Records Manager
London School of Economics

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