GM Pension Fund's "low carbon" investment
Dear Tameside Metropolitan Borough Council,
The GM Pension Fund has reported that it has transferred £2.4 Billion of its holdings from passive tracker funds to a "low carbon" fund. It has claimed that this is the "biggest divestment by any LA pension scheme in the UK" (e.g. GMPF meeting livestream, https://tinyurl.com/y2f6ylhz approx 7 minutes in). No published information appears to be available for this claim to be substantiated.
Therefore please provide,
1) A list of the investments sold to fund this transfer.
2) A list of the investments purchased as the "low carbon" fund.
3) The dates on which these transactions were made.
4) The monetary value of the sales made and the costs of the new investments made under 1 and 2 above, respectively.
5) The quantitative information available to you on the carbon intensities of a) the assets sold and b) the new investments made.
6) Your estimate of the tonnes of carbon dioxide equivalent reduction attributable to the Fund's actions at 1 and 2 above.
Thank you for your assistance in this matter.
Mark H Burton
Dear Alasdair Brown,
Thank you for the response to my request.
The information about the sale of assets and the new purchase is helpful, so far as it goes.
To independently assess the extent to which this change is a reduction in the Fund's indirect fossil fuel holdings, it would be helpful to see a breakdown of the holdings, by industry sector, for the bespoke Low Carbon Scientific Beta Factor Based Index Portfolio.
Note that this is not a request for a listing of the company holdings in this portfolio but for summary information of the type already publicly available for most of the sold assets. See https://fundcentres.lgim.com/srp/lit/NoO... as an example for a Fund that also tracks Sci Beta.
Please accept this as a supplementary information request under the Act.
I also note that the letter in response to our original request got my name wrong. I am M H Burton, not H Burton.
Mark H Burton
We work to defend the right to FOI for everyone
Help us protect your right to hold public authorities to account. Donate and support our work.Donate Now