Information on fossil fuels and divested holdings under Socially Responsible Investment Policy

The request was successful.

Dear London School of Economics,

I am writing to you under the Freedom of Information Act of 2000 to request the following information from the Investment Subcommittee or any other competent authority:

Information regarding "what percentage of the School’s endowment and long-term surplus is placed in fossil fuels, distinguishing thermal coal and tar sands, tobacco, and armaments, distinguishing indiscriminate armaments," as promised in the 2015 Socially Responsible Investment Policy. This information was not subsequently produced. I would appreciate information provided in the following format:

1) Fossil fuels
2) Thermal coal
3) Tar sands
4) Tobacco
5) Armaments
6) Indiscriminate armaments

If you can identify any ways that my request could be refined I would be grateful for any further advice and assistance.

If you have any queries please don’t hesitate to contact me via email or phone and I will be very happy to clarify what I am asking for and discuss the request, my details are outlined below.

Thank you for your time and I look forward to your response.

Best wishes,
The Beaver, Newspaper of the LSE Students Union

Dear London School of Economics,

Hope that all is well. I understand that this request is now delayed. I would appreciate if you might be able to give me a rough time estimate for when I might expect a response?

Best wishes,
The Beaver

GLPD.Info.Rights, London School of Economics


I am aware that the response is late and have chased the relevant division today. I will ask when they will have the response ready.

Rachael Maguire
Information and Records Manager
London School of Economics

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GLPD.Info.Rights, London School of Economics

1 Attachment

Dear The Beaver,


With reference to your request for information under the Freedom of
Information Act, please find below the information you requested. I
apologise for the late response and hope this has not inconvenienced you.


Tar Thermal
  Tobacco Sands Coal Total
exposure as
July 2019 0.4 0.1 0.1 0.6
change from
July 2016
(After SRI
Policy was
introduced) -2.5 0.1 -0.2 -2.6


Please note:


1)      The categories included in this response derive from the School’s
[1]Socially Responsible Investment (SRI) Policy.

2)      As of July 2019 LSE has no exposure to investment in
indiscriminate armaments, a change of -0.1% since July 2016 when the SRI
policy was introduced.

3)      LSE does not have any direct investments in companies involved in
Tobacco, Tar Sands, Thermal Coal or armaments.


4)      Endowments are invested in funds managed by external fund
managers. These managers are tasked by LSE’s Investment Subcommittee’s
(ISC) to strengthen and focus their engagements with investee companies
and report regularly and transparently on the relevant Environmental,
Social and Corporate Governance (ESG) themes from LSE’s SRIP

Since the introduction of the LSE SRIP in 2015/6, the exposure of the
endowments’ investments in the areas it aims to minimise has reduced by
over 80% to 0.6% in 2018/19.

The ISC conducts an annual evaluation of each Manager’s performance in
pursuit of its socially responsible investment targets. It engages with
managers on the areas of responsible investing where improvement is needed
to reach and sustain best practice.


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 [2], 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

Information and Records Manager

London School of Economics



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