Mr Rob Davies

Our ref: 18557

Dear Mr Davies

Acknowledgement of Request

Subject: The local authority pension fund’s investment

Thank you for your request for information of 17/04/2018 which was received on 17/04/2018. In your request you asked for the following;

1. What is the most recent available value of the local authority's pension fund?

2. What is the value of the fund’s directly-held investment in shares or bonds of the following companies: British American Tobacco, Imperial Brands, Japan Tobacco International, Altria Group Inc, Philip Morris International, Universal Corp, Alliance One International?

3. What is the total combined value of the fund’s directly-held investments in the companies named above?

4. What income did the fund receive from these investments in the last 12-month period for which records are available?

5. Does the fund have any other investments in tobacco via pooled investments? What is the value of these?

6. What is the local authority’s annual spend on smoking-related illness?

7. Please supply the number of deaths attributable to smoking in the local authority areas covered by your pension fund. Your Director of Public Health or equivalent should be able to supply this figure.

I can confirm that your request will be processed under the Freedom of Information (Scotland) Act 2002, Environmental Information Regulations (Scotland) 2004, or the INSPIRE (Scotland) Regulations 2009.

You will receive the information requested within 20 working days unless the Council does not hold the information, or there is a reason for it to be withheld. We will write to you in any event. This means we have until 16/05/2018 to respond to your request.

In some circumstances a fee may be payable and if that is the case we will let you know.

If you have any requirements regarding the format any information should be supplied in, e.g. the language to be used, audio, large print and so on, then please let me know.

If you have any queries or concerns, do not hesitate to get in touch. Please quote the reference number above in any future communications.

To promote transparency and accountability, please note it is the Council’s policy to publish all request details and responses made under the freedom of information legislation. This information will be made available through the Council’s website and will not include your personal details. The disclosure log is available at the following link: http://www.edinburgh.gov.uk/homepage/175....

Further information about your rights and accessing information is available on our website at: www.edinburgh.gov.uk

Yours sincerely,

Information Governance Unit
Level 2:1, Waverley Court, Edinburgh EH8 8BG Tel 0131 200 2340
[Edinburgh City Council request email] www.edinburgh.gov.uk

Mr Rob Davies

[FOI #478394 email]

Our ref: 18557

Dear Mr Davies

Freedom of Information (Scotland) Act 2002 - Partial Release of Information

Subject: Local Authority Pension Fund’s Investment

Thank you for your request for information of 17/04/2018, which has been processed under the terms of the Freedom of Information (Scotland) Act 2002. Unfortunately, the Council is only able to meet part of your request; this information is released to you now. I shall address each of your questions in turn.

You asked the following:

I am seeking information about the value of the local authority pension fund’s investment in tobacco shares and bonds, as well as the income from those investments. Please provide whatever answers you can to the following.

Q1. What is the most recent available value of the local authority's pension fund?

A1. As at 28 February 2018 the value of Lothian Pension Fund was £6,716,170,148.

Q2. What is the value of the fund’s directly-held investment in shares or bonds of the following companies: British American Tobacco, Imperial Brands, Japan Tobacco International, Altria Group Inc, Philip Morris International, Universal Corp, Alliance One International?

A2. British American Tobacco - £42,633,543.30

Imperial Brands - £19,607,013.78

Altria Group - £30,900,440.92

Philip Morris International - £16,832,717.64

(There are no holdings in Japan Tobacco, Universal Corp or Alliance One International)

Q3. What is the total combined value of the fund’s directly-held investments in the companies named above?

A3. £109,973,715.64 as at 28 Feb 2018.

Q4. What income did the fund receive from these investments in the last 12 month period for which records are available?

A4. The total income received over the 12 month period to 28 Feb 2018 was £5,074,758.65.

Q5. Does the fund have any other investments in tobacco via pooled investments? What is the value of these?

A5. These figures include all the data that we hold for tobacco holdings held in external pooled mandates.

Q6. What is the local authority’s annual spend on smoking-related illness?

Q7. Please supply the number of deaths attributable to smoking in the local authority areas covered by your pension fund. Your Director of Public Health or equivalent should be able to supply this figure.

A6 and A7. Unfortunately, we are unable to provide you with the information requested because it is not held by the Council.

Information regarding smoking-related illness spend and numbers of deaths attributed to smoking would be held by the National Health Service Scotland. Their contact details are available on their website at:

https://nhsnss.org/how-nss-works/freedom...

Please note that this letter constitutes a notice under section 17 of the Freedom of Information (Scotland) Act 2002.

To promote transparency and accountability, please note it is the Council’s policy to publish all request details and responses made under the freedom of information legislation. This information will be made available through the Council’s website and will not include your personal details. The disclosure log is available at the following link: http://www.edinburgh.gov.uk/homepage/175...

Your right to seek a review

I appreciate that our decision may disappoint you and I am sorry that we have not been able to release all the information you requested on this occasion. If you are unhappy with the way we have dealt with your request, you can ask us to review our actions and decisions by writing to:

Head of Strategy & Insight
The City of Edinburgh Council
Waverley Court Business Centre 2:1
4, East Market Street
Edinburgh
EH8 8BG or,
Email: [email address]

Please note that your request must be in a recordable format (email, letter, audio tape etc.), and that you have 40 working days upon receipt of this letter to ask for a review. You will receive a full response to your review request within 20 working days of its receipt. Please quote the reference number above in any future communications.

If you are not content with the outcome of the review, you can ask the Scottish Information Commissioner to review our decision. You must submit your complaint to the Commissioner within 6 months of receiving our review response. The Commissioner can be contacted at:

The Office of the Scottish Information Commissioner
Kinburn Castle
Doubledykes Road
St Andrews
Fife
KY16 9DS
Telephone: 01334 464610
Fax: 01334 464611
Website: www.itspublicknowledge.info/Appeal
Email: [email address]

Yours sincerely

Iain Burden
Information Rights Officer

Information Governance Unit
Level 2:1, Waverley Court, Edinburgh EH8 8BG Tel 0131 200 2340
[Edinburgh City Council request email] www.edinburgh.gov.uk