Posts Tagged ‘Environment’

AU Investment Profile: Anglo American

Friday, April 22nd, 2011

Last month, I revealed the news that despite promises to remove arms from its investment portfolio, Aberystwyth University appears once again to be investing in BAE Systems via an investment fund from Invesco.

Today begins the first in a series of blogposts further exploring the investment Aberystwyth University makes. I’ll be  giving an overview of companies receiving money from the University via its investment funds, beginning with the first company on the list: Anglo American PLC, and one of its subsidiaries, De Beers.

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Aberystwyth University Funds Arms and Oil

Wednesday, March 30th, 2011

In 2009, it emerged that Aberystwyth University “As of March 2006…held £181,412 worth of shares in BAE Systems and £59,147 in GKN.” with “shares in the Arms Trade amounted to just 1.1% of the University’s total investments” (source: Ethical Investment Policy Motion).

On 1st March 2011, I submitted a FoI Request as a follow up to the above. On 30th March 2011, Aberystwyth University responded with a list outlining the distribution of the University Endowment Fund’s assets. This list did not include a breakdown of investment, or date of acquisition as requested. The response also did not include a breakdown of what these funds invested in, instead instructing me to google the funds myself. The list is as follows:

UK Equities

  • Blackrock UK Dynamic Fund
  • Invesco Perpetual Income Fund
  • M&G UK Select Fund
  • Schroder UK Alpha Plus Fund

Global Investments

  • Edinburgh Partners Global Opportunities Fund
  • M&G Global Leaders Fund

UK Bonds

  • Schroder All Maturities Corporate Bonds Fund

Property

  • Schroder Exempt Property Unit Trust

Private Equity

  • Schroder Private Equity Funds

 

It should be noted that 4 of the 9 funds outlined are from Schroders Plc, a British multinational asset management company with a revenue of £998.5m (2009). It may warrant further investigation or enquiry as to why over half of the funds are from a single company, especially if this is due to something like a deal between the University and Schroders, or a consultancy from them urging self-investment.

In researching the above funds, I have found that, as of February 28th 2011, Aberystwyth University invests indirectly in the following 49 groups (alphabetical order):

  • Anglo American
  • Astellas
  • AstraZeneca
  • Aviva
  • BAE Systems
  • Barclays Bank
  • BG Group
  • BHP Billiton UK
  • BP PLC
  • British American Tobacco
  • BT
  • Centrica
  • Citigroup
  • Close Brothers
  • Ebay
  • Edinburgh Partners
  • European Investment Bank
  • Gazprom
  • GlaxoSmithKline PLC
  • HSBC
  • Imperial Tobacco
  • Kon DSM
  • Lafarge
  • Lloyds Banking
  • Microsoft
  • Misys
  • Mizuho
  • Pfizer
  • Prudential
  • Qualcomm
  • Rentokil Initial
  • Reynolds American
  • Rio Tinto
  • Royal Dutch Shell
  • Samsung Electronics
  • Segro
  • Smith & Nephew
  • Sony
  • Svenska Handelsbanken
  • Talisman Energy
  • Tate & Lyle
  • Telecom Italia
  • Tesco
  • Tullow Oil
  • Virgin Media
  • Vodafone Group
  • Wells Fargo
  • Xstrata
  • Yamaha Motor

You can find a detailed breakdown, including original sources in this document. It is to be noted that several of these companies appear in multiple funds, and therefore are funded by Aberystwyth University through multiple channels. These companies are:

  • Vodafone Group
  • BG Group
  • British American Tobacco
  • BP
  • Centrica
  • European Investment Bank
  • GlaxoSmithKline
  • HSBC
  • Imperial Tobacco
  • Rio Tinto
  • Royal Dutch Shell
  • Samsung Electronics
  • Tesco
  • Xstrata

If we look at the distribution of industries receiving funding (note: this does not necessarily equate to the level of funding),we find that:

  • 26.53% of the industries funded are Banking & Financial
  • 12.24% are Oil & Gas
  • 10.20% are Pharmaceuticals
  • 8.16% are mining & coal
  • 6.12% are tobacco
  • 2.04% are arms manufacture
Fig. 1 Shows the proportion of industry recipients of Aberystwyth University investment. It does not show funding proportion, however.

Fig. 1 Shows the proportion of industry recipients of Aberystwyth University investment. It does not show funding proportion, however.

See this spreadsheet for further information.

It is unclear the level of funding each of these industries receives from the University, as I have not had detail as to the actual funding. I intend to follow this up in the near future. Based on 2006 figures however, I would expect the investment to run in the hundreds of thousands of pounds for most sectors.

Summary of Findings:

  • Aberystwyth University invests in 9 Funds. Through these funds, we see investment going into a wide variety of sectors, with the majority of recipients being Banking & Financial, although it is unclear at this stage which industry or company receives the most funding, as well as any detailed breakdown of figures.
  • Aberystwyth University continues to invest in unethical business, including tobacco, fossil fuels, pharmaceuticals, and arms manufacture.
  • Aberystwyth University holds investment in tax dodgers such as Vodafone and Barclays, as well as in the arms manufacturer BAE Systems.
  • Aberystwyth University also holds investment in less controversial groups such as Smith & Nephew.

 

In the coming days, weeks, and months, I intend to follow up this blogpost with several further investigations and posts to divulge profiles of the invested companies, the level of financial investment, and any action the University or Guild of Students are taking to shift to ethical investment.

Why I’m backing Diane Abbott

Tuesday, August 31st, 2010

First of all, let me preface this by saying this – I’m not a Labour member. With New Labour, and its shift away from the left, I can not in good faith support them in such a way.

Tomorrow, voting begins for the Labour Leadership election – although you can still vote provided you join by the 8th September. I understand they’re using AV for this election, which is amusing given how many Labour MPs are now rejecting AV, primarily for partisan reasons.

When it was announced that Brown was standing down, I immediately expressed my support for Cruddas, although it later emerged he would instead be running for Chairman, and my support turned to McDonnell, who then withdrew in favour of Diane, and so my support followed.

There’s a clear trend in where my support for the leadership bid goes – to the MPs who best represent what the Labour Party was supposed to be, before it was twisted into its authoritarian, neo-liberal form.

Diane being elected Labour leader would represent a rallying cry to the Left, and provide a central pillar from which a sorely lacking, united left-wing party could exist. With Labour representing the voices of the left, we would see greater representation of views across the political spectrum, rather than the squalid centre/centre-right complacency we’ve seen growing over British politics in the past two decades.

Diane’s views aren’t so left wing as to alienate the centrists, instead she seeks policies based on sense and conviction. As her campaigns team have said in a release – “Diane was the only candidate to vote against the Iraq War, has a strong record on protecting civil liberties and also wants to scrap Trident.”

She is uncompromising on education. Believing it ‘should be available to all’, rejecting the compromise of a Graduate Tax as an option. I take this to mean she would also seek to abolish tuition fees. Educating the public should not be considered a “burden” as the universities minster puts it, but as a chance to enrich the lives of the populace, as well as providing an able and intellectual workforce. Yes, she sent her children to private schools, but this is a symptom of the neglect and abuse education suffered under the Conservatives and New Labour.

She also understands the failing of the private sector, and so seeks to renationalise the rail network. With fares rising disproportionally to inflation, and the government subsidies given to the operators, the public’s money is lining the pockets of fat-cat businessmen, whilst the services themselves are poor and under-invested. Renationalising the railways gives us back control, would give us lower, fairer fares, and allows Britain to bring its public transport into the high standards seen across Europe at the same time as reducing our impact on the environment.

Some of her less well-known campaigns include fighting for the right to have abortions in Northern Ireland, protecting the rights of child migrants, and the removal of innocent persons from the DNA database.

I’m not saying Diane is without her flaws. She’s probably not the best person to lead Labour, but she’s the best candidate to lead Labour, and that is why I believe Labour supporters, and union members should put her as their first preference on their ballot papers.

2010 – The Year Everything Changes (Or Is It?)

Friday, January 1st, 2010

Well, it’s started with a change – Coordinated Universal Time  ticked over to read 2010:01:01:00:00:00, so that’s at least one thing that’s different; but just else will be different in this coming year to the years prior?

Firstly, VAT has just risen to 17.5% again, so expect price rises immediately, or phased in over time depending on the retailer. I would have thought it wise to have extended the VAT break to a later date, as a price rise whilst we’re only just approaching the end of the recession could run the risk of reducing sales, and leading to a double dip; many retailers, in deciding to freeze the increase for a while, seem to be thinking along similar lines.

Related to this, the UK, on May 6th most likely, will have a General Election. Unless a major upset happens, we’re currently looking at a Conservative Government with a small majority, or even forming a minority or coalition government from a hung parliament. But will a shift to a blue government really bring about much change, after all New Labour was an attempt to shift Labour towards the Conservatives, and Cameron’s Conservatives pull themselves towards New Labour? Yes, and no. Both sides promise dangerously low investment, and even cuts, in industry that desperately needs investment, such as eco-technology and energy, sciences, and education. Labour want to balance investment by cutting it in areas they don’t like, the Tories want to destroy the public sector, all the while supporting the renewal of hugely expensive, weapons of mass destruction. The Tories want to slash taxes for the rich, whilst doing little for the middle and lower classes, and Labour aren’t progressive enough to properly support those who need it. Labour risk destroying an entire sector of the economy, and people’s rights, with the ghastly Digital Economy Bill (which the Pirate Party, and non-party organisations such as ORG are fiercely opposing), whilst the Tories are so out of touch as to seem not to even care about the sector at all, with their pledge to scrap the much needed, albeit inadequate, “broadband tax”. So ultimately, we’re screwed either way.

But the winds of change do blow in politics this year. Approximately one-third of the House of Commons will consist of MPs new to the house following the election, with a likely small increase in independents, especially with Jury Team out there supporting them. Many of these new MPs will be replacing those corrupt, out-of-touch bastards who saw fit to abuse a ridiculously poorly regulated allowances system, squandering public money to pay for their first class seats, their mansions, their moats and trouser presses, and all the other crap they apparently can’t afford on their “chumps change” of a salary of £64,766 – some £40,000 more than the ‘average’ wage earner in the UK. Maybe, just maybe, these replacements will be less self-obsessed, more in touch with modern Britain, and able to represent their constituents properly. Maybe, but maybe not… I’m not getting my hopes up for this lot.  Assuming Mr Cameron has a brain, he’ll call an election in 2014 to coincide with the EU Elections, and that year, I feel, will be a big turning point in both British, and European politics. Indeed, 2014 is where I’m focussing my own efforts, not withstanding the results of the 2013 local elections, and where I plan to make my entry into politics under the banner of the Pirate Party of the United Kingdom if I do not do so in 2013.

Another change which will hopefully happen this year is the introduction of, or the preparations to introduce some form of electoral reform; however this will only happen if the Conservatives continue to fail to set themselves apart as anything other than “not-Labour”, and we end up with a Liberal coalition. Such a result is quite frankly the best outcome we could hope for. British politics needs radical change and sweeping reforms, and this would be the place to start, in this year. So let’s hope it happens.

Moving away from politics, 2010 will be bringing about many changes to my personal life. I’ve got exams in a few weeks, exams that will ultimately decide whether I get into Aberystwyth; my university of choice, have to utilise the terrible clearing system in a (post-)recession climate, or just end up not getting into university at all. This of course means I’m also finishing college this summer, and quite frankly I’ll be glad to be leaving, because that college was a pretty exhausting place to be, crushing and suppressing the hobbies, hopes and interests that I had when I first attended there. And running alongside all this, those few friends I do have will all also be heading off to university and whatnot themselves, so this year is really our last year together, and I want to spend as much of it as I can with them. In reality I realise I probably won’t see them much more than I did this past year, and that is upsetting to me; but even so, spending some time with them is better than none at all, right?

So there you go – 2010 will bring change right from the start, but it’s not necessarily good change, and that’s incredibly frustrating, especially for a powerless control freak like me, who just wants to be able to change things, make them better, improve on what we have.

Addendum: Whilst writing this post my  site went down, luckily I learnt long ago to always copy what I’ve written to the clipboard just in case something like this happens. Downside is I lost links and stuff I’d put in. Let this be a lesson to you all, copy to clipboard, and save drafts often. I also realised I never got around to talking about 2010 in technology like I planned, but I can’t be bothered to write more for this.

A Green Christmas

Wednesday, December 23rd, 2009

Just a short message for you. Christmas isn’t an excuse to be more wasteful. Keep recycling (or start if you don’t!), don’t waste materials or food, and don’t use more than you have to!

Our carbon footprint is big enough the rest of the year as it is, so why not try to actually cut it over Christmas, rather than inflate it? After all, if our governments can’t agree on ways to tackle climate change, we just have to take it into our own hands: Reduce, Reuse, Recycle, Re-think.

As an added incentive to spread the message, the first person to retweet this entry by clicking the little button up near the top will be gifted a nice, green, digitally distributed Steam copy of Braid. To be eligible you must have a Steam account. I’ll contact the winner on twitter to ask for your steam ID.

Here’s some America-centric statistics for all of you:

Presented by Online Education
Christmas time of wasting

Have a merry, green, Christmas!