Agenda item

15.1     Sarah Hazlehurst (a representative of the petitioners) addressed the County Council prior to the debate. The Council agreed to vary procedure to enable all councillors who wished to speak to do so.

15.2     The following motion was moved by Councillor Fox and seconded:

This Council:

1.    Notes the Petition.

2.     Notes that the Pension Fund is not the property of the Admin Authority, any employer in the Fund, or East Sussex residents, but is the deferred compensation of scheme members.

3.     Believes that tax policy is the preserve of national not local government.

4.    Notes that the Fund was awarded LGPS Fund of the year 2021 for its overall performance and highly commended for its approach to climate.

5.    Notes that the Pension Committee has already commissioned Fund officers and advisers to produce a report exploring the consequences of fossil fuel divestment.

6.    Reaffirms that this Full Council owes a fiduciary duty to the scheme members and has appointed the Pension Committee to act as a non-political body on its behalf under the advice of experts, including that related to the broad range of ESG issues, and that it should not seek to pre-determine the informed consideration of these issues by the Committee.

15.3     The following amendment was moved by Councillor Denis and seconded:

To delete the motion and replace with –

1. This Council believes that the fact that the world’s twenty largest oil and gas companies are expected to invest $932 billion developing new oil & gas fields by 2030 – none of which is compatible with limiting warming to 1.5°C – is clear evidence that the East Sussex Pension Fund's current policy of 'engaging' with fossil fuel companies has failed.

2. This Council believes that a public commitment by the East Sussex Pension Fund to fully divest from these companies would send a powerful signal to policymakers about the need to get serious about tackling the climate emergency, which requires the rapid phasing out of fossil fuels.

3. To further acknowledge the increasing urgency of the climate crisis, the Leader of the Council will write to the Prime Minister, urging him to: (i) close the massive loopholes in the existing windfall tax on companies that extract and sell oil and gas; and (ii) permanently require these companies to pass on excessive profits from the sale of dirty energy in the UK to the UK tax payer. 

15.4     A recorded vote on Councillor Denis’ amendment was requested and taken. The amendment was LOST, the votes being cast as follows:

FOR THE AMENDMENT

Councillors Collier, Daniel, Denis, Holt, Lambert, MacCleary, Maples, Murphy, Osborne, Robinson, Rodohan, Scott, Daniel Shing, Stephen Shing, Shuttleworth, Swansborough, Ungar, and Webb. 

AGAINST THE AMENDMENT

Councillors Adeniji, Azad, Beaver, Belsey, Bennett, Bowdler, Clark, di Cara, Chris Dowling, Claire Dowling, Fox, Galley, Geary, Glazier, Hay, Hollidge, Howell, Kirby-Green, Liddiard, Lunn, Marlow-Eastwood, Maynard, Milligan, Pragnell, Redstone, Standley, and Barry Taylor.

ABSTENTIONS

Councillor Tutt.

15.5     A recorded vote was requested and taken on the motion moved by Councillor Fox as follows:

This Council:

1.    Notes the Petition.

2.     Notes that the Pension Fund is not the property of the Admin Authority, any employer in the Fund, or East Sussex residents, but is the deferred compensation of scheme members.

3.     Believes that tax policy is the preserve of national not local government.

4.    Notes that the Fund was awarded LGPS Fund of the year 2021 for its overall performance and highly commended for its approach to climate.

5.    Notes that the Pension Committee has already commissioned Fund officers and advisers to produce a report exploring the consequences of fossil fuel divestment.

6.    Reaffirms that this Full Council owes a fiduciary duty to the scheme members and has appointed the Pension Committee to act as a non-political body on its behalf under the advice of experts, including that related to the broad range of ESG issues, and that it should not seek to pre-determine the informed consideration of these issues by the Committee.

FOR THE MOTION

Councillors Adeniji, Azad, Beaver, Belsey, Bennett, Bowdler, Clark, di Cara, Chris Dowling, Claire Dowling, Fox, Galley, Geary, Glazier, Hay, Hollidge, Howell, Kirby-Green, Liddiard, Lunn, Marlow-Eastwood, Maynard, Milligan, Pragnell, Redstone, Standley and Barry Taylor.

AGAINST THE MOTION

Councillors Collier, Denis, Holt, Lambert, MacCleary, Maples, Murphy, Osborne, Robinson, Rodohan, Daniel Shing, Stephen Shing, Shuttleworth, Swansborough, Ungar and Webb.

ABSTENTIONS

Councillors Daniel, Scott, and Tutt.