Local Authorities: Fossil Fuel Holdings

Baroness McIntosh of Pickering Excerpts

Wednesday 24th February 2016 Lords Chamber

[Baroness Williams of Trafford]

My Lords, what is confusing is to confuse the issue of procurement with that of pension fund investment. I think that is where the confusion started. It has not been helped by the media. That is why I was trying to clarify the two aspects of the Question. Local authorities will have all sorts of things to consider when making their pension investments. They will have an obligation to public health. They will have an obligation to help people cut down on excessive alcohol consumption, take more exercise, use less petrol and perhaps walk their children to school, but that does not take away from the prime purpose for which pension funds are designed, which is to maximise the returns for their investors.

[Baroness McIntosh of Pickering (Con)]

My Lords, does my noble friend agree that nothing could be less complicated but more important than maintaining the beauty of North Yorkshire, including the moors, for future generations to enjoy? Should it not be for the people of North Yorkshire, rather than pension funds based in London, to decide on the future of that beautiful county?

[Baroness Williams of Trafford]

My Lords, the people of North Yorkshire elect the local authorities of North Yorkshire, which will then make decisions on the pension funds of North Yorkshire. Actually, from start to finish, it is a democratic process.