At the Council meeting on 14 February 2017, the Council in a 5:4 vote agreed to give preference to investing with financial institutions that do not invest in, or finance, the fossil fuel industry. Councillors McGinlay, Brown, Thomson, Constable and Deputy Mayor Anthony Mayne supported this motion, and the Coastwatchers congratulate them on this positive action.
The decision is subject to:
– the investment being compliant with Council’s current ‘Investment Policy’,
– the investment rate of interest being equivalent to other similar investments
that may be on offer to Council at the time of investment, and
– a briefing be provided to Councillors at the end of the 2016-17 financial year to assess the results of this moderate divestment strategy.
The aim is to have two-thirds of the Council’s investments lodged with financial institutions that have a stated intent, and/or track record of noninvestment in the fossil fuel industry, by the end of the 2016-17 financial year. Already one third of investments are in this category. Hopefully this will increase to 100% within 2 years.