Issue - meetings

Julia Spragg, Fossil-Free Oxfordshire, addressed the Committee regarding Items 9 and 10.

Julia Spragg, Fossil-Free Oxfordshire, addressed the Committee regarding Items 9 and 10.  She stated that she had addressed the Committee in January raising concerns about how the Oxfordshire Pension Fund Committee was procuring its independent financial advice. Despite the Director of Finance’s justification for current practice, the concerns remain and in view of the Climate Emergency acknowledged by the County Council earlier this year the group wished to reiterate those concerns.

She noted that signing off past years’ audits had been delayed by an objection to the 2016/17 Pension Fund accountsconcerning the management of the risk posed by the Fund’s investments in fossil fuels.  She was hoping to find out at this meeting whether or not they will uphold this objection.

Julia Spragg cited warnings by the Pensions Minister and the Governor of the Bank of England of the risks involved in investments in fossil fuels.  Almost 1,000 institutional investors have made the pledge to sell-off their coal, oil and gas investments and Ireland has become the first nation to commit to divest.

She asked the Committee to consider two things: in view of the Council’s acknowledgement of a Climate Emergency, to ensure that the Pension Fund Committee follows County Council policy and general good practice in obtaining the best independent financial advice; and to use its influence to pursue and resolve the outstanding objection to the 2016/17 Pension Fund accounts with the External Auditors.