28 June 2022
in line with the recommendations of the ShareAction report on investment managers5, strengthen the due diligence of your asset manager selection by reviewing their performance in the areas of climate- related voting and engagement, climate-related policy commitments and accounting for impacts of investments, and be aware that signing up to supportive initiatives such as the PRI or Climate Action 1. [...] Of your professional society “colleagues”, the British Psychological Society, Royal College of Physicians, British Medical Association, the Royal College of General Practitioners, the Faculty of Public Health, the Royal College of Emergency Medicine and the Royal College of Paediatrics and Child Health have all now fully divested from fossil fuels, are in the process of doing so, or have committed. [...] For example, the Geological Society has introduced investment policies that exclude arms and the most carbon-emitting fossil fuels – thermal coal and tar sands – and is going further than this by not currently investing in any form of fossil fuel, whilst the Royal Meteorological Society has excluded investment in fossil fuels and arms, and the Institute of Materials, Minerals and Mining has ceased. [...] We believe the shift in wider expectations about good climate governance means that the reputational sensitivity of the issue has only risen since the publication of the Irresponsible Science? report, especially given the UK’s continued COP26 presidency this year and the resulting international attention on UK carbon emissions, goals and institutions as well as the recent ruling by a Dutch court t. [...] Similarly, the continued controversy over UK arms exports that contribute to breaches of international humanitarian law (such as those to Saudi Arabia) and the statement by the UN Secretary General’s office that the UK government decision in March to increase the size of the nation’s nuclear warhead stockpile by 44% is a breach of Article VI of the Nuclear Non Proliferation Treaty8 is also likely.