We write as medical doctors and members of Scottish Medact (affiliate of the International Physicians for the Prevention of Nuclear War) to call for divestment from weapons, tobacco and fossil fuels (Revealed: MSPs’ pension fund invests £3m in weapons, tobacco and dirty fuel, News, October 25).
The already well documented health risks from tobacco and fossil fuel-related climate change are beyond question. With the new situation whereby Scottish Labour, SNP, Scottish Greens and independents have all committed to non-renewal of Trident, there can be no excuses for the Scottish parliamentary pension scheme to continue to invest in companies that build components for the Trident nuclear weapons system.
The fiduciary duty should be much more than maximising profit from investments; there is necessarily an ethical duty as well to use public money to invest in health-enhancing enterprises rather than those which put the world more at risk from the consequences of nuclear weapons.
More and more financial institutions are keeping their money away from nuclear weapon producers. But there are still many banks, most notably the Royal Bank of Scotland, and pension funds and other financial institutions, that think it is OK to invest in companies that make and modernise nuclear weapons or their components. Among the companies in question is Rolls Royce, which builds the nuclear reactors that power the Trident submarines. And to its shame, the Scottish Parliament’s pension fund includes substantial shares in Rolls Royce.
We believe it is time to say "don't bank on the bomb" and demand that all financial institutions, and especially the Scottish Parliament Pension Fund, stop all investment in these inhumane weapons and put in place policies so they can never do so again.
As health care professionals in Scotland we agree that the parliament which funds the services responsible for the health and wellbeing of Scots has an obligation to put their own house in order. Our parliamentarians must quickly insure that their pension fund is divested along ethical lines and re-directed to avoid potential catastrophic health and humanitarian consequences.
Not only Parliament but also all citizens can take action to stop the historical investment in these weapons systems. An international nuclear weapons divestment campaign is being launched in the UK on November 13 and in Scotland on November 16.
Dr Michael Orgel and Dr Guy Johnson
Scottish Medact
Edinburgh
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