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ISSUE 827 NOVEMBER 13 2006
CARDIFF’S STUDENT WEEKLY free word - EST. 1972
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UP IN ARMS
Do Cardiff University invest in arms manufacturers? They say no, but key information suggests otherwise Katie Kennedy News Editor SHOCKING new figures showing the number of British universities that hold investments in arms manufacturers, including Cardiff University, have been released to gair rhydd. As of August 10 Cardiff University owned almost £170,000
shares in two of Britain’s top ten arms companies. Over half of this was invested in BAE systems, which describes itself on it’s website as the “largest European defence company’ and a ‘top 10 US defence company.” £83,880 was invested in the Smiths Group, which manufactures aircraft and engines for the US and UK’s military.
The anti-arms group, the Campaign Against the Arms Trade (CAAT), gained access to the information using the Freedom of Information Act. However, despite releasing this information to CAAT, the University deny that they have any shares in BAE systems and the Smiths Group. A spokesman said: “The
University does not hold shares in the companies listed. These are pooled funds managed indirectly.” The University claims that, because the shares are managed by an external company, this does not contravene their ethical practices. “The University employs external managers to invest its assets and these managers have discretionary powers to invest in shares,” added
the spokesman. “The University has ethical practices; and its main bank accounts are held with the Co-operative Bank which is known for its policy of ethical investment.” However, critics may point to the fact that the “external managers’ who make such investments are still employed by the University. Despite attempts by student campaigns to stop universities investing in arms companies, 45 universities still hold shares in the UK top ten arms companies as of August, totalling £15million between them. Three universities own shares in the top ten worth over £1million each. University College London owns the most worth £1,591,627, closely followed by Trinity Hall, Cambridge worth £1,252,000 and Liverpool £1,215,000. CAAT hopes that its university campaign will ensure universities sell their shares in arms investments and that they adopt ethical investment policies. CAAT spokesman, Symon Hill, said: “CAAT is supporting student campaigns at universities throughout Britain. We believe that campaigns are most successful when led by students themselves. “We are very happy to give advice and practical support to students at Cardiff campaigning on this issue. “The arms trade fuels war and perpetuates poverty. It is not something that a reputable place of learning should be supporting. “Last year students in Bangor, London and St Andrews persuaded their universities to get rid of their arms shares. “They took on the arms companies and won. I'm confident that students at Cardiff can win too.”