The Gryphon Issue 12 - 19/02/2016

Page 1

Issue 12

19.02.16

thegryphon.co.uk p.5

News The Big Picture: The Race for The White House is hotting up Views

p.13 The Big Debate: Do quotas represent a good way of achieving equality?

S

[Image: CleanAndSoberENT]

Meenakshi Parmar explores FoMo - The Fear of Missing out at University p.8

In The Middle review Kanye West’s The Life of Pablo ITM p.5

Sport

p.19 All the latest news, updates and results from this week’s BUCS matches

[Image: Jack Roberts]

University Investment Breaches Long-standing ‘Policy’

• •

£749,822 invested in Altria breaches ‘tobacco policy’ fought for by students fifteen years ago Other investments made in alleged tax avoiders, defence contractors and fossil fuel producers Benjamin Cook Editor-in-Chief

An investigation by The Gryphon has found that the University of Leeds has invested £749,822 in tobacco giant Altria, against University policy, alongside investments in several other controversial businesses as part of the University’s multi-million pound investment portfolio. Investments in Altria, the company that produces popular cigarette brands such as Marlboro, Parliament, and Chesterfield, account for 1.15% of investments. This investment contravenes a policy to disinvest in tobacco stocks taken by the University Council on November 8th 2001 following a lengthy campaign by students unhappy with the institution’s investment habits. At the time investments in tobacco accounted for 3% of the University’s £52m portfolio. Speaking at the time, then Vice-Chancellor Professor Sir Alan Wilson had said, “Our decision was made on a matter of principle, and in recognition of the social responsibilities of

a leading university.” A Freedom of Information Request has also revealed that the University is a stakeholder in several fossil fuel producers, the world’s largest defence contractor, companies at the heart of recent financial scandals and tax avoidance claims, and a mining company with allegations of illegal dealings with rogue states and paramilitaries. Figures from the end of May 2015 show the University has an investment portfolio of £65,015,550 in a variety of international businesses. The largest single investment being the £1,885,509 invested in the Vodafone Group which constitutes 2.9% of the overall portfolio. Vodafone has been criticised for several years over allegations it has been paying ‘little to no corporation tax’. The portfolio also sheds light on the University’s investments in companies accused of aggressive tax avoidance in recent years. Shares are held in Google, who last month were accused of cutting ‘sweetheart deals’ when an agreement

was reached with HMRC to make a payment of £130m ‘in respect of previous years’. With investments also made in amazon.com, who in 2014 paid a tax bill of £11.9m despite recording sales of £5.3bn in the UK as these sales were taken through Amazon’s Luxembourg company, Amazon EU Sarl. The University has retained shares in Tesco from 2014, with the supermarket giant also criticised for similar use of tax havens in recent years. Other investments include Lockheed Martin, an American aerospace, defence, security, and advance technologies company, that based on revenue for the 2014 fiscal year was the world’s largest defence contractor. In 2013, 78% of Lockheed Martin’s revenues came from military sales, with US government contracts accounting for 85% of its business in 2009. Lockheed Martin is also the company behind the design and construction of the Trident ballistic missile system.

Continued on page 3 >>>>>>>


Turn static files into dynamic content formats.

Create a flipbook
Issuu converts static files into: digital portfolios, online yearbooks, online catalogs, digital photo albums and more. Sign up and create your flipbook.