(MENAFN- Palestine News Network )
London /PNN/
Tower Hamlets Council has voted to divest its Local government Pension Scheme (LGPS) fund from companies implicated in supporting Israel's military actions against Palestinians.
The motion, passed during a full council meeting on January 22, marks a significant victory for campaigners advocating for ethical investment practices.
This decision follows an intensive campaign led by the Tower Hamlets Coalition for Ethical Investment, a partnership between the Tower Hamlets Palestine Solidarity Campaign (PSC), Tower Hamlets UNISON, and the Tower Hamlets Trades Union Council. The coalition, backed by a petition signed by over 1,600 local residents, workers, and students, has been lobbying the council for months to act on its investment portfolio.
Tower Hamlets now joins Waltham Forest, Islington, and Lewisham councils in London, all of which have recently pledged to divest from companies linked to Israel's alleged war crimes, illegal military occupation, and apartheid policies. The move aligns with a growing nationwide campaign urging councils across the UK to withdraw pension fund investments from firms complicit in human rights abuses.
A Growing Movement
Research by the Palestine Solidarity Campaign reveals that local government pension funds in Britain collectively invest over £4.6 billion in companies allegedly complicit in Israel's violations of international law. Advocates argue that these investments contradict ethical governance and human rights principles.
Sybil Cock, Chair of Tower Hamlets PSC, hailed the council's decision as a“fantastic” step forward, emphasizing the moral responsibility of public institutions to sever financial ties with entities involved in“genocide in Gaza” and“unlawful military occupation.” Cock added,“This isn't the end of our campaign. We will continue to press the council until it fully divests from all companies that enable human rights abuses and climate destruction.”
Lewis Backon, Campaigns Officer at PSC, described the decision as a“significant victory,” urging other councils to follow suit.“All councils must commit to divest from companies complicit in Israel's genocide, military occupation, and apartheid against Palestinians as quickly as possible,” Backon said.
Broad Support for Ethical Investment
The campaign also received strong backing from local unions. Kerie Anne, Branch Secretary of Tower Hamlets UNISON, commended the council's stance, stating,“It is no surprise that people working in local government and education support services don't want their pensions tied to death, destruction, and mutilation. UNISON applauds the mayor and councillors for taking this public stand for social justice.”
Looking Ahead
Campaigners have vowed to monitor the implementation of the council's commitment to ensure it results in tangible divestment. They stress that the decision reflects growing public awareness and demand for ethical investment practices that align with human rights and environmental sustainability.
As calls for divestment grow louder, Tower Hamlets' decision is seen as part of a broader movement challenging the complicity of public funds in global injustices.
MENAFN24012025000205011050ID1109125246
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.