SAUDI WAR GIANT LINKED TO MISSILE CAMPAIGN HEADS UNIVERSITY LIST OF SHAME
Universities sink cash into arms dealers and oil firms
Scottish universities have been condemned for investing millions in arms companies with links to repressive regimes.
Nine universities have money in firms who have been criticised for their ethics, the Sunday Mail can reveal.
They include an arms manufacturer implicated in Saudi Arabia’s bombing of Yemen, military robotics specialists and a bank linked to the Kremlin.
One university invest in shamed retailer Sports Direct.
Campaigners accuse the unis of supporting “destructive industries” and flouting investment promises.
Glasgow University have almost £1.5million in companies linked to the arms trade, including £551,288 worth of shares in BAE Systems.
They have been selling aircraft and engineering support to the Saudi air force. Saudi Arabia has been accused of committing war crimes during its ongoing bombing raids in Yemen.
Glasgow University are “committed to socially responsible investment”, according to official statements.
But their £ 40million endowment fund has £ 316,403 invested in UK arms firm Quinetiq. Among their clients is the Saudi interior ministry.
Glasgow also have £ 589,064 in Cobham, who “supply weapons carriage and release systems” to the RAF, Royal Navy and foreign governments.
Cobham sell location monitoring and phone surveillance technology to 140 agencies worldwide.
Strathclyde University have £136,985 in BAE and £122,584 in Cobham.
Jess Poyner, universities co-ordinator at Campaign Against Arms Trade, said: “It is hypocritical for universities to continue investing in the arms trade, particularly those that hide behind their ethical policy.
“If universities think students can be fobbed off by weak policies they are mistaken.” Glasgow announced in 2014 that they would be the first uni in Europe to get out of fossil fuels – but still have holdings, including £1million in BP.
Dundee University have £703,398 in Royal Dutch Shell and £541,938 in BP.
They have more than £ 500,000 in mining giants Rio Tinto – accused of environmental and human rights abuses.
Robert Gordon University have £15,000 in Sports Direct shares. Owner Mike Ashley was criticised over “Victorian” working practices.
Edinburgh University pledged in 2003 to follow a “socially responsible” investment policy. But they hold almost £ 2million of shares in Monsanto, accused of selling unsafe pesticides.
Edinburgh have invested £792,209 in Russian savings bank Sberbank, who were named in the Panama Papers.
St Andrews University pledged to protect “the global environment” but had cash in an oil exploration firm.
Queen Margaret, Robert Gordon and Napier unis hold shares in funds that invest in fossil fuels and tobacco. Abertay have more than £100,000 in two funds with tobacco holdings.
Last night, Glasgow University said they “have a socially responsible policy on investment and regularly review all of our investments”.
Edinburgh University said: “We are committed to using our finances to make a significant, sustainable and socially responsible contribution to Scotland, the UK and the world.”
Napier University said they “operate an ethical investment policy and this is kept under constant review”.
Abertay said they had told fund managers to end direct investment in fossil fuels within three years.
St Andrews University said: “We maintain a regular and helpful dialogue with students about our investments.”