Tobacco, Oil, and Arms – Where Imperial Is Investing Its Money
Total Page：16
File Type：pdf, Size：1020Kb
FR IDAY, 26 TH JANUARY, 2018 – Keep the Cat Free – ISSUE 1682 Felix The Student Newspaper of Imperial College London NEWS University staff set to strike next month PAGE 3 ARTS Amadeus makes a return to the London stage Imperial has over £12 million invested in fossil fuels and tobacco // Felix PAGE 14 FILM Tobacco, oil, and arms – where Imperial is investing its money NEWS £3.5 million in the tobacco told Felix: “I’d like to £3.5 million invested world. industry, nearly £9 million congratulate Imperial on indirectly in the tobacco The investments seem Fred Fyles in the fossil fuel industry, succeeding in bringing industry, through invest- at odds with Imperial’s Editor-in-Chief £3.1 million in the arms together a comprehensive ment funds. Their invest- medical research, par- Our reaction industry, and over £16 selection of some of the ments include some of the ticularly that into cancer An analysis of million in pharmaceuti- most ethically dubious major worldwide brands: prevention and treatment. to the Oscar cals, out of a total fund of companies around, all through their largest two Smoking is linked to nominations Imperial's investments over £266 million. in one portfolio. It’s contributions to invest- at least a dozen forms reveals significantThese investments staggering that anyone in ment funds, Imperial have of cancer, and tobacco PAGE 24 holdings in tobacco, include those where the College thinks it appro- over £650,000 invested in smoke contains more than arms, oil and gas, and College has directly in- priate for a university – a Philip Morris, the maker 50 chemicals that can vested within a company charity even – to give so of Marlboro cigarettes, cause cancer. Smoking pharmaceuticals. – for example, their much money to the arms which previously threat- also has a number of FOOD £496,000 investment in and extraction industries. ened to sue the UK gov- other effects on health, n analysis of Exxon Mobil – and those Even College’s commit- ernment for “billions of particularly on the cardi- Imperial Col- where they have placed ment to avoid investing in pounds” of compensation ovascular and respiratory lege London’s money in an investment tobacco seems paper-thin, if plain packaging was systems, increasing the endowment portfolio containing now that it’s clear that it introduced. risk of strokes, heart Afund has revealed said companies. These has millions invested in it Imperial also has attacks, and lung disease. significant direct and holdings make up almost through third-party funds; £400,000 in Imperial Smoking is estimated to indirect investments in half of all the money the so much for “smoke-free Brands, and over £370,000 cause 6 million deaths the tobacco, fossil fuel, College has invested. Imperial”. in Reynolds American, each year, with 600,000 of Why do people weapons, and pharma- In response, Rhidian a subsidiary of British those down to secondhand go veggie? ceutical industries. Thomas, Imperial College Tobacco American Tobacco – the smoke inhalation. As of September 2017, Union’s Ethics and largest publicly traded Imperial has a number the College was investing Environment Officer, Imperial has around tobacco company in the Cont. pg 4 PAGE 34 FR IDAY, 26 TH JANUARY, 2018 FELIX FELIX ISSUE 1682 EDITORIAL NEWS [email protected] CONTENTS EDITORIAL 2 Show me the money Staff set to strike over planned pension pot changes as NEWS 3-7 Fe his week has been yles – lix Ed investments; you might d F ito universities claim they can't afford to pay in COMMENT 8-10 an absolute killer, re r be too busy being buried The Felix Team for a number of F under coursework. You SCIENCE 11-13 reasons. First and might even think that in- Editor-in-Chief NEWS could be hit by striking re- costs, UUK intends to end Tforemost, we’ve set up vestments in the fossil fuel Fred Fyles searchers, teaching staff, the defined benefit scheme • ARTS 14-15 a dartboard in the office, industry is a good thing, Deputy Editor Joanna Wormald and lecturers. and switch all USS meaning my day is now since a small amount of Joanna Wormald Deputy Editor Dr Michael McGarvey, members to a defined con- MUSIC 16-19 regularly punctuated by the money will be going • president of Imperial tribution plan. This would the steady ‘thwack’ of towards renewable energy News Editors College UCU, said in a link retirement income to FILM 23-26 darts hitting board (or, – the College certainly Joanna Wormald Members of the statement: “We regret that the performance of the • more likely, the wall). seems to believe this. I Politics Editors University and College strike action would disrupt stock market, and means TV 28-29 It remains to be seen disagree, but no matter. Avirup Banerjee Union are prepared courses and classes, but retirement income could whether the Felix Office This story is important Divyen Vanniasegaram also think that it is in the decrease by 20-25%. TRAVEL 31 becomes more popular because information is • to walk out over interests of students to (Although an analysis by than the Union Bar. If it important. Knowledge, Comment Editors proposals that could support our dispute. We Professor Michael Otsuka Alan Perfect FOOD 32-34 does, we'll start charging. as we are so often told, Charlie Titmuss slash their pensions. believe that it is the highly at the London School But what has been is power, and so knowing • irresponsible behaviour of Economics suggests HANGMAN 36-37 taking up much of our where the money is going Science Editors ozens of uni- of the employers that has employees may lose up time over the past couple is the first step to even Rosie Dutt versities could caused this situation.” to 60% of their pension C&S 38 of weeks has been our • be disrupted by One UCU member who Staff strikes could cause chaos as 61 universities across the country // Dave Pickersgill beginning to try and Tech Editor by switching to the new analysis of the endowment change things. And it’s Tom Mrazek strike action in voted in favour of a strike scheme.) PUZZLES 39 fund – the pot of money your money as well. You • Da row over pensions. told Felix: “In real terms, A UUK spokeswoman Felix’s UCU source costs. Imperial is one of nearly £500 million of its Imperial have set aside for asm and a misplaced trust track. With all due respect are all part of Imperial, Arts Editors Members of the Uni- my pay is cut every year said: “Without reform said: “The large profits those universities sup- own money over the last SPORTS 40 non-academic activities, in the workings of Excel, to the College, these are part of one larger commu- Indira Mallik versity and College Union due to below-inflation pay now, universities are made by UK universities porting the “necessary” three years on its estate. which they invest in order we duly set to work, poor excuses. Our team nity, and so decisions that JJ Cheng (UCU) voted in favour increases; our pensions likely to be forced to show the money is there, move to defined contri- The employers cannot Adam Gellatly to generate more funding. looking through thou- managed to find out the College are making • of industrial action; are being attacked for the divert funding from they are just unwilling to bution plans, with Impe- plead poverty, and any Following a series of sands of pages of financial exactly what these funds are being made in your Books Editors 88% backed a strike and third time in five years; research and teaching to spend it on retaining high rial provost James Stirling claim that fees will have Freedom of Information documentation to work contained, down to the name. I, personally, like a JJ Cheng 93% supported lesser and all the while the fill a pensions funding quality staff.” stating the USS “is not to be raised to pay for requests, we were able to out exactly where Imperi- dollars and cents, over number of other students Alice Peberdy action, such as refusing scandal of vice-chancellor gap.” The USS claims “Many of my col- likely to be sustainable”. staff pensions has no basis gather together data on the • to reschedule classes pay continues.” al’s money is going. the space of a couple of I spoke to, do not want Music Editors to have a funding deficit leagues have discussed In 2015/16, Imperial paid in fact.” last few years of the fund’s The results made for weeks. We also found that investments to be made in or providing cover for Most higher education of £7.5 billion. UCU leaving academia because £80 million into pension UCU general secretary Felix Office Andy Djaba Beit Quad, Prince Consort investments, and set about surprising reading. While some of these funds have the fossil fuel, tobacco, or Adrian LaMoury colleagues. 58.5% of institutes are part of the disputes these figures. the pay difference funds. Its profit for the Sally Hunt said the USS Road analysing it hurriedly. Imperial makes sure it contained tobacco since at weapons industry in my Henry Eshbaugh UCU members at Impe- University Superannu- Universities minister Sam between academia and same time period was “already offers fewer ben- London, SW7 2BB We quickly encoun- has no direct investments least 2011, if not before. name. Where these in- • rial voted, in line with the ation Scheme (USS). Gyimah wrote to fellow industry is now so great. £78 million. Since 2015, efits than other schemes Tel: 020 79548072 tered a problem, however: in tobacco, through their The endowment fund is vestments are being made, Film Editors national average of 58%.