Rejected petition Cabinet Secretary to require Welsh Pensions adopt an ethical and sustainable investment policy.

We are asking the Welsh Pension Partnership (WPP) to adopt a rigorous ethical and sustainable investment policy for people and planet.
WPP has total assets worth £25 billion (31 March 2024) . It is managing funds from the eight Local Government Pension schemes across Wales. Although it has a Responsible Investment policy, there are millions of pounds of assets in people and planet harming investments such as fossil fuels, deforestation, arms and companies complicit in human rights abuses.

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This comes within the Cabinet Secretary for Local Government's remit.
The Well-being of Future Generations Act requires public bodies, including local government in Wales to consider the long-term impact of their decisions and to work towards improving the economic, social, environmental and cultural well-being of Wales.
One of the seven well-being goals calls for Wales to be a ‘Globally Responsible Nation’. Derek Walker, the future generations commissioner has called on Welsh public bodies to conduct an urgent review of public sector pension investments to ensure they are ethical and sustainable.
Presently Rachel Reeves the UK chancellor is proposing the amalgamation of all Welsh and English Local Government Pension pots into a small number of pooled funds and changing their governance . It is crucial that Welsh funds are directed towards ethical and sustainable investments that can practically benefit the people and environment of Wales rather than creating harm here and abroad.

Why was this petition rejected?

It’s about something that the Senedd or Welsh Government is not responsible for.

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Date submitted 4 February 2025
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