NILGOSC, the body responsible for the administration of the Local Government Pension Scheme for Northern Ireland, has today defended its decision to invest in weapon manufacturers.

Current holdings of shares in Honeywell International, which tests, develops and stockpiles nuclear bombs have been recorded at 21,500, worth £1,066,051 and current holdings in Lockheed Martin, which makes submarine launched ballistic missiles amongst other military hardware products are 10,290, worth £693,557.

NILGOSC chief executive and secretary David Murphy said: “As we set out in our Statement of Investment Principles, NILGOSC delegates the selection of investments held to its fund managers and does not impose any investment restrictions in regard of social, ethical and environmental issues. NILGOSC has instructed its active fund managers to take account of social, ethical and environmental considerations provided our primary financial obligation is not compromised.

“As our members are aware, NILGOSC is required to maintain a diversified investment portfolio and is prevented from excluding any type of company solely for ethical reasons. However NILGOSC goes above and beyond the normal stewardship of a pension fund and is one of the UK’s leading responsible investors. NILGOSC is a signatory of the UN’s Principles of Responsible Investment, the UK’s Stewardship Code, the Carbon Disclosure Project, and many other initiatives.”

Murphy added that the NILGOSC was fully supportive of the agreement of the Arms Trade Treaty on 2 April 2013.

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