To consider any Notices of Motion that have been received in accordance with Procedure Rule 12
Minutes:
Consideration was given to the following Notice of Motion, submitted to Council in Accordance with Procedure Rule 12
Fossil Fuel Investments
Proposed by Cllr Sam Corcoran
This Council should write to the Cheshire Pension Fund Trustees asking how they intend to meet their fiduciary duty by assessing climate risks and the threat of stranded fossil assets, and modify accordingly their investment strategy in the light of the speech by Mark Carney at the Annual Arthur Burns Memorial Lecture in Berlin on 22 September in which he highlighted the financial risks associated with climate change, referring to work that will reveal how the valuations of companies that produce and use fossil fuels might change over time and to the collapse in the value of major US coal producers.
It was noted that formal decision on the issues raised in the Notice of Motion would be taken by the administering authority’s Section 151 Officer, which in this case was the Director of Finance at Cheshire West and Chester Council, as advised by the Pension Fund Committee.
RESOLVED
That a letter be sent to the Section 151 Officer of Cheshire West and Chester Council, referring the issues raised in the Motion to him for consideration.