DEEPWATER HORIZON OIL SPILL AND UK PENSIONS FUNDS

Motion Text

That this House notes that the Deepwater Horizon disaster is now considered the largest offshore oil spill in US history, and will have devastating environmental and social consequences for years to come; notes that almost all British pension funds have significant investments in BP, and that uncertainty over BP's share price and quarterly dividend will hit ordinary pension savers; believes that this incident clearly demonstrates that environmental risks are also financial risks; further believes that pension funds should do more to integrate environmental risk assessment into their investment practices; and therefore calls on the Government to ensure that pension funds report fully on their policy and practice regarding environmental, social and governance risks.