County council investment in tobacco companies more than £10m | Blog

County council investment in tobacco companies more than £10m | Blog.

Gloucestershire’s pension fund investments have attracted the attention of local press recently.  A spokesman is quoted as saying, “We are legally obliged to get the best return on that money to pay for these pensions.”

It’s often said by local authority spokespeople, but not actually true. It is an oversimplification. There is no duty to maximise returns.  I refer local authority officers and members to the McNeill legal opinion, which has received very little coverage in England, in contrast to the Giffin opinion.