Chamber
Plenary, 26 Feb 2003
26 Feb 2003 · S1 · Plenary
Item of business
Ethical Investment
I must declare two interests. First, I am rector of the University of Edinburgh and will be for another 10 days. Secondly, my entire investment portfolio, such as it is, is in ethical investments.
I was glad when People & Planet asked me whether I would back it in this campaign. As chair of the university court, I am supposed to stay clear of university issues and to be as objective as possible, but this is one of three or four issues about which I was happy to make my support very clear. I also took part in a debate in the university with the then principal, Lord Sutherland of Houndwood, on this very subject.
People & Planet is one of the most successful and best-attended societies in the entire university. In fact, I owe my position as rector to that society because it supported my candidature three years ago.
The importance of this matter goes beyond universities. Members may recollect that in the early days of the Parliament I lodged a motion calling on the Executive to investigate the possibility of the Executive and local authorities with surplus money investing it in ethical investment. However, it fell on stony ground at the time and never made it to the chamber. Therefore, I am even gladder about the debate and congratulate Angus MacKay on bringing this motion on the same subject to the chamber.
I cannot guess what the Executive's response to the debate might be. I hope that it recognises that not just universities can benefit from a policy of ethical investment. Encouraging such a policy would have a knock-on effect throughout the world.
Nearly four years ago, I said that the colour of politics of this century must be green, whatever one's party. There is no doubt that ethical investment can be described as a green policy. I sometimes think that, when I speak in favour of renewables or recycling, I should also state my interest in ethical investments. I hope that much of that money is invested in recycling and renewable energy companies.
I was glad when People & Planet asked me whether I would back it in this campaign. As chair of the university court, I am supposed to stay clear of university issues and to be as objective as possible, but this is one of three or four issues about which I was happy to make my support very clear. I also took part in a debate in the university with the then principal, Lord Sutherland of Houndwood, on this very subject.
People & Planet is one of the most successful and best-attended societies in the entire university. In fact, I owe my position as rector to that society because it supported my candidature three years ago.
The importance of this matter goes beyond universities. Members may recollect that in the early days of the Parliament I lodged a motion calling on the Executive to investigate the possibility of the Executive and local authorities with surplus money investing it in ethical investment. However, it fell on stony ground at the time and never made it to the chamber. Therefore, I am even gladder about the debate and congratulate Angus MacKay on bringing this motion on the same subject to the chamber.
I cannot guess what the Executive's response to the debate might be. I hope that it recognises that not just universities can benefit from a policy of ethical investment. Encouraging such a policy would have a knock-on effect throughout the world.
Nearly four years ago, I said that the colour of politics of this century must be green, whatever one's party. There is no doubt that ethical investment can be described as a green policy. I sometimes think that, when I speak in favour of renewables or recycling, I should also state my interest in ethical investments. I hope that much of that money is invested in recycling and renewable energy companies.
In the same item of business
The Deputy Presiding Officer (Mr George Reid):
SNP
We come to our members' business debate, on motion S1M-3723, in the name of Angus MacKay, on ethical investment.
Motion debated,
That the Parliament notes the work of Edinburgh University People and Planet group and the decision of the Edinburgh University Students' Association to endo...
Angus MacKay (Edinburgh South) (Lab):
Lab
I am delighted to have the opportunity to raise the issue of ethical investment in the chamber today. The fact that I am able to do so is testimony to the ha...
The Deputy Presiding Officer:
SNP
Six members have indicated that they would like to take part in the debate. That will allow speeches of about four minutes.
Robin Harper (Lothians) (Green):
Green
I must declare two interests. First, I am rector of the University of Edinburgh and will be for another 10 days. Secondly, my entire investment portfolio, su...
The Deputy Presiding Officer:
SNP
You have one minute.
Robin Harper:
Green
I will not need even one minute, Presiding Officer. I congratulate Angus MacKay on his motion, I congratulate the People & Planet group and I congratulate th...
Sarah Boyack (Edinburgh Central) (Lab):
Lab
I congratulate Angus MacKay on his success in securing the debate. At this stage of the parliamentary session, it is increasingly difficult to get a motion o...
Fiona Hyslop (Lothians) (SNP):
SNP
I also congratulate Angus MacKay on securing tonight's debate. In addition, we should extend our congratulations to People & Planet on its campaign and we sh...
Mr David Davidson (North-East Scotland) (Con):
Con
The normal custom is to congratulate the member who has secured the debate, but tonight I would rather congratulate People & Planet, which obviously has trem...
Brian Fitzpatrick (Strathkelvin and Bearsden) (Lab):
Lab
Will the member take an intervention?
Mr Davidson:
Con
One moment, please.I came to the chamber with a blank sheet of paper just to listen, because I am puzzled about what the minister will say when he sums up. T...
Brian Fitzpatrick:
Lab
The member seems to subscribe to the old paradigm that an ethical investment policy is contradictory and that the only ambition of the university should be t...
Mr Davidson:
Con
Both can be done together quite successfully. However, the international reputation of the University of Edinburgh—or the decision of a student who is desper...
Susan Deacon (Edinburgh East and Musselburgh) (Lab):
Lab
I will return to the convention of congratulating the member who has secured the debate, not least because constituency members are lobbied about issues and ...
Donald Gorrie (Central Scotland) (LD):
LD
Those who have pricked our conscience with the motion are to be congratulated. We could all examine our own activities. I have modest, ethical individual sav...
Brian Fitzpatrick (Strathkelvin and Bearsden) (Lab):
Lab
I, too, congratulate Angus MacKay on lodging the motion, which I am happy to support. I suppose that I should get the niceties out of the way and refer to my...
The Deputy Presiding Officer:
SNP
Indeed he can. To respond to the debate, I call Lewis Macdonald.
The Deputy Minister for Enterprise, Transport and Lifelong Learning (Lewis Macdonald):
Lab
I am pleased to join those who have welcomed the lodging of the motion and who have congratulated Angus MacKay on securing the debate.Ethical investment is r...
Brian Fitzpatrick:
Lab
Does the minister accept that he and his ministerial colleagues have their hands on a number of key policy drivers? They can support some of the largest empl...
Lewis Macdonald:
Lab
Absolutely. I want to emphasise that, in developing our approach to corporate social responsibility and continuing to promote it, we already have a number of...
Meeting closed at 17:39.