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Chamber

Plenary, 26 Feb 2003

26 Feb 2003 · S1 · Plenary

Item of business

Ethical Investment

Hyslop, Fiona SNP Lothians Watch on SPTV

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 should welcome the University of Edinburgh's decision to embrace and participate in the dialogue and debate to ensure that there is ethical investment. The Deputy Minister for Enterprise, Transport and Lifelong Learning may find some challenge in responding to tonight's debate given the great deal of consensus about the importance of ethical investment and what has been achieved. I await his comments with interest.

I want to touch on several points. The fact that 500 students turned out at a meeting shows that the idea that young people do not care about the things that matter, such as human rights, is misplaced. It is clear that people care and that it is important that they be given a forum and an opportunity so that they can do something practical. The success of that meeting shows that campaigning of whatever form—whether it be political with a small p or otherwise—can achieve results. People & Planet provides a good example of how well-informed grass-roots campaigning can achieve a response, and a very positive response at that.

When, in a former life many years ago, I worked in financial services, ethical investment and green funds were seen as being something that only those who fitted a certain stereotype would want to take part in. However, over the years, ethical investment issues have increasingly become part and parcel of the fabric of investment. As Angus MacKay pointed out, just because money is ethically invested does not necessarily mean second-class investment returns. Indeed, ethical investment is becoming part and parcel of modern investment practices.

The point that was made about leverage is important. The days when investment was just about profit and when no interest was taken in whether the investment conflicted with human rights or promoted arms sales have long gone. Corporate governance, in whatever shape or form, is here to stay. Ethical investment is not just about consumer choice; it is now part of the fabric of our investment choices. Such investments are no longer simply a nice charitable thing to do but are very much something that is here to stay.

It is vital that we raise the issue of ethical investment, and perhaps especially at this time, when we reflect on the importance of human rights and on what is happening in countries such as Iraq. We must also consider what the Government itself has done and whether its ethical foreign policy has perhaps disappeared from sight.

Whenever we pontificate, congratulate, comment on or debate the policies of other bodies and organisations such as the University of Edinburgh, we also need to look at ourselves and consider the policies of the Scottish Parliament and the Westminster Parliament. I therefore ask the Presiding Officer that the Scottish Parliamentary Corporate Body consider what the Parliament itself is doing, to ensure that it makes ethical investments and promotes corporate social responsibility, so that we are not simply commenting on others in isolation.

One offshoot that might come from People & Planet's achievement is that it might make us all look more closely at what we do. I hope that we can ensure that this worthy and important debate continues. The debate is not only about how people can use their right to demonstrate to achieve change at the University of Edinburgh but about how we need to highlight the importance of fulfilling our global responsibilities. We can do that by starting at home.