Investment in conflict zones

Introduction to the Board’s work on investment in conflict zones

In recent years, the scheme has received increasing levels of engagement on the topic of asset allocation and investment in conflict zones. This topic has been considered extensively by the Board, the Investment Committee and the Responsible Investment Advisory Group (RIAG). In order to best support LGPS practitioners in fulfilling their duties and managing increased lobbying and calls for divestment from specific assets, asset classes, companies and countries, the Board has taken a number of steps including publishing statements, writing to the Local Government Minister for clarity on specified issues and seeking legal advice. Key links to the Board’s work in recent years can be found below.

Letters and statements on investment in conflict zones

• 18 August 2026 Board statement on the latest correspondence over investment in conflict areas
• 18 August 2026 SAB Chair writes welcome letter to new Local Government Minister, Jim McMahon OBE MP
• 15 May 2026 Board chair statement on investment in conflict zones response letter from Minister
• 13 October 2025 Board letter to Local Government Minister on Palestine Solidarity Campaign letter and position paper
• 18 September 2025 Further Board statement on Palestine Solidarity Campaign’s letter and position paper
• 29 August 2025 Board statement on Palestine Solidarity Campaign’s recent letter and position paper
• 17 September 2024 SAB Statement on Fiduciary Duty and dealing with lobbying

Legal opinions and summaries on investment in conflict zones

• 15 January 2025 Nigel Giffin KC (Counsel) updated opinion on fiduciary duty
• 24 October 2024 Nigel Giffin KC (Counsel) opinion on the current events concerning Gaza
• 8 June 2020 Summary of Supreme Court boycotts case
• 16 November 2017 Summary of the role of non financial considerations in LGPS investment
• 2 April 2014 Advice on Fiduciary Duty in the LGPS – opinion of Nigel Giffin QC

Previous work on the Boycotts, Divestments and Sanctions (BDS) Bill

The Board’s pre-2022 work on the dropped Economic Activity of Public Bodies (Overseas Matters) Bill can be found on the Boycotts Divestment and Sanctions page. Updates from 2023 and 2024 can be found below.

• 30 May 2024 Statement on dissolution of Parliament – Impact on Economic Affairs of Public Bodies (Overseas Matters) Bill
• 20 March 2024 Economic Activity of Public Bodies (Overseas Matters) Bill enters Committee Stage
• 4 July 2023 Second reading of the Economic Activity of Public Bodies (Overseas Matters) in the House of Commons
• 23 June 2023 Government publishes the Economic Activity of Public Bodies (Overseas Matters) Bill