Ballie Gifford have pulled out of literary festival sponsorship having come under pressure from previously unknown pressure group Fossil Free Books. That has also seen authors withdrawing or at least threatening to do so across various events.
Essentially, Baillie Gifford will now no longer support festivals and related literary initiatives as the BBC reports.
The asset manager says it decision to pull out of the Hay Festival was over concerns from the organisers about disruption and physical intimidation of attendees as FTAdviser reports.
The firm's head of distribution James Budden told journalists there are no tangible benefits from Fossil Free Books’ campaign except a reduction in book festival funding as New Model Adviser reported.
The asset manager had been accused of, among other things, supporting companies that were contributing to Israeli actions in Gaza and holding extensive fossil fuel holdings.
Some feel the case may not have been as strong as might be imagined. BG typically has much lower holdings in oil and gas, for example, given its strong impact investment ethos.
A lot for advisers to consider, given that the court of public opinion can be a harsh place and may be becoming harsher.
With the FCA now set to increase its clampdown on greenwashing, there is also a regulatory risk. However, this from Investors Chronicle from last year may be of interest pointing out Baillie Gifford’s fossil fuel holdings are around 2% not the market average of 11%.
(I personally see the big oil companies flipflopping on climate transition promises and strategies as more problematical but perhaps they are not quite such low hanging fruit.)
A snap poll and it is just possible the Conservatives have still one supportive group as this Citywire report suggests.
A poll of 33 financial advisers at Citywire’s South East Retreat found 61% said the Conservatives would be better for the UK economy.
That is from a very Conservative tending area of the country of course. It would be great to see a UK wide poll of advisers.
The Lang Cat has overhauled its Analyser due diligence software, says Money Marketing.
The FCA’s retirement income data highlights a number of concerns for retiring workers – issues that Adam Burn, head of pension consulting at Johnson Fleming says can be addressed by increased financial education in the workplace, as Corporate Adviser reports.
