The article, which describes Bates Wells Braithwaite as “a firm which works with more UK charities than any other,” focuses on the Prince of Wales’ move to remove all fossil fuel investments from his financial holdings; part of a UN-backed divestment campaign.
Luke Fletcher is quoted as saying: “Trustees and investment committees have the duty to make sure that investments are ‘suitable’ for the charity and are properly diversified. However, this is not a duty to invest in all asset classes.” He goes on to say: “What is suitable should also be seen in light of the objects of the charity – an investment is absolutely not suitable if it conflicts with the objects. Finally, the reputation of a charity is one of its most critical assets. ‘Business as usual’ is increasingly seen as unacceptable and a charity that continues to invest in carbon-intensive assets might find that, as science and public opinion changes, it risks seeing its reputation become a stranded asset.”
You can read the whole article on The Guardian website.
Posted on 29/04/2015 in BWB In The MediaBack to Knowledge