Council rejects super investments

Leichhardt Council has voted to call on the Local Government NSW Superannuation Board to reverse its decision to invest in nuclear energy and uranium mining.

Leichhardt Mayor, Rochelle Porteous said that in 2000, the Board resolved to never invest in tobacco companies and to introduce a range of screens against other investments, which created risks for environmental, social, or governance reasons.

“Nuclear technology has been demonstrated time after time to be incapable of properly managing risks, to be accident prone with devastating consequences and to be a security risk hence the Board has rightly refused to invest in nuclear energy and uranium mining.

“The surprise decision by LG Super to reverse their 15 year ban on investment in nuclear energy and uranium mining was communicated to delegates at the Local Government Conference in Coffs Harbour last week.”

Cr Porteous said it was extremely disappointing to see that a Superannuation company, which serviced thousands of local government employees around NSW, was straying from its ethical investments commitments to members.

“The LG Super Board is composed of representatives from Councils across NSW and the four main unions.

“Leichhardt Council is a No Nuclear town.

“As a Council we oppose nuclear power and associated facilities, nuclear waste dumps and uranium mining in Australia.

“Leichhardt Council is also a signatory to the International Mayors for Peace movement which supports peace and sustainability and opposes uranium mining.

“We are calling on the Local Government Superannuation Board to overturn this decision which we believe is not in the best interests of its members.”