A local authority says it has no direct or indirect investments with any companies in Russia, after a Central Bedfordshire councillor tried to ask about the issue at a meeting.
Independent Flitwick Cllr Gareth Mackey was left to reflect on the meaning of the word ‘urgent’, after submitting a Ukraine-related question to CBC’s budget full council meeting last week.
The question was deemed too late to be considered at that evening’s meeting, and councillor Mackey understood he would have to wait eight weeks until the next full meeting of the council.
He opted instead to write to CBC chief executive Marcel Coiffait referring to the urgency of the matter as “clear” and the council’s response “insensitive”.
In the meantime, CBC has issued a statement saying: “The council has no direct investments or contracts with any companies in Russia.
“It doesn’t knowingly have any indirect investments either via contractors or invested funds.
“Company structures and investment portfolios are complex matters, and detailed enquiries would need to be sent to those organisations concerned.”
Asked about the meetings protocol, a spokeswoman replied: “Regarding notice of questions, a member may only ask a question at full council if:
- at least seven clear working days notice in writing of the question is given to the monitoring officer;
- or the question relates to urgent matters and the council chairman’s consent is obtained and the content is given to the monitoring officer by 9am on the day of the meeting.
“The question was received after this deadline,” added the spokeswoman. “The chairman chose not to use his discretion to accept it, as a detailed response could not be provided because of the late notice.”
Barbaric
Councillor Mackey’s question read: “In light of the barbaric invasion of the sovereign nation of Ukraine by Russia, can the leader confirm that this council has no interests, investments or contracts with any companies directly or indirectly linked to Russia?
“This might be (Russian multinational energy corporation) Gazprom, for example, which some schools use. If we do, can he confirm these will be ended immediately where possible?
“That way we ensure no support, direct or indirect, is given to the Russian State and its dictatorship.”
In his letter to Mr Coiffait, councillor Mackey called on CBC “to show leadership on this issue”.
He has since published the chief executive’s reply, which read: “I’m certain that nobody within the council wishes to further the aims of the Russian State, inadvertently or otherwise.
“I can confirm this council has no direct investments in Russia or Belarus and no contracts directly with Russian or Belarusian companies.
Lime Fund
“Our only long-term investment is in the Lime Fund, which is a UK-based property fund. This has no known connection to Russia or Belarus.
“We’ve short-term cash deposit type investments with UK-based banks and money market funds (MMFs).
“Arlingclose, our treasury advisors, have explained today: ‘No direct exposure to Russian or Belarusian assets has been identified within the MMFs, cash plus funds and strategic pooled funds that feature as part of our advice’.
“The pension fund investments are managed by Bedford Borough Council, not CBC, and the fund has an ethical investment policy,” added Mr Coiffait.
“We’re aware it’s currently checking for any possible links to investments in Russia or Belarus, but again I believe this to be very unlikely.
“As for energy suppliers in education settings, the majority of the schools in Central Bedfordshire are academies and we’ve no insight or control over with whom they contract.”
