Many moons ago, I used to be a BBC FoC. That is, I was father of the chapel (shop steward) of the National Union of Journalists BBC information division branch. There were even in those distant days at least 70 people working in BBC spin (the total last time I counted was almost treble that), but I thus know from personal experience that we were a militant, left-wing, revolting lot. Nothing, I can safely surmise, has probably changed; and now the whole of the BBC NUJ has voted to go on strike over their pensions. Hurrah! That means that we will have four days totally free of BBC bias. But more seriously, there’s a big issue at stake here.
I reported some time ago that the BBC £8.2bn pension fund was run on an “ethical” (code for climate change/greenie fanatic)basis by Peter Dunscombe, who was also then chairman of the Institutional Investment Group on Climate Change(IIGCC). This has the following goals:
The IIGCC Investor Statement on Climate change was launched in October 2006. Asset owners and asset managers who signed the Statement committed to increasing their focus on climate change in their own processes and in their engagement with companies and governments.
Analysis of the BBC fund investment portfolio suggested a heavy emphasis on such “ethical” investments. Of course, BBC journalists no doubt supported this strategy; after all they are, collectively and individually, world leaders in disseminating greenie propaganda. So there’s a delicious irony in this strike. The BBC journalists all no doubt wanted a green investment strategy, and now they have got it. I can’t say with certainty that that’s the reason for the cutbacks that are now underway – I’m not a pensions actuary – but recent reports suggest that such investments don’t yield all that’s expected of them (to put it mildly). As the consequences and the truth hit home, and cut backs have to be made, the BBC propagandists, sorry, I mean journalists, are yelping with pain. My heart bleeds.
Update: The BBC boys and the girls in the NUJ who are worried about their pensions might benefit from a perusal of the latest Pension Fund accounts from 2008. They reveal that on top of the Peter Dunscombe connection to eckowackery, the trustees have put their faith in future investment strategy on an international investment outfit called Hermes EOS. Surprise, surprise, their reasoning is that this will effect:
environmentally responsible investing and to encourage these practices in the course of engagements
And guess what underpins their efforts? Why, it’s the UN’s “Principles for Responsible Investment”. What does this mean? Have a look here. The principles are outlined in publications such as “Launch of CEO Briefing: ‘Demystifying Materiality: Hardwiring biodiversity and ecosystem services into finance’”. In other words, its green fanaticism cloaked in UN verbiage, but meaning that they are all part of the same warmist/biodiversity religious fervour.
As you sow, so shall you reap.