Imperial’s Defence Investment Holdings Top of List of London Universities
London Student investigation found Imperial College London has the most invested in the arms industry. Compared with ten other London universities, Imperial’s holdings in defence companies comes out on top with investments totalling £3.9m.
A London Student investigation found Imperial College London has the most invested in the arms industry. Compared with ten other London universities, Imperial’s holdings in defence companies comes out on top with investments totalling £3.9m. A Freedom of Information request found the College has shares in four defence manufacturers Imperial College has £1.75 million worth of shares in General Electric (GE), one of the biggest arms-producing companies in the world. A recent report in the Stockholm International Peace Research Institute (SIPRI) ranked GE 18th in its top 100 list of arms-producing and military services companies. The company supplies the necessary technology for combat aircraft, military transport, helicopters and drones. GE have previously claimed that their arms production “provide the necessary power and reliability for any military application. GE’s engines are proven in service and continue to operate in critical missions around the world.” The college has a £922,000 stake in Inmarsat, a global telecommunication that has close ties to the US defence community. Inmarsat are proud to provide “rapid, secure and reliable access to mission-critical information.” Imperial College has £489,000 worth of shares in Texas Instruments, a company that entered defence electronics market in 1942. Texas Instruments produce the “latest technology, manufacturing capability and product mix for advanced and critical aerospace and military applications.” The college has a further £753,000 stake in Rolls Royce, a company that is more likely to bring to mind flash cars than fighter jets and nuclear submarines, yet Rolls Royce is the 2nd Largest Manufacturer of Aerospace Engines powering approximately 25% of the world’s military aircraft and has its equipment installed on over 2,200 warships including all of the UK’s nuclear submarines. Tara Clarke of Fossil Free Imperial said: “I worry about my university’s support of the arms industry who deals to countries with worrying civil rights records and regimes that repress democracy. In a university with a centre of research for blast injuries, it doesn’t make sense to support an industry which creates these injuries in the first place.” Holly-Rae Smith of Campaign against Arms Trade told London Student: “Quite often, students have no say in what their university invests in. It’s quite secretive. Student’s tuition fees end up invested in companies they consider unethical.” Supporters point out that many of these companies are involved in a wide range of products, not just those associated with defence. GE, though one of the biggest arms producing companies in the world, produces the majority of the world’s electronic devices including everyday light bulbs to fuel cell technology. Felix asked College yesterday if they had any comments on the issue. A College spokesperson stated, “Imperial’s Endowment Board manages those College assets that are not essential to the core academic mission of the College and that can therefore be managed with a pure investment focus, with the aim of supporting Imperial’s research and teaching activities. The Board’s Terms of Reference include an obligation to maintain a diversified portfolio of investments, to have regard to the suitability of the investments within this portfolio and to manage the investments in a way that is appropriate to achieve the investment objectives set by the College’s Council”.
