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Letter: What price duty?

Byline: Mark Holt

WHEN Liverpool, St Helens and Knowsley councils voted to call on Merseyside Pension Fund to disinvest in arms companies, the pension fund management committee stated that it was their fiduciary duty that prevented them from complying.

Fiduciary duty is a duty to be trustworthy with other people's money.

Pension chairperson Ann McLachlan said of our campaign that we were "asking for the fund to disinvest in the FTSE100".

Apart from the fact we made no such request and the fund was gambled on the FTSE100 - which in recent months lost the fund pounds 675m in value - what does the management committee think now of their fiduciary duty?

Mark Holt, chair, Merseyside Stop the War Coalition
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Title Annotation:Letters
Publication:Daily Post (Liverpool, England)
Date:Feb 13, 2009
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