States investments in the fossil fuel and coal sectors (FOI)

Request

Could you please provide an update to the Freedom of Information response at the link below in regards to questions A, B and C, showing the updated investment positions for the States Common Investment Fund (CIF) as at 31 December 2018:

States investment in fossil fuel and coal companies (FOI)

Response

A

Stocks are classified into various sectors based upon their primary industry as defined by the FTSE Industry Classification Benchmark (the Index).

‘Oil and Gas’ is a defined industry within the Index. As at 31 December 18 stocks were held in four entities classified by the benchmark to be a constituent of the ‘oil and gas’ sector, these are detailed below:

*Engaged in only Gas extraction.

The CIF also holds shares in ‘Oil and Gas Services’ companies, which are not miners but provide primary services to miners such as seismic acquisition and processing, formation evaluation, well testing and other similar services, so have been disclosed for completeness and are detailed below.

Information relating to the Public Employees Contributory Retirement Scheme (PECRS) does not fall within the definition of information held by the Treasury for the purposes of the Freedom of Information (Jersey) Law 2011.

B

’Coal’ is a defined industry by the Index. As at 31 December 2018 the CIF held no shares in entities deemed by the index to be engaged in the ‘Coal’ sector.

Information relating to the Public Employees Contributory Retirement Scheme (PECRS) does not fall within the definition of information held by the Treasury for the purposes of the Freedom of Information (Jersey) Law 2011.

C

Breakdowns of values invested can be found in answers ‘A’ and ‘B’ above.