West Wales campaigners cals for pension fund to divest from Israel-linked companies
Petitions delivered as pressure mounts on Dyfed Pension Fund over alleged links to Israeli arms and settlement firms
PALESTINE solidarity campaigners across west Wales are stepping up efforts to pressure the Dyfed Pension Fund (DPF) to withdraw its investments from companies alleged to be complicit in Israeli violations of international law.
Activists from Carmarthenshire, Ceredigion and Pembrokeshire are collecting signatures and engaging with local residents to raise awareness of the DPF's investment portfolio. Their campaign targets funds allegedly tied to arms companies, financial institutions, and firms operating in Israeli settlements deemed illegal under international law by the United Nations.
On Thursday (May 15), campaigners plan to lobby the DPF Board at County Hall in Carmarthen, coinciding with the 77th anniversary of the Nakba—marking the mass displacement of Palestinians during the 1948 Arab-Israeli conflict. Letters will be handed to board members urging immediate divestment.
Campaigners will return on Monday, June 23, when a petition with over 1,700 signatures gathered across Ceredigion and Carmarthenshire will be presented to the Pension Committee. This follows the submission of a 672-signature petition from Pembrokeshire in March.
The Dyfed Pension Fund is one of eight local government pension schemes in Wales and manages the pensions of over 50,000 employees and retirees. It is administered by Carmarthenshire County Council on behalf of Carmarthenshire, Ceredigion and Pembrokeshire councils, as well as Dyfed-Powys Police, Mid & West Wales Fire & Rescue Service, and other public bodies.
Campaigners have directed particular scrutiny at Councillor Elwyn Williams, Plaid Cymru member for Llangunnor and chair of both the DPF Committee and the Wales Pension Partnership. They argue that, given Carmarthenshire's administrative role in both the Fund and the national partnership, the council holds significant influence and must take responsibility.
According to the Palestine Solidarity Campaign (PSC), recent research shows that the DPF has invested around £235 million in companies with ties to Israel—significantly more than the £1.3 million figure originally disclosed by the Fund.
Yvonne Redfern of Carmarthenshire PSC said: 'Councils must avoid investing in or procuring from companies complicit in Israel's breaches of international law. That includes arms manufacturers, financial backers, and businesses active in illegal settlements.'
However, critics of the campaign note that many of the companies in question are large multinationals involved in a wide range of business activities, and their presence in Israeli markets does not necessarily reflect political support for Israeli government actions. They also argue that investment strategies must consider long-term financial stability for pension holders, not just political concerns.
Pension funds like the DPF operate under strict fiduciary duties and regulatory frameworks, requiring them to maximise returns for their members—primarily public sector workers and pensioners—while navigating complex ethical and financial considerations. This balance can make divestment from controversial sectors legally and financially challenging.
The DPF has stated that its investment decisions are guided by Robeco, an independent asset management company specialising in responsible investing. Campaigners, however, argue that the Fund is using this as a shield to avoid ethical responsibility.
The Herald has approached the Dyfed Pension Fund and Carmarthenshire County Council for comment.
Campaigners are calling for the DPF to:
Divest from firms listed by the UN as operating in illegal Israeli settlements;
Publish clear ethical investment procedures;
Establish time-limited engagement strategies with offending firms and outline consequences if they fail to reform;
Update the Fund's investment principles to exclude complicity in international law violations.
Since launching the campaign in October 2023, activists have staged street stalls, film screenings, and direct engagement with councillors and pension holders. However, they say they've met resistance from the councils, which claim to have limited control over the Fund's investment strategy.
Dinah Mulholland of Ceredigion PSC said: 'Pension contributors and future beneficiaries have no meaningful say. That's unacceptable. These are public funds from workers—there should be democratic accountability.'
Some fund members, however, argue that decisions about ethical divestment must be weighed against financial performance, and that pension funds should not become platforms for political protest.
The UK Government has also proposed legislation limiting the ability of local authorities to boycott or divest from companies on political grounds, arguing such decisions should align with national foreign policy. This has added a layer of complexity for campaigners pressing for local action.
While Plaid Cymru officially supports divestment from companies complicit in human rights abuses, activists claim that progress in Dyfed has been slow—despite the party leading both Carmarthenshire and Ceredigion councils.
Photo caption: Campaigners gather signatures outside Brynmeurig Stores in Tregunnor, Carmarthen (Pic: Supplied)
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