Baillie Gifford, management investment company and sponsor of the Hay Festival, has been suspended amidst controversy surrounding its connection to Israel and fossil fuel companies. Performers including Charlotte Church and Nish Kumar had already pulled out of participating in the event in protest at the sponsorship deal, with Church joining calls for an Israeli ceasefire. The Hay Festival’s chief executive, Julie Finch, confirmed that the decision had been made “in light of claims raised by campaigners and intense pressure on artists to withdraw” but added that she was “grateful to all those artists, partners and audiences who engage and contribute to the conversation, on stage and off.”
Baillie Gifford responded to the news, stating that allegations that it “is a large investor in the Occupied Palestinian Territories is seriously misleading”. The company also emphasised its support for arts and literature and its belief in the “lasting benefits” this brings. Despite the suspension of Baillie Gifford’s sponsorship, Finch suggested that the Hay Festival would continue to work with the company and other arts partners: “Above all else, we must preserve the freedom of our stages and spaces for open debate and discussion.”
Other high-profile performers who had previously pulled out of the festival in protest included MP Dawn Butler, author Grace Blakeley, and peer Baroness Shami Chakrabarti, whilst George Monbiot, an environmentalist, chose to participate whilst acknowledging the importance of the campaign against fossil fuel companies. Fossil Free Books, a group of literary industry professionals, had criticised Baillie Gifford for investing in “companies linked to the Israeli military” and Israeli settlements, as well as several major fossil fuel companies.
Baillie Gifford acknowledged investing “2% of its clients’ money in companies with some business related to fossil fuels”, despite stating its intention to contribute to the communities it serves long-term. The company went on to say that it was not responsible for making “subjective ethical situations relating to sectors (such as fossil fuels) or countries (such as Israel and the Occupied Palestinian Territories)”, but that it remained “committed to responsibly analysing and engaging with the companies in which we invest. This work is ongoing and progress has been made”
Read the full article from The BBC here: Read More