Activists protesting against the senior sponsor of the Edinburgh International Book Festival have resulted in the event ending a 20-year funding partnership with investment management firm Baillie Gifford. The company has come under recent scrutiny for its investments in fossil fuels, attracting condemnation from campaigners. The move by the book festival follows accountancy firm PwC’s decision to stop business-deals with chemicals conglomerate Ineos last week following protest action from climate change campaigners.
Allan Little, the festival’s chairman, blamed activists for the move: “Our team cannot be expected to deliver a safe and sustainable festival this August under the constant threat of disruption from activists. This was a pragmatic response to that reality. Funding for the arts is now in a perilous position and we should all be clear that without the support of our partners and donors, the future of festivals like ours – and all of the benefits these events bring to authors and readers alike – is in jeopardy.”
Baillie Gifford has been a long-term supporter of several British arts events, and held a similar partnership with the Hay book festival, held in Wales, who also dropped the company as a sponsor following pressure from campaigners. More than 700 publishers and writers had signed an open letter calling for a boycott of Baillie Gifford, leading to high profile authors such as Charlotte Church and Nish Kumar withdrawing from the Hay event.
Nick Thomas, a partner at Baillie Gifford, defended the investment company: “Nor is Baillie Gifford a significant fossil fuel investor. Only 2% of our clients’ money is invested in companies with some business related to fossil fuels. We invest far more in companies helping drive the transition to clean energy.
Read the full article from The BBC here: Read More