The primary objectives of Council’s investment policy is to undertake investment of surplus funds in a way that ensures security of Council funds while maximising earnings from authorised investments. It also ensures there is sufficient cash to meet operational and capital requirements.
With this in mind Bellingen Shire Council voted unanimously at its October meeting to adopt a revised Investment Policy. While the primary objectives of the policy remain unchanged, the revised policy proposes that Council will give preference to institutions that do not invest in or finance the fossil fuel industry, where:
- The investment complies with Council’s investment policy;
- The rate of interest is favourable to Council relative to alternative options available at the time;
- The credit rating of the investment is comparable to alternative options available at the time.
- The long term strategy of Council is to invest with institutions that are socially responsible, benefit the community and progress society toward a more sustainable future.
Council’s Mayor, Cr Dominic King said, “Bellingen has joined the growing number of councils and institutions who are divesting from fossil fuels. While the primary objectives of the policy remain unchanged, it shows that Council is showing social responsibility by not just focusing on the short term but taking steps to protect the environment and our children’s future.”
A copy of the Council report along with the Investment Policy is available under the Policies & Plans section of this website.