39.
Would the Fellowship discuss, share experience and make recommendations on whether, given recent negative publicity surrounding corporate tax avoidance and the use of tax havens, allowing the Board's investment managers to place A.A. reserves in various funds ultimately controlled from Luxembourg risks the fellowship being drawn into public controversy?
Background
•
Tradition 10
• Report of the Trustees and Financial Statements for the year ended 30 September 2013
• Report of the Trustees and Financial Statements for the year ended 30 September 2013
The
short form of tradition 10 suggests that ' ... the A.A. name ought
never be drawn into public controversy'.
The
Report of the Trustees and Financial Statements for the year ended 30
September 2013 discloses, at note 14, the following investments
valued at over 5% of the total invested :
'Global
Select Corporate Bond XXVIII (market value £172,352)
Global
Select Total Return Bond XU (market value £43,981),
Bluebay
Investment Grade Bond Fund Lux Listing (market value £89,894)
Global
Brands F I Morgan Stanley (UK) (market value £86,271)
Global
Select SICAV Sol Glob EQ L(A) (market value £96,510)'
These
funds are listed in Luxembourg, a low tax regime.
My
intention behind asking this question is to address what I see as a
very real threat to AA's noncontroversial stance. I strongly believe
our reserves should be held in UK listed investments, in a mix of
risk‐free Government bonds and ethical investments. With public
opinion as it currently stands, investing in Luxembourg assets is
unwise.
Terms
of Reference No. 7 Charities are not taxed on their investments.
Comment:
Not to mention (but we will) AA's past investments in distilleries
and tobacco companies! Not a good idea!
Cheers
The
Fellas (Friends
of Alcoholics Anonymous)
PS
For AA Minority Report 2013 click here
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