Joseph Rowntree sells Reed shares

The Joseph Rowntree Charitable Trust has sold shares worth £2m in Reed Elsevier because of the publishing company's involvement in arms fairs.

Reed organises arms exhibitions, including the annual Defence Systems and Equipment International Exhibition in east London, through subsidiary companies.

The trust says it spent three years trying to persuade the company to give up its arms trade interests, but was unsuccessful.

The trust's original decision to invest in the publisher was based on ethical research, but Reed's involvement in arms fairs has since expanded.

Susan Seymour, chair of the trust's investment committee, said: "The trust aims to ensure, as far as possible, that its income is compatible with the Quaker values on which it was founded. It is a measure of our significant concern that we have taken the unusual step of going public on this matter."

Reed Elsevier was unavailable for comment.

Have you registered with us yet?

Register now to enjoy more articles and free email bulletins

Already registered?
Sign in

Before commenting please read our rules for commenting on articles.

If you see a comment you find offensive, you can flag it as inappropriate. In the top right-hand corner of an individual comment, you will see 'flag as inappropriate'. Clicking this prompts us to review the comment. For further information see our rules for commenting on articles.

comments powered by Disqus