Proposed by: Rahma Hegy
Seconded by: Alfred Stanley Robin Ellis
What do you want?
We request that QMSU changes its bank, currently being Barclays, as it poses serious ethical and sustainability concerns.
In addition, we request that QMSU:
a. Prioritises partnering with banks and financial institutions that demonstrate a commitment to ethical and sustainable practices, including but not limited to:
● Environmental sustainability
● Social justice and human rights
● Ethical governance
b. Avoids Unethical Practices, by refraining from engaging with banks or financial institutions involved in financing or providing financial services to:
● Fossil fuels – as defined by the banks in this report.[1]
● The arms trade or other military contractors as defined in this report [2]
● Companies involved in violating human rights or labour rights
● Companies engaging in predatory lending practices
And to move away from banking providers that do not meet these criteria at the earliest opportunity - and explain our reasons for doing so.
c. Regularly reviews the ethical credentials of our banking partners and communicates transparently with our stakeholders about our banking relationships and decisions.
Why do you want it?
Queen Mary Students’ Union currently banks with Barclays. Barclays is the 8th biggest fossil fuel financer globally having put $235.189 Billion USD into fossil fuels from 2016-2023 [1]. By continuing to bank with Barclays, QMSU indirectly supports these environmentally harmful practices. This contradicts its efforts to mitigate climate change and undermines the Union’s sustainability goals.
Barclays is also one of the top funders of global defence companies, it is involved in controversial arms trade particularly in the Middle East and North Africa [2]. Remaining with Barclays poses significant ethical and reputational risks to QMSU. As a students' union, QMSU represents a diverse and socially conscious student body, many of whom prioritise environmental sustainability and human rights. Continuing to bank with an institution that contradicts these values risks dissatisfaction among students and could undermine trust in the Union.
There are numerous banks operating under ethical guidelines, focusing on investments in renewable energy, social enterprises, and sustainable development. Transitioning to such a bank would better reflect the values of QMSU and its members.
What impact will this have?
At Queen Mary University Students’ Union, we recognise the importance of ethical considerations in our financial operations. We should be committed to ensuring that any banking activities we undertake aligns with our values and principles in relation to environmental, social and racial justice. This is integral to fulfilling our responsibilities as a socially and environmentally conscious organisation.
By adhering to this motion, we would be reaffirming our commitment to making ethical decisions that align with our values and contribute to a sustainable future for all. This motion also aligns with previous motions passed in the Annual Student Meeting in relation to ethical investment and sustainability.
In summary, changing banks is not just a financial decision—it’s a statement of QMSU’s values and its dedication to a more ethical and sustainable future.