News

« Headlines

Investors dump Reed over arms fair

13.02.07

Two investors in Reed Elsevier have sold their shares as a protest that the publishing giant runs arms fairs, reports the Telegraph. F&C Asset Management and the Joseph Rowntree Charitable Trust sold their holdings after concerns about the companies selling equipment at Reed's fairs.

The London Book Fair's parent Reed Exhibitions runs the UK arms fair, Defence Systems and Equipment International (DSEi). Reed's involvement in the arms business has been highlighted before, in 2003 authors including J M Coetzee and A S Byatt called upon the London Book Fair's organiser to end its connection to the global arms trade.

Joseph Rowntree, founded on Quaker principles, sold £2m of Reed shares yesterday, according to the Telegraph. Friends Provident sold all the Reed shares in its ethical "stewardship" fund. Karina Litvak, head of governance at F&C, said the fund manager had probed Reed after last year's DSEi fair but had not been satisfied with the efficacy of the company's systems for ensuring exhibitors were properly vetted.

Reed said: "Our portfolio of defence shows accounts for less than 1pc of total Reed Elsevier revenues." It added that its trade shows "all strictly comply with national and international laws and regulations".

Telegraph

Financial reed elsevier Reed Exhibitions London Book Fair

See Also