CAAT's Clean Investment campaign encourages investors in the world's largest arms-exporting companies to disinvest for ethical reasons. The campaign relies on people taking action locally, from writing a one-off letter to an organisation that they are involved in, to holding regular protests.

The local authority pension funds form the focus of the campaign and we are not aware of any of these funds having an ethical investment policy. Of the 99 funds, we know that at least 75 have investments in BAE Systems, one of the world's largest arms companies with customers in 130 countries. Despite the curtailment of the Serious Fraud Office investigation into BAE's dealings with Saudi Arabia, other investigations are continuing, both by the US Department of Justice into Saudi Arabia, and by the SFO and other countries' investigators into different deals.

[updated 8 July 2007]