According to a report that was published on Tuesday by EUobserver, it was discovered that a pension fund that serves the European Parliament and is significantly in debt utilized money from taxpayers to acquire shares in a variety of firms that deal in fossil fuels, tobacco, mining, and armaments.
The media organization claims that it has got “a complete analysis” of the investments made by the fund between the years 1994 and 2010. According to the records, members of the European Parliament possessed tens of thousands of shares in a number of armaments firms notorious for their production of cluster bombs, which have been prohibited by the EU since 2008.
These corporations included American heavyweights such as Raytheon, Honeywell International, and Textron, all of which were known to create lethal weapons, which were seen as putting people at risk.
Each of the three companies asserts that they have ended the manufacture of cluster bombs within the last several years. Because no new information on the fund’s investments has been made available to the general public, it is unknown whether or whether the fund still has shares in any of these companies.
It is common knowledge, however, that the pension plan has been losing money, and some people are concerned that in order to save it, the European Parliament would wind up utilizing as much as €400 million (or $600 million) of the money contributed by taxpayers. Experts predict that the fund will run out of money within the next three years as it continues to experience a significant deficit as a result of the rapid increase in the number of MEPs reaching the age of retirement. This deficit is caused by the rapid increase in the number of MEPs reaching the age of retirement.
Several Members of the European Parliament (MEPs) have maintained that the underperforming fund should be allowed to fail and that “not a dime” should be put toward saving it. In a letter sent to Roberta Metsola, the president of the European Union Parliament, numerous Members of the European Parliament (MEPs) expressed concern that the fund constituted “possible severe reputational consequences for the European Parliament.”
The fund was first established in 1990, and membership was accessible to members of the European Parliament up until 2009. The parliamentarians each donated €1,000 to the program, and the government added €2,000 on top of that from the taxpayers’ funds. By the year 2024, it is anticipated that the fund would provide retirement income to close to 900 individuals. On the list of those who have contributed to and benefited from the organization are EU foreign policy leader Josep Borrell, founder of the French National Front Jean-Marie Le Pen and his daughter Marine Le Pen, and Nigel Farage, founder of the UK Independence Party.