Baillie Gifford pull sponsorship of literary festivals, including Stratford, after ‘bullying tactics’ from activists Fossil Free Books
Organisers of the Stratford Literary Festival said they are saddened that Baillie Gifford has decided not to renew its sponsorship after the end of this year.
The festival has received financial support from Baillie Gifford for over 10 years, but the investment company has pulled the plug on literary festival sponsorship after protests over its links to Israel and fossil fuel companies.
“We are enormously grateful for its support which has enabled us to deliver the festival to such a high level, as well as events for young children and families,” said festival director Annie Ashworth. “We celebrate the fact that the company was not only willing but enthusiastic about supporting literature, and educating its investment teams about the world in which it invests by exposing them to books by experts in their fields. However, we completely respect the company’s reasons for withdrawing sponsorship going forward.”
Baillie Gifford has been targeted by the activist group Fossil Free Books (FFB) over its investments. The group has encouraged authors to boycott festivals and also urged literary festivals to divest of Baillie Gifford’s sponsorship. The Hay and Edinburgh festivals had already severed links with the company while Baillie Gifford withdrew its sponsorships of Cambridge, Wigtown and Henley-on-Thames, in addition to Stratford and other festivals.
“We are concerned that the information the group [FFB] dispersed is inaccurate,” said Annie. “We believe that Baillie Gifford is a progressive company that is mindful of where investments are made, within realistic parameters and the demands of its investors. Sadly, we also believe that the actions and activities of FFB are misdirected. By attacking and impacting festivals, they are threatening the very structures that support the authors they claim to represent. We offer writers and emerging writers a platform for their work and, very importantly, we offer an open, safe and democratic space for conversations on all topics to take place. In order to stage and market festivals, employ staff and pay authors to appear and promote their work, we are reliant on sponsorship for our survival. All book festivals are committed to making ticket prices affordable so we can be as inclusive as possible, and we cannot stage a festival on ticket sales alone.
“The loss of Baillie Gifford’s sponsorship will inevitably impact on our operations, and may result in increased ticket prices and a reduction in the scope of what we deliver. It will sadly also impact on our ability to deliver important literacy outreach work in the community, teaching bedtime story writing in prisons and projects and author visits in schools, engaging the readers of the future. However, we are determined to continue to do the work of which we are so proud.
“We all fear climate change and deplore conflict, but the withdrawal of sponsorship from book festivals is not the solution.”
After coming under fire for losing festivals much-need financial support, FFB said: “While we are encouraged that an institution with such problematic investments will no longer play a role in the UK literary scene our primary demand has always been for Baillie Gifford to divest from companies in fossil fuels and human rights abuses.”
Meanwhile Philippe Sands KC, the lawyer for Palestinians called the case against Baillie Gifford “rather tenuous”.
The company itself declined to be drawn into the row, but did point out that it is not a “significant fossil fuel investor. Only two per cent of our clients’ money is invested in companies with some business related to fossil fuels. We invest far more in companies helping drive the transition to clean energy.”
Reaction on social media largely called out FFB’s naivety and bullying tactics. One Twitter user commented: “You have wrought enormous damage on a sector that enriches our national life.”
