The highly-anticipated literary festival, Hay Festival, has announced that it will no longer be sponsored by investment management firm, Baillie Gifford. The decision comes after a number of high-profile individuals, including comedian Nish Kumar, singer Charlotte Church, and Labour MP Dawn Butler, withdrew from the event.
The festival, which is currently taking place in Wales until 2 June, faced pressure from the group Fossil Free Books to cut ties with Baillie Gifford due to their alleged investments in the fossil fuel industry and companies linked to the Israeli defence industry. According to the group, Baillie Gifford has between £2.5bn and £5bn invested in the fossil fuel industry and nearly £10bn invested in companies with ties to Israel’s defence, tech, and cybersecurity industries.
In response to these claims, a spokesperson for Baillie Gifford stated that the suggestion that they are a large investor in the occupied Palestinian territories is “seriously misleading”. Despite this, figures such as Kumar and Church have chosen to boycott the festival in protest of the company’s sponsorship.
In light of the growing pressure from artists and campaigners, Julie Finch, chief executive of Hay Festival Global, announced that the festival has suspended its sponsorship with Baillie Gifford. She emphasized that the festival’s top priority is to maintain a space for open debate and discussion, where a range of perspectives can be heard.
“We are grateful to all those artists, partners, and audiences who engage and contribute to the conversation, on stage and off,” said Finch. “Our first priority is to our audience and our artists, and we look forward to welcoming them over the next two weeks, both in person and online.”
The decision to cut ties with Baillie Gifford was met with praise from Fossil Free Books, who stated that it demonstrates the power of unity among workers. Their primary demand remains for the company to divest from the fossil fuel industry.
In response to the festival’s decision, a spokesperson for Baillie Gifford expressed regret that their sponsorship cannot continue. They also clarified that the companies they have invested in, which have commercial dealings with Israel, have not violated any laws.
“We are not a significant fossil fuel investor, with only 2% of our clients’ money invested in companies with some business related to fossil fuels,” the spokesperson stated. They also reaffirmed the company’s commitment to supporting literature and the arts, in order to contribute to the communities in which they operate.
The festival continues to face criticism and controversy, with recent news of thousands of monkeys causing chaos in a Thai town and a group of climbers stranded on Mount Everest after part of the ridge collapsed. Despite these challenges, Hay Festival Global remains committed to providing a platform for open and diverse discussions on a variety of topics.
