When I began writing this piece, Baillie Gifford’s long-time sponsorship of the Edinburgh International Book Festival had just been terminated. Pressure from activists, spearheaded by Fossil Free Books had become ‘intolerable’ according to new Chief Executive Jenny Niven.
To the campaigners, Baillie Gifford’s money is anathema, reliant upon dire ecological exploitation and tainted by associations with an oppressive Israeli regime. To the Book Festival, this loss of funding undermined “the long-term future of charitable organisations…” such as themselves, and the Hay Festival which had previously bowed to similar pressures.
Today it seems that Baillie Gifford is set to withdraw all funding from all book festivals. Instead of ‘mending their ways’ as the campaigners hoped, the investment firm will simply walk away. The good people of Fossil Free Books mean well, however, their means seem in no danger of achieving their desired ends.
“Instead of ‘mending their ways’ as the campaigners hoped, the investment firm will simply walk away. The good people of Fossil Free Books mean well, however, their means seem in no danger of achieving their desired ends.”
Whilst the planet cannot afford its continuing addiction to the burning of dead things and the horrors of war, I find no answer in the harassment of the small teams that keep Book Festivals like Edinburgh, Hay, and the Borders alive, into decimated budgets.
Yes, there is doubtless a degree of reputation polishing on offer to Baillie Gifford by its association with such cultural events. However, in return, funds are available to pay authors, subsidise school programmes, and mount events with relatively affordable ticket prices. Conversations increasingly critical of unsustainable, and conflict-sustaining industries are promoted to a global audience. The pressures which have seen management firms such as Baillie Gifford directed by clients into more ethical investments are maintained and increased.
In Baillie Gifford’s case, that shift from investments in old, destructive tech isn’t unimpressive, with only 2% of their remaining book associated with fossil fuels: a 2% which includes Tesco! Fossil Free Books thinks they should do better, pointing to the $1 Trillion Norwegian Government Pension Fund Global’s divestment from fossil fuel dependence. They’d do well to see how the Norwegians are getting on with that…
When sponsorship ends, so does any virtuous cycle of words, discussion, and change. The idea that a financial behemoth such as Baillie Gifford would pressure their clients into different, perhaps less secure investments to make Book Festival patrons happy is, I’m afraid, wishful thinking.
In an ideal world, sufficient book lovers would have the financial resources to pay £100+ tickets and make ethically imperfect sponsors unnecessary. However, that isn’t the world we live in.
Those who call for more government funding might wish to consider the sums generated for the nation’s coffers from international arms sales and the taxes from tobacco manufacturers.
Demanding morally perfect sponsors also smacks of intolerance and impracticality. Humanity cannot end its reliance on fossil fuels tomorrow, we have neither the systems nor the technology required.
Yet the Climate Crisis continues to worsen: change is necessary. We need governments, and large entities like Baillie Gifford to invest in these developing, necessary developments if that final transition is to happen.
Is this a perfect system? Far from it. The average book lover should have more money in their pocket; the wealthiest in our society shouldn’t control vast amounts of the world’s resources through vehicles such as Baillie Gifford. The arts shouldn’t be forced to depend so much on subsidies from third parties, government, private or otherwise.
However, that’s where we are now. That inequality isn’t going to be rebalanced by the failure of Book Festivals which depended on imperfect support. The public forms and conversations which might have influenced minds to make better investments will be lost for nothing.
Of course, Fossil Free Books and other critics also point to links between Baillie Gifford’s investments and the decades-long oppression of the Palestinian people by the state of Israel.
First, I cannot take seriously any suggestion that holding shares in global firms such as Meta, NVIDIA, or Amazon is a tacit endorsement of Israel’s continuing inhumanity. Meta and Amazon are regularly accused of promoting both antisemitic and anti-Palestinian interests whilst NVIDIA make computer chips. Meta and Amazon, in particular, are hugely problematic for a host of reasons, not least ‘enshitification’, but war-profiteers they are not.
When considering Baillie Gifford’s relatively small holdings in Airbnb and Booking Holdings, context becomes essential. The former company delisted properties in the Occupied West Bank in 2018 and was promptly sued in US Federal Court. Booking Holdings (that’s Booking.com to you and me) looked at that legal disaster and backed off. This isn’t an endorsement of either company, but expecting private companies to go to war with fiercely pro-Israel, elected state legislatures and risk their viability is unreasonable.
We may disagree with the democratic choices of other states, but as is commonly mooted it remains the least worst system of government.
So whilst Fossil Free Books have not engaged in misinformation in terms of presenting falsified data, I suggest that the truth of these situations is more complex than they allow.
It took me 5 minutes to find 3 signatories to this open letter to Baillie Gifford from Fossil Free Books who are active users of Instagram. It took less time to find others with work available on Amazon. The chances that many signed via devices powered by NVIDIA chips are also high. I say this not to shame, but to highlight the complexity of being a creator in the modern world.
Even if you disagree with my above analysis, or know something I don’t – and I am perfectly open to other opinions – we must return to the futility of trying to pressure investment goliaths through their book festival dependents. The idea that investment firms will be pressured into ‘changing their ways’ is optimistic to the point of silliness. You might as well pressure the weather into being nicer by stopping going outside.
“You might as well pressure the weather into being nicer, by stopping going outside.”
Further, book festival teams doing their best to promote the literary industries and literacy are allies in the fight for a better, more enlightened future. They promote critical thought and foster the imagination needed to build a better tomorrow. By all means, press them to secure the most ethical sponsorship possible, but do so with your words. That’s what book festivals are about, no? Words? Not bullying.
Fossil Free Books is keen to state that “Our engagement with authors has always been friendly and inclusive, never coercive.” Yet the continuing threat of authors pulling out at the last moment is a sword dangling over any event’s neck.
If that seems like a relatively gentle threat, Fossil Free Books go further, suggesting that offending festivals “can expect escalation, including the expansion of boycotts, increased author withdrawal of labour, and increased disruption until Baillie Gifford divests”.
There is nothing to stop authors with concerns from simply refusing invitations to Festivals they find ethically compromised. It is absolutely right that workers should seek employment in industries they find morally acceptable. This is a world away from threatening “escalation” and “increased disruption.” This is coercion.
And it won’t make the slightest difference to Baillie Gifford’s business operations. You know what might make a difference? A good book.
Tickets for the Edinburgh International Book Festival go on sale on June 20, 2024. For more information, visit the Edinburgh International Book Festival website.
Featured Image: 2021 J.L.Preece
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