Parliamentary Contributory Pension Fund and Nestlé

That this House notes that a coalition of Nestlé shareholders, with a combined $1.68 trillion in assets under management, has filed a resolution asking Nestlé to set a target to shift its sales towards healthier products; notes that the majority of Nestlé’s sales, 70% in the UK, are from foods that are high in fat, salt and sugar; further notes that Nestlé is the biggest food company in the world and therefore has an enormous influence on millions of people’s diets through the products it makes, advertises, and sells; recognises that diet-related ill-health, such as Type 2 diabetes and heart disease, is a major global public health challenge and a burden on public services, the wider economy, governments and, thus, on diversified shareholders; believes investors, including pensions and savings, have a responsibility to invest in a way that protects our planet and supports its people; observes that many pension funds, including the Parliamentary Contributory Pension Fund (PCPF), have large investments in Nestlé; and urges the PCPF to vote in favour of this resolution at, or ahead of, the company’s 2024 Annual General Meeting on 18 April 2024.