Qatar: Scrutiny UK cos' investor chains needed in light of rights abuses, as millions of pounds in dividends are collected by Gulf nation, say Amnesty Intl.
"FTSE 100 firms hand billions in dividend payouts to Qatar investors", 10 Nov 2022
Some of the UK’s largest listed companies including water and energy giants have handed almost £500m to Qatari state-owned investors this year, raising concerns that blue-chip company profits are supporting the controversial World Cup host.
The dividend payouts are the result of the Gulf nation’s investments in a raft of FTSE 100 firms, including Barclays, Shell and utility firm Severn Trent, which have reported strong profits amid a cost of living crisis and the worst UK drought in centuries.
The figures, compiled by the Guardian, cover funds distributed to Qatari state-owned shareholders in the 10 months leading up to the controversial tournament in November...
Those UK stakes have meant that the investment authority – and therefore the Qatari state – have benefited from British companies’ profits, which have subsequently been handed to shareholders through buybacks and dividends....
That includes Shell, which handed nearly $17m worth of dividends to Qatar in a year when it reported record profits on the back of surging energy prices linked to the shortages caused by the war in Ukraine...
The QIA, Glencore, Barclays, Severn Trent, and the London Stock Exchange declined to comment. Melrose Industries did not respond to requests for comment..
Shell did not directly comment on the dividend payouts but shared a statement regarding its approach to separate investments in Qatar. “A commitment to worker welfare and respect for people is fundamental to how companies in the Shell group operate globally, including in Qatar.”...
[This also refers to Severn Trent, London Stock Exchange, Glencore, Barclays, BAE Systems, Rolls-Royce, Harrods, Heathrow, the Shard, Starling Bank, Melrose, Sainsbury, Dettol, IAG.]
"We have a track record of working throughout our supply chain to strengthen human rights and labour standards, excluding suppliers where our standards are not achieved, and working with suppliers, peers and civil society to enable change at scale.”Reckitt Benckiser
"UK companies need to be transparent about any human rights abuses that may have occurred in their investor chain, including those originating in Qatar’s notorious construction sites.”Peter Frankental, Amnesty International UK’s director of economic affairs