Baillie Gifford faces backlash for sponsoring literature festivals

The Cheltenham Literature Festival and the Borders Book Festival have decided to stop working with the investment management firm Baillie Gifford. This company used to sponsor eight literary festivals and the UK's most prestigious nonfiction prize. The Edinburgh International Book Festival also ended its 20-year partnership with the company. While the Hay and Borders festivals chose to end their partnership, Edinburgh organizers and the asset manager agreed to terminate theirs. Cheltenham organizers mentioned that the decision to end the sponsorship deal came from Baillie Gifford, although the company has not confirmed this. The pressure for authors and speakers to withdraw from festivals sponsored by Baillie Gifford came from a statement by the campaign group Fossil Free Books (FFB). The group wants Baillie Gifford to divest and for festivals to ask the firm to divest. Baillie Gifford has not commented on ending its relationships with Borders and Cheltenham. The company believes FFB's claim about its investments in companies linked to Israel's defense, tech, and cybersecurity industries is misleading. Fossil Free Books has been urging authors to withdraw or make statements on stage at literary festivals. They highlighted Baillie Gifford's investments in companies related to the fossil fuel industry and Israel's defense, technology, and cybersecurity industries. Organizers at Cheltenham expressed sadness about losing a major sponsor, Baillie Gifford. They believe that change can happen if everyone works together. Baillie Gifford has stated that only a small percentage of clients' funds are invested in companies with fossil fuel links. The company denied being a major investor in the Occupied Palestinian Territories. Baillie Gifford criticized the campaign against them, saying it could affect funding for the arts in the country. The company manages mandates set by its clients, so it is not free to divest from certain companies. In the financial world, things can be complex. The activists want Baillie Gifford to divest from companies with links to Israeli occupation, apartheid, and genocide. However, many widely held stocks, like Amazon and Facebook, are hard to avoid in diversified portfolios. The financial situation of oil companies also plays a role in these discussions. The climate activism cause may not progress if demands are too strict. It's important to consider different perspectives and work together for positive change.