Councils reject investing in detention centre firm
THREE NSW councils have rejected investing in Broadspectrum, the company that runs Australia's offshore detention centres, in a growing divestment campaign.
On Wednesday, Byron Shire Council joined fellow NSW councils Sydney City and Leichhardt in signing up for the No Business in Abuse campaign.
The campaign targets Broadspectrum, urging councils, banks and superannuation funds not to invest in the company, citing neglect and abuse of detainees in the offshore centres.
It is modelled on divestment campaigns against the fossil fuel industry.
Campaign director Shen Narayanasamy said investors would be asking about the impact the campaign could have on the company's growth.
The growing campaign comes as Broadspectrum is courted by Spanish multinational firm Ferrovial for a potential takeover.
Despite Broadspectrum directors urging shareholders to reject Ferrovial's bid, the Spanish company continues its efforts to win support for the takeover.
* An earlier version version said Victoria's Yarra City Council had also signed up for the campaign. However, a representative of the council has informed us this is not correct.