Publishing and exhibitions giant Reed Elsevier has lost two major shareholders today because of its arms fairs which promote weapons and devices used for torture, according to the Telegraph newspaper today.
F&C Asset Management and charitable trust Joseph Rowntree have sold their shares in the Anglo-Dutch corporation, which is also the world's largest scientific publisher, because of their concerns about the companies who exhibit at Reed arms fairs. Katherine Griffiths, the Telegraph's City Correspondent reports that the IDEX arms fair which starts in Abu Dhabi this weekend sparked the exit strategy.
Reed also organises the Defence Systems and Equipment International (DSEi) event in London, which always courts controversy and the Shot Show in the US. Amongst the companies that the Telegraph reports have exhibited at Reed shows are Security Equipment Corporation which manufactures stun guns under the delightful marketing slogan "Making grown men cry since 1975". Stinger sells stun belts that can be operated by remote control.
Torture equipment is prohibited from export and import in the European Union, but legal in the US. The European Union describes devices like stun guns as "having no practical use other than for the purpose of capital punishment, torture and other cruel, inhuman or degrading treatment," the Telegraph quotes.
Joseph Rowntree sold its £2m of Reed shares yesterday. F&C told the newspaper that its fund managers had probed Reed after last year's DSEi show and had not been satisfied that exhibitors were properly vetted.
Reed released a statement to the Telegraph stating that all its trade shows, "strictly comply with national and international laws and regulations.
This story will do nothing to bolster Reed Elsevier's tattered image following revelations by Nature and IWR of bullying PR tactics against the open access publishing model. Scientists and information users may be led to believe that Elsevier has questionable morals.
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