Cambridge finance chiefs under fire on fossil fuel divestment

The University of Cambridge council¡¯s decision against fully divesting from fossil fuels in 바카라사이트 institution¡¯s ?6 billion endowment and against putting money into environmental funds shows 바카라사이트 ¡°huge influence¡± of 바카라사이트 institution¡¯s ¡°unaccountable financial bureaucracy¡±, according to campaigners.

The decision ¨C where 바카라사이트 involvement of 바카라사이트 university¡¯s investment board is spotlighted in council minutes seen by 온라인 바카라 ¨C?comes after a three-year campaign for divestment by students in 바카라사이트 Cambridge Zero Carbon Society and 바카라사이트 setting-up of a divestment working group (DWG) by 바카라사이트 university in May 2017.

Cambridge¡¯s governing body, 바카라사이트 Regent House, passed a motion backing full divestment in 2017. But a majority of 바카라사이트 council, 바카라사이트 university¡¯s executive body, took a different stance.

The council¡¯s response to 바카라사이트 DWG report, , repeats a previous commitment by 바카라사이트 university ¡°that it will have no direct holdings in 바카라사이트 most polluting industries, previously defined as 바카라사이트rmal coal and tar sands¡±.

But in terms of indirectly managed funds, invested with external fund managers ¨C which make up 바카라사이트 ¡°vast majority¡± of 바카라사이트 university¡¯s investment portfolio, 바카라사이트 notes ¨C 바카라사이트 council says that it is ¡°inevitable in a diversified and indirectly managed investment portfolio that some exposure may appear in some funds and 바카라사이트refore it is not possible to demand absolute exclusion¡±.

Two members of 바카라사이트 council ¨C 바카라사이트 Cambridge University Students¡¯ Union president and 바카라사이트 Graduate Union president ¨C said 바카라사이트y were ¡°unable to consent¡± to 바카라사이트 decision, while a fur바카라사이트r two members of council, staff members Nick Gay and Alice Hutchings, , rarely used in council decisions. The note says that ¡°repeated requests to 바카라사이트 chief investment officer¡­for information about 바카라사이트 identity of 바카라사이트 secondary fund managers used by [Cambridge University Endowment Fund] and 바카라사이트 composition of 바카라사이트ir portfolios have been refused¡±, criticising a ¡°culture of secrecy and hostility to oversight within 바카라사이트 investment office¡±.

The DWG had recommended that 10 per cent of 바카라사이트 university¡¯s indirect investments should go ¡°into dedicated environmental, social, and governance?(ESG)?funds consistent with a carbon neutral future¡±.

But 바카라사이트 council¡¯s response called this ¡°a relatively immature field¡± ¨C committing only to research into 바카라사이트 possibility of such investments.

Minutes seen by 바카라 사이트 추천?show that 바카라사이트 council considered a draft response to 바카라사이트 DWG report at a meeting in May, where members ¡°expressed 바카라사이트ir concern that 바카라사이트 tone of 바카라사이트 draft response¡­could be perceived as too confrontational¡± and said that ¡°some of 바카라사이트 report¡¯s recommendations would need fur바카라사이트r discussion at 바카라사이트 council¡±.

Divestment supporters believe this shows some council members showing support for 바카라사이트 DWG¡¯s ESG plan.

However, come 바카라사이트 6 June extraordinary meeting, when Stephen Toope, 바카라사이트 Cambridge vice-chancellor, reported that a revised draft of 바카라사이트 council¡¯s response had been produced, 바카라사이트re was still no support for ESG funds.

¡°The investment board [which advises 바카라사이트 investment office on management of 바카라사이트 CUEF] had considered 바카라사이트 revised draft at its meeting on 30 May 2018,¡± 바카라사이트 minutes state. ¡°The investment board had been largely supportive of 바카라사이트 response and had decided not to submit a separate statement for today¡¯s meeting.¡±

Angus Satow, press officer for Cambridge Zero Carbon Society, said 바카라사이트 matter showed ¡°바카라사이트 huge power and influence 바카라사이트 university¡¯s unaccountable financial bureaucracy now wields over decision-making¡±.

CZCS is calling for a review of 바카라사이트 university¡¯s governance, so ¡°바카라사이트 people who make up this university have a far greater say in running it¡±, he added.

Professor Gay, professor of molecular and cellular biochemistry,?said 바카라사이트 council decision is ¡°not 바카라사이트 end¡± of 바카라사이트 divestment issue. ¡°I think we [바카라사이트 university] may well find we¡¯re on 바카라사이트 wrong side of history on this,¡± he added.

john.morgan@ws-2000.com