Advisory Committee on Socially Responsible Investing - Revision history

Johanna: enhancing readability

2021-02-21T20:19:06Z

enhancing readability

Johanna: Update - fossil fuel divestment, Sudan reinvestment

2021-02-21T20:14:32Z

Update - fossil fuel divestment, Sudan reinvestment

Johanna: expanded page

2020-10-25T21:04:06Z

expanded page

Uf001: Created page with "The Advisory Committee on Socially Responsible Investing was established as a permanent addition to the University in March 2000. The Committee's purpose is to advise the Univ..."

2015-04-02T21:50:01Z

Created page with "The Advisory Committee on Socially Responsible Investing was established as a permanent addition to the University in March 2000. The Committee's purpose is to advise the Univ..."

New page

The Advisory Committee on Socially Responsible Investing was established as a permanent addition to the University in March 2000. The Committee's purpose is to advise the University Trustees on ethical and social issues that arise in the management of the investments in the University's endowment.

Its decisions affect the [[Columbia Investment Management Company]] (IMC).

[[Category: Committees]]

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 Its decisions affect the [[Columbia Investment Management Company]] (IMC), which manages Columbia's endowment, valued at almost $11 billion in 2020.<ref>[https://www.columbiaspectator.com/news/2020/04/16/as-the-pandemic-rages-on-columbia-braces-for-widespread-financial-fallout/]</ref> The investments divided between "hedge funds, global equities, real assets, absolute return strategy funds, fixed income, and cash."<ref>[https://www.columbiaspectator.com/news/2020/04/16/as-the-pandemic-rages-on-columbia-braces-for-widespread-financial-fallout/]</ref> Divestment policies generally only affect the direct holdings and not "indirect" investments -- Columbia may tell hedge funds about their values, but the hedge funds could still be invested in companies that the ACSRI policy divested from. Between 2009 and 2019, the share of investments in hedge funds increased from 30% to 35%.<ref>[https://www.columbiaspectator.com/news/2020/04/16/as-the-pandemic-rages-on-columbia-braces-for-widespread-financial-fallout/]</ref>
-ACSRI reviews proposals (proxies) for corporations that the University has direct holdings in, and "recommend[s] to the University Trustees how to vote on shareholder proposals on several broad social issue categories, including animal welfare; banking; charitable donations; environment, energy and sustainability; equal employment; health and safety; human rights; military and security; and political contributions."<ref>[https://www.finance.columbia.edu/files/gateway/content/ACSRI/Final%202019-2020%20ACSRI%20Annual%20Agenda.pdf 2019-2020 Annual Agenda]</ref> The meeting minutes posted on their website generally record whether the committee supports or rejects proxies.
+ACSRI reviews proposals (proxies) for corporations that the University has direct holdings in, and "recommend[s] to the University Trustees how to vote on shareholder proposals on several broad social issue categories, including animal welfare; banking; charitable donations; environment, energy and sustainability; equal employment; health and safety; human rights; military and security; and political contributions."<ref>[https://www.finance.columbia.edu/files/gateway/content/ACSRI/Final%202019-2020%20ACSRI%20Annual%20Agenda.pdf 2019-2020 Annual Agenda]</ref> The meeting minutes posted on their website generally record whether the committee supports or rejects proxies. ACSRI also considers proposals for divestment from members of the Columbia community (as well as "options for shareholder engagement", e.g. becoming an Investor Signatory to the CDP Climate Change program).
-From 2006 to 2021, Columbia had divested from Sudan (the Khartoum government) due to extensive human rights violations, including genocide. The divestment was lifted in recognition that Sudan seems to be on a path of transition to a more stable, democratic rule, and economic activity could help that progress.<ref>[https://www.columbiaspectator.com/main/2021/02/05/columbia-ends-14-year-divestment-in-sudan-cites-investment-as-a-force-for-stabilization/]</ref>
+Currently, the University has determined to divest from private prison operators, thermal coal, tobacco, and certain oil and gas companies. From 2006 to 2021, Columbia had divested from Sudan (the Khartoum government) due to extensive human rights violations, including genocide. The divestment was lifted in recognition that Sudan seems to be on a path of transition to a more stable, democratic rule, and economic activity could help that progress.<ref>[https://www.columbiaspectator.com/main/2021/02/05/columbia-ends-14-year-divestment-in-sudan-cites-investment-as-a-force-for-stabilization/]</ref>
 ==Climate==
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 [[Category: Committees]]

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 The Advisory Committee on Socially Responsible Investing was established as a permanent addition to the University in March 2000. The Committee's purpose is to advise the University Trustees on ethical and social issues that arise in the management of the investments in the University's endowment. It is made up of 12 voting members drawn from students, faculty, and alumni of the University, and two non-voting university officials.<ref>[https://www.finance.columbia.edu/content/about-advisory-committee-social-responsible-investing ACSRI About Us]</ref>
-Its decisions affect the [[Columbia Investment Management Company]] (IMC).
+Its decisions affect the [[Columbia Investment Management Company]] (IMC), which manages Columbia's endowment, valued at almost $11 billion in 2020.<ref>[https://www.columbiaspectator.com/news/2020/04/16/as-the-pandemic-rages-on-columbia-braces-for-widespread-financial-fallout/]</ref> The investments divided between "hedge funds, global equities, real assets, absolute return strategy funds, fixed income, and cash."<ref>[https://www.columbiaspectator.com/news/2020/04/16/as-the-pandemic-rages-on-columbia-braces-for-widespread-financial-fallout/]</ref> Divestment policies generally only affect the direct holdings and not "indirect" investments -- Columbia may tell hedge funds about their values, but the hedge funds could still be invested in companies that the ACSRI policy divested from. Between 2009 and 2019, the share of investments in hedge funds increased from 30% to 35%.<ref>[https://www.columbiaspectator.com/news/2020/04/16/as-the-pandemic-rages-on-columbia-braces-for-widespread-financial-fallout/]</ref>
 ACSRI reviews proposals (proxies) for corporations that the University has direct holdings in, and "recommend[s] to the University Trustees how to vote on shareholder proposals on several broad social issue categories, including animal welfare; banking; charitable donations; environment, energy and sustainability; equal employment; health and safety; human rights; military and security; and political contributions."<ref>[https://www.finance.columbia.edu/files/gateway/content/ACSRI/Final%202019-2020%20ACSRI%20Annual%20Agenda.pdf 2019-2020 Annual Agenda]</ref> The meeting minutes posted on their website generally record whether the committee supports or rejects proxies.
-ACSRI also considers proposals for divestment from members of the Columbia community (as well as "options for shareholder engagement", e.g. becoming an Investor Signatory to the CDP Climate Change program). Currently, the University has determined to divest from private prison operators, Sudan (Khartoum government), thermal coal, and tobacco. It has rejected [https://www.finance.columbia.edu/files/gateway/content/ACSRI%20Response%20to%20CDCJ%20Petition%20-%20Final%2011.19.15.pdf proposals for a broader divestment from fossil fuels] from [[Columbia Divest for Climate Justice]] as well as a 2018 proposal to divest from the University's indirect holdings in thermal coal. In 2016, the committee created its own proposal for targeted divesting from tar sands based on its "stand up for science" methodology; it seems this did not move forward because the committee decided  that creating divestment proposals was out of its scope--rather, it should only consider external proposals.
+ACSRI also considers proposals for divestment from members of the Columbia community (as well as "options for shareholder engagement", e.g. becoming an Investor Signatory to the CDP Climate Change program). Currently, the University has determined to divest from private prison operators, thermal coal, tobacco, and certain oil and gas companies.
 ==External Links==