Union General Meeting (6th Dec 2005)
Ethical Investment
Proposed by: David Potts
Seconded by: Samir Jerai, Justin Webber, Beth Stewart, Michael Wood, Owen Brear, Ric Lunder, Helen Jones, Tim Holmes, Adam Hewitt, David Merijibanks, Rachel Pickering and Martin Ford
This union notes:
(i) That British universities hold millions of shares in arms companies.
(ii) That the University of York has 115000 direct shares and 1354663 indirect shares in BAE systems (University Pension Fund Manager).
(iii) BAE systems is the fourth largest producer of arms in the world and has been linked to number of scandals and unsettling business practices since its creation in 1999.
This union further notes:
(i) That University policy on ethical investment appears inadequate at regulating decisions at present.
(ii) That information regarding investment policy is not readily available to the student body.
(iii) That students provide the University with a significant proportion of its income through fees.
(iv) That a number of academic studies have demonstrated that ethical investment funds can perform as well as other funds.
(v) That a number of universities have successful ethical investment policies including Leeds, UEA and Edinburgh.
This union believes:
(i) That this University invests in companies that are engaging in activities detrimental to society and the environment.
(ii) That socially responsible investment is growing and supported by three-quarters of UK adults.
(iii) As a major investor, this University has a moral responsibility to ensure that its investments do not negatively affect society or the environment.
This union resolves:
(i) To mandate the SU President to lobby the University to reveal which companies are represented within its investment portfolio and to make this information available to all University students and staff.
(ii) To mandate the SU President to lobby the University to adopt an ethical investment policy, which prevents investment in companies involved in unethical industries such as the arms trade.
(iii) To mandate the SU President to make a detailed public statement on progress made on points (i) and (ii) at the start of each academic year.
(iv) Provide adequate funds for interested Union members to raise awareness amongst students on the issue of ethical investment.
