Ethics committee targets Oxford
'Many Oxford colleges have shares in arms manufacturers which fuel conflict and arm some of the world's most brutal regimes," declares Tom Harrison, Chairman of OUSU's Ethics Committee. If a new initiative is successful, a radical re-think of how colleges invest their funds could be on the cards.
The 'Clean Investment' scheme - a joint initiative between OUSU and People & Planet - is hitting out at colleges that are investing in companies such as British Aerospace, Rolls Royce and GEC. All of the companies are believed to sell arms to the world's trouble spots. Among the colleges under fire are St Hilda's with 37,000 shares in BAe, 42,860 shares in GEC, 34,000 shares in Rolls Royce, and University College, with 17,500 shares in GEC, according to Harrison.
Referring to the conflict in East Timor, Harrison said: "For an educational establishment to invest in a company that sells arms to a country that massacres students is a real conflict of interests."
Students are being urged to press their colleges to make the changes. As well as being encouraged to put a motion through their JCRs in favour of ethical investment, they are being advised to get in touch with OUSU who will provide advice on making contact with Principals and submitting proposals to college governing bodies. Colleges and JCRs are also being urged to move their bank accounts away from the four main high street banks, which are alleged to lend money used for "unethical purposes," such as arms sales to Iraq. Harrison claimed: "Our colleges are there to represent us. We have a right to say what they do with our money and in our names."
At Hertford College, the JCR has already taken up OUSU's call to arms. JCR President Johan Bergrren, told the Oxford Student: "It started out as an MCR initiative, and the JCR passed a motion of support at the beginning of Hilary Term. Since then, we've held meetings with the college's investment committee and investment bursar to discuss 'disinvestment' in arms-related companies." He added: "We've provided them with a list of 'blacklisted' companies, and hopefully we'll be hearing from them within the next couple of weeks."
Berggren, a PPE student, was optimistic about the outcome. "The whole process has been a very co-operative one and, because it has been operated in such a good way, we're hopeful," he said. "You can never try to antagonise a college."
However, he was also keen to point out some of the difficulties facing colleges. As large sums of money are tied up in unit trusts, it can be difficult, even impossible, for colleges to know exactly into which companies their money is being poured. "Colleges don't have much power in the trusts they invest in," he said. "Even if a college said 'we want to disinvest in companies X, Y and Z', they would probably have no way of knowing that their wishes had been carried out."
Berggren was also keen to put the issue into perspective and observed: "The companies all have very large civilian wings, and there is normally only a very small part of the company involved in selling arms to oppressive regimes."
The launch of the initiative coincided with a march through the centre of Oxford on Saturday that called on the government to deliver its promised 'Ethical Foreign Policy.' Around 20 students joined 40 campaigners from Oxfam and local amnesty groups to press for tougher arms controls.
18th May 2000