Dons force University....
Over a hundred students marched in February in support of Socially Responsible Investment
Oxford University will adopt a socially responsible investment policy after pressure from dons and students forced authorities into a dramatic U-turn. After months of protest, petitioning and debate, University Council reversed its opposition to the proposed SRI policy on Monday. A resolution due to be presented to Congregation, the highest legislative body of the University, will now become part of Oxford statutes.
However, colleges are not bound by the resolution, which applies only to the University’s central £400 million fund. In Michaelmas Term The Oxford Student reported that several colleges, including All Souls and Merton, held shares in the six largest UK arms dealers. St John’s, Oxford, holds over 500,000 shares in the companies, making it the second most prolific Oxbridge investor in the arms trade.
Balliol College fellow Dr Martin Conway, who signed the resolution, said, “I think there is a lack of consciousness among University authorities and personnel about the kind of investments that are taking place.” The Council’s decision comes months after the body was accused of bypassing the views of hundreds of students by rejecting SRI proposals and failing to consult with student representatives of the campaign.
The University will now be bound to “developing a clear and credible Socially Responsible Investment policy”, through advice from independent consultants. Furthermore, a Joint Committee on SRI will be established, allowing fellows and students to assess the University’s use of its £400 million worth of endowments and college funds. Detailed breakdowns of the University’s annual investments will also be published.
The resolution was presented to the Registrar in 3rd Week, along with the signatures of 33 fellows. The University requires support from at least 20 fellows for the issue to be debated among Congregation. In response to Council’s recent acceptance of SRI, Dr Conway said, “These are all encouraging moves. I’m sure that the issue will keep on rumbling on, but Rome wasn’t built in a day. It’s always good to see institutions fulfilling their social responsibilities.
In February over a hundred student protesters demonstrated outside the Oxford University Press building, where University Council was in session. Discussions of investment policies were moved outside the Joint Consultative Committee meeting, despite a petition of 4,000 students collated the previous week. SRI Campaign Co-Chair Richard Ollerhead admitted that acceptance of changes in University policy could only have been achieved with backing from fellows.
He said, “We had serious academic support. Since we collected signatures of fellows, it’s become much than just a student campaign.” He added, “This isn’t the end. We’re in a good position, but there’s still work to be done, as there is currently no comprehensive definition of what Oxford’s SRI policy will entail. It’s a case of talking to the University and working out what’s going to be best for everyone.
OUSU President Emma Norris said, “I hope this convinces people that sustained and intelligent protest works. The University will now have an ethical policy for over £400 million. This would not have happened without the campaign; it’s a fantastic result.” A spokeswoman for Oxford University said, “This is the University’s democratic process in action. The resolution wasn’t opposed and now Council will ensure the resolution is adhered to.
25th May 2006