Fossil Fuel Divestment Movement at SU 1. SSA Petition for Fossil Fuel Divestment May 2013 Delivered to President Sundborg following divestment rally 34.

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Presentation transcript:

Fossil Fuel Divestment Movement at SU 1

SSA Petition for Fossil Fuel Divestment May 2013 Delivered to President Sundborg following divestment rally 34 companies of immediate concern Asked that Seattle University – Freeze new investments in the companies or comingled funds with investments in the companies – Divest within 3 years from direct ownership and comingled funds with investments in the companies 2

Student Government of Seattle University (SGSU) October 2013 Approved resolution that asks Administration to freeze new investments in fossil fuel companies and to divest within three years from direct ownership and from commingled funds that include fossil fuel public equities and corporate bonds Proposed timeline asks: – Year 1: Sell direct holdings; Perform an internal feasibility study on the full spectrum of reinvestment alternatives; Commit to full divestment or issue a public statement that addresses why Seattle University refuses to do so – Year 2: Work with Cambridge Associates to complete transfer of all commingled funds to SRI funds – Year 3: Complete divestment; Produce a public statement encouraging other schools to follow suit. 3

Academic Assembly (AcA) November 2013 Endorsed bringing SGSU’s resolution forward to administration Spring formed a subcommittee to continue to look into the issue of fossil fuel divestment 4

University’s Formal Response February 2014 Stated not prepared to move forward with feasibility study on divestment from fossil fuel companies Requested continued engagement with SSA on ways to broaden and deepen SU’s commitment to sustainability and consider options to address student concerns on endowment investments 5

SSA Investment Working Group May March 2015 Three SSA members met with CFO and VP Student Development bi- monthly Discussed potential responses to student concerns and moving forward the issue of responsible investing more broadly Students worked with Mission and Ministry and Human Resources to educate faculty and staff on socially responsible investment options within SU’s retirement portfolio 6

SRI Task Force ( Conception and Formation) President Sundborg approached Investment Committee about forming a Socially Responsibly Investments Task Force. Investment Committee approved the idea Worked with SGSU, AcA, the Investment Committee and the Alumni Association to recruit qualified task force members 7