UVa investment team refuses to divest from Israel
The University of Virginia s (UVA) endowment management company announced it will not divest from companies with ties to Israel s military offensive in Gaza, despite a student referendum calling for divestment. The decision came during a Board of Visitors meeting, where Chief Operating Officer Kristina Alimard stated the company s primary objective is to generate strong adjusted returns for the university, rather than using divestment for nonfinancial reasons. The referendum, which passed with 67.87% of the vote, aimed to audit the extent of endowment funds invested in companies engaging in or profiting from Israel s actions in Gaza. However, the referendum had no real power, and neither the school s governing Board of Visitors nor the UVa Investment Management Company were required to abide by it. The decision has sparked controversy among students and faculty, with some questioning UVA s commitment to its great and good mission. Faculty member Ashon Crawley expressed concern over the university s transparency and responsibility, while associate professor Anne Garland Mahler highlighted the company s previous consideration of politics in investment decisions. The company s CEO, Robert Durden, mentioned that divestment could be difficult due to the need to renegotiate investment management agreements with external managers. Additionally, Durden hinted that Virginia politics may have influenced the decision, as Attorney General Jason Miyares has been a vocal critic of the Boycott, Divest, Sanction (BDS) movement. Despite the controversy, the UVa Investment Management Company has reduced its exposure to Chinese companies by about 5%, citing underperformance in Chinese markets compared to U.S. and other markets. In summary, the UVA Investment Management Company has decided not to divest from companies with ties to Israel s military offensive in Gaza, prioritizing strong returns for the university over nonfinancial reasons. This decision has sparked debate among students and faculty, with some questioning the university s commitment to its great and good mission and the role of politics in investment decisions.
Source: dailyprogress.comPublished on 2024-09-14
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