MSU’s College Council, a legislative body made up of faculty and student representatives, passed a resolution on Tuesday calling for ethics and social awareness at the University Center. investment.
Resolution called for a board committee to be in charge of investments MSU’s $4.4 billion fund will meet publicly and be more transparent about its decisions. Resolution is non-binding. The MSU board can vote on adopting it or ignoring it entirely.
The resolution follows years of activity protesting MSU’s nearly $90 million investment portfolio in fossil fuels. MSU has repeatedly argued that selling these funds could lead to breach-of-contract lawsuits and cause the university to pay oil and gas companies more than they would have if they had allowed them to invest.Expires in 2031.
Despite problems with existing fossil fuel portfolios, the resolution’s supporters said the resolution focuses on more transparent and socially conscious processes and philosophies going forward.NT or future investment.
“We are not asking boards to do specific things, like ESG investments, but to consult with experts who can help guide those investments, so again. but they are aligned with the values we have already expressed through our strategic plan,” said Rex La, Director of the Center for Community and Economic Development and Sponsor of the Solution.Said more.
The bill passed with 84% of the committee’s support.
Critics of the bill said the resolution was not in line with the Board’s intended priorities, arguing that socially conscious investments would yield fewer returns. University.
“I like the idea of social awareness,” said Engineering Dean Mark Warden. “But the purpose of investing, especially as it applies to investing, is to get it done.Odoreturn.
Warden’s statement echoes criticism of student opposition to fossil fuel investment by Pat, who was a member of the Board of Trustees at the time and a member of the Finance Committee. O’Keeffe.
In September 2022, O’Keeffe said: state news“If you’re going to offer a scholarship to a student…am I going to choose idealism? Am I going to say bad policy and cut short my ability to help you get an education? I I’m not going to do that because I’m a believer in trying to help a student who has no moneyto school.
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