Jonny Chard | News Editor
Featured image: Advisory Committee on Responsible Investment recommends divestment after proposals from YU Divest and Fossil Free York. | Kennedy Morgan
York’s Advisory Committee on Responsible Investment has voted to recommend divestment from fossil fuels and arms manufacturers.
The decision comes after the committee, or YUACRI, examined two major proposals submitted by YU Divest and Fossil Free York.
YU Divest, a coalition of York students and alumni, has called for York to make a lasting commitment to divesting from five large arms manufacturers for their alleged complicity in human rights abuses due to war.
Fossil Free York called for York to divest from companies whose involvement in the extraction, processing and transport of fossil fuels means that they directly contribute to climate change.
They also state that investment in fossil fuels risks becoming “stranded” as the market for them becomes less viable.
Chenthoori Malankov, president of York Federation of Students, stated that the York community understands the link between human rights and climate justice.
“We are excited about the possibility that York could be a global leader in promoting these values and in helping build sustainable, ethical economies of the future,” she said.
Richard Wellen, president of York University Faculty Association, has hailed YUACRI’s decision as a historic moment for York.
“The university is now poised to align its investment practices with its institutional values of sustainability, social justice, equity and good governance,” he said.
“The Board of Governors should implement these recommendations as soon as possible.”
Previously, YU Divest was lobbying the Board of Governors against any future investment in companies such as BAE Systems, Lockheed Martin, Northrop Grumman, Textron and Amphenol. As of December 2016, York did not hold any investments in those companies.
Zena Gopal, vice-president campaigns of the York University Graduate Students’ Association, added that it commends YUACRI for its commitment to participatory and democratic policymaking.
“We look forward to its continuing efforts to develop policy that represents and enacts values of the York community in the coming years,” she added.
The decision has faced some criticism from the York community, as many feel it acts as a means of promoting the Boycott, Divestment and Sanctions policy against Israel.
Steph Baker, political liaison for Hasbara at York, says that Hasbara does not approve of YUACRI’s recommendation for this reason.
“It does not accomplish the key objectives of responsible investment,” says Baker.
Baker feels that it gives the impression that Israel is a more dangerous country than it is, and that the topic is best addressed through dialogue.
“It causes students to take these ideas as a given, instead of it being open to discussion,” says Baker.
YUACRI seeks to integrate environmental, social and corporate governance considerations in the investment management process and ownership practices of York’s $413 million endowment fund.
They will now prepare their recommendations for the York administration to consider.
