Queen’s Board of Trustees has ruled out divesting from companies doing business in or with the State of Israel, rejecting a student-led demand after a nine-month review process.
In a March 13 announcement, the University confirmed its Board of Trustees accepted the Principal’s Review Committee for Responsible Investing’s recommendation against withdrawing its pooled endowment and investment funds from companies operating with or in the State of Israel. The Committee also recommended against introducing a negative screening process for future investments, citing concerns over higher costs and increased portfolio risk—factors cited as incompatible with the Board of Trustees fiduciary responsibilities.
“The decision by the Board of Trustees to accept the recommendations of the committee aligns with the Board’s duty to prudently manage the University’s investments and ensure the strength and sustainability of our academic mission into the future,” Principal Patrick Deane said in the Gazette.
The ruling follows nearly a year of activism from 12-day encampment on campus.
From August to mid-October, the Review Committee held consultations, receiving 44 in-person presentations representing the views of over 560 students, faculty, staff, alumni, benefactors, retirees, parents, and Kingston community before concluding on Nov. 20.
READ MORE: Divestment committee wraps up consultations on special request
In addition to rejecting divestment, the committee recommended a revision of the University’s Responsible Investment Policy. Specifically, it advised that future requests should be required to articulate how they’re consistent with fiduciary responsibility and institutional neutrality.
While this policy is under review, Procedure 2 (Special Requests) will be suspended.
“Should an issue arise that of the Queen’s community feel strongly about, they are encouraged to the Secretariat’s Office,” the Gazette said.
This is a developing story and will be updated with more information…
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Jim
Good. As Canadians, we’ve been woefully inadequate in ing the nation of Israel, instead giving too much undue attention to the caterwauling of misguided children. I’m glad to see that Queen’s has demonstrated maturity.