SOCIALLY RESPONSIBLE INVESTING ADVISORY COUNCIL
(FORMERLY SOCIALLY RESPONSBILE INVESTING WORK GROUP)
CHRONOLOGICAL SUMMARY OF MEETINGS
June 4, 1987 to February, 2016
12/78 The Board of Trustees established an ad hoc committee, which reports to the Investment
Committee, to study the moral and ethical issues raised by University investment policies.
It is called the “Investment Advisory Committee”.
12/85 Resolution adopted by the Board of Trustees: that the University begin immediately the
sale of investments in companies doing business in South Africa with the sale of stock to
be completed in the 1986-87 academic year.
3/87
The Committee on Social Responsibility was established consisting of a trustee, faculty,
staff, student, administrative representative, and ex officio non-voting member to develop
proxy voting guidelines.
6/87
If there is no official position on a proxy matter; the Treasurer will vote an abstention.
6/87
Sent questionnaire to other educational institutions to determine their guidelines on proxy
voting and social issues.
3/88 Chairman Althea Kroger proposed a title change to “Committee on Socially Responsible
Investment” that was approved.
4/88
Resolution to Philip Morris calling for the end of all advertising and other promotion of
its tobacco products - Committee missed filing deadline; would support a resolution to
Philip Morris from Father Mike Crosby. The SEC denied Father Crosby’s shareholder
resolution on the grounds that a shareholder proposal cannot raise ordinary business
issues.
1/89
The Committee presented a resolution to the Investment Committee calling for disclosure
of information to shareholders pertaining to a corporation’s dependency on weapons
contracts which was rejected.
2/89
Since the Treasurer has retired, the Assistant Vice President will be substituted for
Treasurer in the “University Policy Regarding Shareholder Resolutions”. The Advisory
Committee shall develop proxy voting guidelines and review requests by any member of
the University community to sponsor or cosponsor shareholder resolutions.
3/89
The Committee presented a resolution to the Investment Committee calling for disclosure
of information to shareholders pertaining to any of a range of social issues. The proposal
was rejected.
s:liaisons/sri workgroup/sriwg background information/summary by topic.doc
11/89 The Committee recommended a vote in favor of proxy resolutions calling for disclosure
of information to shareholders pertaining to political contributions to congressional and
presidential candidates by PAC or PAC’s whose expenses the corporation helps defray
and the corporation’s policy on the passage of legislation that would reduce the role of
PACs. A motion to the Investment Committee was presented but not seconded;
therefore, the proposal was not acted upon.
5/90
The membership of the Committee was expanded to two trustees, two faculty, two staff,
two students, one administrative representative and one ex officio non-voting member to
help research issues. Six regular meetings will be scheduled per year. The principal
mission solely was to advise on proxy voting issues.
11/90 Mr. Jon R. Eggleston, Esquire, addressed the Committee and provided references
regarding the Securities and Exchange Commission’s rules for proxy resolutions.
11/90 Father Edward Mahoney reported on the Investor Responsibility Committee at Saint
Michael’s College composed of one trustee, two faculty, two staff, two students, one
stockbroker and the Treasurer as an ex-officio member. The Committee manages
$100,000 of the Saint Michael’s portfolio (60% invested locally / 40% in Calvert). The
total portfolio of Saint Michael’s College consists of sixty stocks.
5/91
The Committee developed a resolution that the University cease making direct
investments in Companies involved in the production of tobacco products. The
Investment Committee voted four to one to turn down the resolution. Even though the
Committee recognized the health problems caused by smoking, it did not feel it was the
responsibility of the Investment Committee to limit the investment opportunities of the
University’s managers.
2/92
Resolution approved by the Board of Trustee: The University will vote in favor of
shareholder proposals that restrict the use of advertisements for the sale of tobacco
products.
2/93
The Committee’s process shall be, on request, to consider specific investment policy
proposals based on moral, ethical or social criteria; review impact of any proposed policy
including, but not limited to, it’s affect on current and potential University investments;
solicit input from the campus community at large; and forward investment policy
revisions to the Investment Committee for consideration.
5/94
An open forum was held on June 28, 1994, to allow the community to express their views
on investment options.
9/94
The Committee discussed a socially responsible investment vehicle. The Development
Office explained the University community is interested in socially responsible issues;
s:liaisons/sri workgroup/sriwg background information/summary by topic.doc
however, the highest priority of donors is for fiduciary responsibility, maximum total
return and greatest available resources.
10/93 Resolution adopted by the Board of Trustees: The Treasurer shall instruct the
University’s investment managers to remove all restrictions on investments in companies
doing business in South Africa. The Committee shall monitor events in South Africa and
each May report to the Investment Committee. If events indicate that the country is
moving away from the establishment of freedom and democracy, the Committee shall
make appropriate recommendations, including possible re-establishment of investment
restrictions.
10/94 Several investment options were proposed by Committee members and the Socially
Responsible Investment Coalition recommending separate funds be established.
11/94 The Committee developed a resolution for the establishment of a separate Socially
Responsible Endowment.
12/94 The Director for Service Learning reviewed the program at UVM as a linkage between
the University and the Vermont community which may fit in with a socially responsible
investment.
4/95
The University’s General Counsel reviewed the proposed language for a socially
responsible investment fund and noted the University’s mission is to educate its students
not lend money.
5/95
A working meeting to develop language for a socially responsible investment fund was
held.
7/95
The discussion of a socially responsible investment fund continued. Several committee
members felt it was time to move on; however, several students felt the issue should be
pursued.
7/95
Adjustments in titles were made replacing Assistant Vice President for Financial and
Personnel Services with Vice President for Administration and Treasury Specialist III.
7/95
The Green Mountain Student Co-op was trying to secure a $450,000 bond from VHFA
and asked that the University to consider this as an alternative investment. It was
determined the Co-op needed to first complete the necessary paperwork with VHFA
before this could be considered.
9/95
The Development Office provided a list of remarks by major donors regarding a Socially
Responsible Investing Option. All remarks were negative. An ad will be placed in the
Vermont Quarterly questioning interest in a Socially Responsible Investment fund to
benefit financial aid.
s:liaisons/sri workgroup/sriwg background information/summary by topic.doc
1/96
Required Committee meetings were changed from six per year to two per year, one each
Semester.
1/96
Two responses were received from the ad in the Vermont Quarterly, both from alumni
who were money managers interested in managing this fund. UVM employee interest in
the Calvert’s socially responsible investment vehicle for retirement funds is low also.
4/97
The Treasurer votes proxies that have shareholder resolutions only, unless a
recommendation is received from one of our investment managers. She “abstains” on all
shareholder resolutions unless there is specific policy (currently our only policy is on
tobacco advertising); and she votes “for” all management resolutions.
4/97
Upon a decision by the Chairs of the Investment Committee and the Committee on
Socially Responsible Investing, our subscription to the IRCC was canceled due to the
increased expense.
4/97
A request was made to change the wording in the South African policy to delete the
words “and each May report to the Investment Committee” from the policy. The
Committee approved this change unanimously.
10/97 Required Committee meetings were changed from two per year to as specific issues need
to be addressed.
4/98
The Committee brought forward two resolutions: First, the University of Vermont will
vote in favor of shareholder proposals that reduce or eliminate involvement in the design,
manufacture, or assembly of antipersonnel land mines; second, the University block from
its portfolio any company under Department of Defense contract to assemble
antipersonnel land mines.
5/98
The Board of Trustees approved a resolution: The University of Vermont will vote
in favor of shareholder proposals that reduce or eliminate involvement in the design,
manufacture, or assembly of antipersonnel land mines.
12/98 The Committee developed a resolution that the University of Vermont will deposit
$100,000 with the Vermont Development Credit Union in a 24 month CD at the
prevailing interest rate with the intent of this being a continuing investment.
2/99
The Investment Committee unanimously voted against the resolution brought forward on
VDCU. It is the policy of the Committee to not direct investments but to manage
managers. Moving funds as the resolution proposes can change the asset allocation and
open the “floodgates” for many other groups.
6/00
The Committee was asked to look at socially responsible issues that would expand our
limited proxy voting. The Chair asked all members to bring issues they consider
important to the next meeting to discuss.
s:liaisons/sri workgroup/sriwg background information/summary by topic.doc
1/00
The Committee voted to recommend that the University of Vermont move forward to a
tobacco-free investment policy. The Committee will undertake a review of the financial
implications of this action and its relation to the mission of UVM.
4/00
The Committee brought forward a resolution: That the University of Vermont’s
Investment Committee of the Board partially divest of tobacco by adopting a tobacco free
mandate for its large cap domestic equity allocation represented by the S & P 500 Index
Fund and Iridian, and that tobacco companies will be defined as those receiving at least
25% of their revenues from the manufacture of tobacco as defined by the IRRC tobacco
report.
6/00
The above resolution was taken to the Investment Committee at the May meeting where
changes were recommended. After much discussion by the CSRI, the revised resolution
will be presented to the Investment Committee at the August meeting.
6/00
The Committee was asked to look at socially responsible issues that would expand our
limited proxy voting. The Chair asked all members to bring issues they consider
important to the next meeting to discuss.
8/00
Resolution adopted by the Board of Trustees: that the University of Vermont’s
Investment Committee of the Board adopt a tobacco-free mandate for its endowment
wherever possible, and that the tobacco companies will be defined as those receiving at
least 25% of their revenues from the manufacture of tobacco as defined by the IRRC
tobacco report, and that the University of Vermont will begin the tobacco-free mandate
by moving its S&P 500 index fund to a tobacco-free S&P 500 index fund and will
instruct Iridian to move to a tobacco-free mandate.
11/00 An IRRC (Investor Responsibility Research Center) 2001 subscription was purchased.
Hard copy is in the Bailey-Howe reference section.
11/00 Discussion focused on sweatshops. A campus task force consisting of faculty and
students have formed to discuss issues on sweatshops and bring them to this
committee..
2/01
The Board of Trustees voted to invest in the Common Fund’s S&P Tobacco-Free
Index Fund. The Investment Committee was unable to find a Tobacco-Free Fund that
fit the criteria in the resolution passed without the extravagant cost of a customized fund.
10/01 The Board of Trustees invested in State Street’s S&P Tobacco-Free Index Fund with a
few modifications to the original resolution.
12/01 The Committee Chair approved discontinuing the IRRC subscription for not being
utilized by the Treasurer’s Office or by the students in the Library plus the high cost
($5,000) annually.
s:liaisons/sri workgroup/sriwg background information/summary by topic.doc
8/02
Proxy Votes and Shareholder Resolutions approved as follows:
On any particular issue, the Vice President for University Relations & Operations,
Treasurer or Treasury Management Specialist II of the University shall commit the proxy
votes of the University in accord with specific guidelines developed by the committee on
Socially Responsible Investing and approved by the Investment Committee of the Board
of Trustees. In the absence of such specific guidelines, except for matters of routine
corporate business, the VP for University Relations & Operations, Treasurer or Treasury
Management Specialist II shall cast an abstaining vote.
In any instance when such specific guidelines do not exist, the Committee on Socially
Responsible Investing may study the issue and develop a recommendation for the
Investment Committee of the Board of Trustees.
2/03
Proxy Votes and Shareholder Resolutions: On any particular issue, the VP for Finance
and Administration, Controller and/or Treasurer, or Treasury Management Specialist of
the University shall commit the proxy votes of the University in accord with specific
guidelines developed by the committee on Socially Responsible Investing and approved
by the Investment Committee of the Board of Trustees. In the absence of such specific
guidelines, except for matters of routing corporate business, the VP for Finance and
Administration, Controller and/or Treasurer, or Treasury Management Specialist shall
cast an abstaining vote.
In any instance, when such specific guidelines do not exist, the Committee on Socially
Responsible Investing may study the issue and develop a recommendation for the
Investment Committee of the Board of Trustees.
2/03
Sponsoring or Co-Sponsoring Shareholder Resolutions: Any member of the University
community may ask that the University become the sponsor or co-sponsor of a
shareholder resolution. When such a request is made to the VP for Finance and
Administration, he/she shall convene the CSRI and ask it to study the issue and develop a
recommendation for the Investment of the Board of Trustees. The IC, in turn, will make
a recommendation to the BOT. With regard to sponsoring or co-sponsoring shareholder
resolutions, the University shall, with authorization from the BOT, enter cooperative
efforts in association with other institutions of higher education or other shareholder.
4/03
Students Against War (SAW) brought a letter to the Chair of the Investment Committee
in April demanding UVM to divest from Lockheed Martin, General Dynamics, and
Boeing. In the letter they encouraged the Board to take action on this issue and to
consider divestment.
5/03
A meeting of the CSRI was convened to discuss the letter from SAW and invite the
students to present to the committee. No one from SAW or any other students attended
the meeting There was a brief discussion among the members and it was tabled to the
fall when the students will be invited to present their position again.
s:liaisons/sri workgroup/sriwg background information/summary by topic.doc
5/03
Chair asked the Committee to look at socially responsible issues that would expand our
limited proxy voting and bring them to the next meeting in the fall.
5/03
There was a brief discussion of socially responsible investing by the committee. Chair
asked all members to bring ideas and/or recommendations to the next meeting in the fall.
10/03 The Committee brought Joe Henzlik from Institutional Shareholder Services (ISS) to
speak about his company’s proxy voting services (~$6000) and portfolio screening
(~6000). The Committee will meet in December to discuss the ISS services and look at
socially responsible issues.
12/03 The Committee met to discuss taking a more active role in proxy voting on the following
issues: animal welfare, environmental and human rights impact, discrimination based on
sexual orientation, tobacco advertising to include the internet, and genetically engineered
seeds, clarification of stock option plans to executives, and governance issues.
3/04
The CSRI approved two new resolutions and restated one resolution for proxy voting.
These resolutions will go to the Investment Committee at their next meeting May 21,
2004 for approval.
5/04
The Investment Committee brought the three resolutions on proxy voting, two for tobacco
and one on discrimination to the Board of Trustees which was approved on 5/22/04. They
are:
Tobacco Products: 2 separate resolutions below
BE IT RESOLVED, the University of Vermont will vote in favor of shareholder
proposals that restrict the use of advertisements for the sale of tobacco products via any
media including but not restricted to television, print, or the internet. (replaces previous
resolution 2/92)
BE IT RESOLVED, the University of Vermont will vote in favor of shareholder
proposals that are introduced for the purpose of ensuring that companies not engage in
illegal activities through the sale of tobacco products to minors via the internet.
Discrimination in Employment:
BE IT RESOLVED, the University of Vermont will vote in favor of shareholder
proposals that bar discrimination in employment based on sexual orientation.
10/04 Margaret Hummel, Chair CSRI, suggested that the committee bring forward to the Full
Board the idea of expanding its role as a clearinghouse for socially responsible issues that
come up. A more fitting name for this committee might be the Committee on Socially
Responsible Activities of UVM.
s:liaisons/sri workgroup/sriwg background information/summary by topic.doc
8/05
Sponsoring or Co-Sponsoring Shareholder Resolutions: Any member of the University
community may ask that the University become the sponsor or co-sponsor of a
shareholder resolution. When such a request is made to the Vice President for Finance
and Administration and Treasurer, he/she shall convene the Committee on Socially
Responsible Investing and ask it to study the issue and develop a recommendation for the
Investment of the Board of Trustees. The Investment Committee, in turn, will make a
recommendation to the Board of Trustees. With regard to sponsoring or co-sponsoring
shareholder resolutions, the University shall, with authorization from the Board of
Trustees, enter cooperative efforts in association with other institutions of higher
education or other shareholder.
8/05
Proxy Votes and Shareholder Resolutions approved as follows:
On any particular issue, the Vice President for Finance and Administration and Treasurer,
Associate Vice President for Finance and Controller, or Senior Treasury Management
Professional of the University shall commit the proxy votes of the University in accord
with specific guidelines developed by the committee on Socially Responsible Investing
and approved by the Investment Committee of the Board of Trustees. In the absence of
such specific guidelines, except for matters of routine corporate business, the Vice
President for Finance and Administration and Treasurer, Associate Vice President for
Finance and Controller, or Senior Treasury Management Professional shall cast an
abstaining vote.
In any instance when such specific guidelines do not exist, the Committee on Socially
Responsible Investing may study the issue and develop a recommendation for the
Investment Committee of the Board of Trustees.
1/06
John Snow, Chair, wanted the Committee to be better educated and suggested that the
they meet at least twice a year, with one of the meetings being in close proximity to the
full Board of Trustees. February was the agreed upon month. It was suggested by several
Committee members that they revisit the policy and procedures for the CSRI.
1/06
John Snow, Chair CSRI, requested the Treasurer’s Office to look into the yearly cost for a
subscription to the IRRC.
04/06 Chair John Snow called a special meeting for a presentation by a student organization
called Students Take Action Now – Darfur (STAND). Students presenting were Jeff
Skoldbery and Archier Mou. A request had been received from this student organization
for the University to consider divestment from companies engaged in business in Sudan.
Schulumberger LTD is the only targeted equity in the S&P 500 Index and UVM invests in
SSgA S&P Tobacco Free. The Committee unanimously voted to present a resolution to
the Investment Committee and if it is approved by the Investment Committee it will be
brought to the full Board of Trustees at the May Board Meeting.
s:liaisons/sri workgroup/sriwg background information/summary by topic.doc
05/06 The Board of Trustees approved a resolution revising the Committee on Socially
Responsible Investment Charter:
RESOLVED, that the POLICY STATEMENT ON MORAL, SOCIAL AND
ETHICAL CONSIDERATIONS IN INVESTMENT AND SHAREHOLDER
RESOLUTIONS shall hereafter read as revised below:
The primary objective of investment by the University is to provide a satisfactory return
on investment for the support of University operations based upon the Prudent Investor
Rule.
However, this policy of fiscal prudence shall not preclude the University from
considering moral, ethical, and social criteria in determining companies in which to
invest.
The University will take an active role on request in pursuing shareholder resolutions
through proxy resolutions and other means in order to further its goal of investing in firms
that produce safe and useful products in accord with moral, ethical, and social criteria.
05/06 The Board of Trustees approved a resolution regarding Sudan / Darfur:
BE IT RESOLVED, The CSRI recommends that the Investment Committee and the
Board of Trustees adopt a policy of targeted divestment from companies doing business
with or otherwise aiding the governing regime of Sudan and that the divestment policy
be based on the model developed by the Sudan Divestment Task Force, and, further that
the university should implement such a divestment policy to the fullest extent possible
consistent with its fiduciary responsibilities to the current and future university
communities.
WHEREAS, a balanced group of the University community has been convened as the
Committee on Socially Responsible Investing and has studied the issue of genocide in the
Darfur region of Sudan and has made recommendations to the Investment Committee of
the Board of Trustees;
THEREFORE, BE IT RESOLVED that the University will adopt and implement a policy
of targeted divestment from companies doing business with or otherwise aiding the
governing regime of Sudan based on the model developed by the Sudan Divestment Task
Force to the fullest extent possible consistent with its fiduciary responsibilities; and
BE IT FURTHER RESOLVED that the Committee on Socially Responsible Investment
Will review and reaffirm this resolution on an annual basis.
9/06
Dissolution of CSRI in its current form as a standing subcommittee of the Investment
s:liaisons/sri workgroup/sriwg background information/summary by topic.doc
Committee of the Board of Trustees (BOT). Work Group (with same membership)
established under new committee structure under the purview of the Budget, Finance and
Investment Committee.
9/06
CSRI work group met to decide next steps to bring to the Investment Committee;
Suggested the University write its investment managers requesting them to “avoid
investing” with top 20 offending companies going business with the governing regime in
Sudan. Work Group was to follow up in 30 – 60 days to review response from
Companies.
9/06
Investment Committee approved a list of 20 specific companies for divestment and a plan
for divestment proposed by the work group of the CSRI. Chair Snow drafted letters
which communicated the divestment directions and recommendations that were available
depending upon the type of investment. The letters were sent out from Vice President for
Finance and Administration J Michael Gower on 9/29/06.
10/06 Dissolution of CSRI: Memo was written on 10/11/06 by Vice President J Michael Gower
to the Members of the Committee on Socially Responsible Investing. Per memo, “to let
you know about recent changes that have resulted in the dissolution of the CSRI in its
current form as a standing subcommittee of the Investment Committee of the Board of
Trustees (BOT)”. In the case of the CSRI, the work will be integrated into the BFI
Committee, and the chairperson of that committee will appoint a work group to continue
the work that has been previously accomplished through the CSRI.”
11/06 Process for Action on Socially Responsible Investing Requests: The Committee on
Socially Responsible Investing (CSRI) had been eliminated as a result of the Board’s
reorganization of committees. The Budget, Finance and Investment Committee took on
the responsibilities formally managed by the CSRI for requesting from the community
items for consideration. As needed, the Committee will appoint work groups to study
issues and report back.
It was proposed that the Committee would call for issues from the University community
twice each year and would appoint ad hoc committees to address issues as needed. The
Treasurer was directed to make the first call to the community. (J. Michael Gower wrote
a letter to the UVM Community and was sent via email on 1/4/2007)
11/06 Sudan Divestment Work Group met to discuss next steps to recommend:
1.) Price out separate account for indexed Tobacco/Sudan Free-how much?/what
would tracking error be?; 2.) Work with State Street to get numbers and names of other
investors in S&P 500 Tobacco Free to initiate discussion with other investors regarding
changing that fund to Tobacco/Sudan Free; 3.) Ask Cambridge if anyone else already has
Sudan Free funds. Chairman Snow also suggested that Cambridge be asked to keep BFI
( Budget, Finance and Investment Committee) updated on developing trends in socially
responsible investment.
s:liaisons/sri workgroup/sriwg background information/summary by topic.doc
11/06 The Committee directed the Treasurer to pursue the following three recommendations
presented by the Sudan Divestment workgroup; 1) work with State Street to initiate
discussion with other investors in S&P 500 Tobacco Free regarding changing that fund to
Tobacco/Sudan Free; 2) obtain cost, including fees and tracking error, for a separate fund
that is Sudan/Tobacco free; and 3) inquire of Cambridge Associates as to the availability
of other tobacco free/Sudan free index funds in the market.
Lastly, Chair McAneny reported that responsibilities of the former Committee on Socially
Responsible Investing (CSRI) would be assumed by this Committee and that a work
group of the same constituency membership as CSRI would be appointed to address
issues as needed. The Committee will continue to make a call for issues from the
community twice a year and directed the Treasurer to make the first call to the
community.
5/08
The Board approved the following SRIWG recommendation regarding proxy voting in
favor of climate change action:
BE IT RESOLVED, the University of Vermont will vote in favor of shareholder
proposals that address climate change by calling for actions, reports or disclosures
including but not limited to:









9/08
Report on a company’s climate change and/or carbon reduction strategies
Disclosure of total greenhouse gas (GHG) emissions
Report and/or reduction of greenhouse gas (GHG) emissions
Increase energy efficiency of operations and/or products
Increase investment in renewable energy sources
Report on activities related to the development of renewable energy sources
Report on company’s compliance plans with international, national or regional
climate agreements
Report on company’s efforts to adopt a recycling strategy
Disclosure of risk assessment related to climate change
Board of Trustees formally recognizes the Socially Responsible Investing Work Group
(SRIWG) as a standing Work Group and adds to their charge that representative terms
should be for 2-years.
11/08 Four students from the Forest Crimes Unit (a student group) presented a proposal that the
University consider divestment from the Kimberly-Clarke Corporation due to their
practices of clear cutting forests. After deliberation, the Forest Crimes Unit was to bring
forward further information and to refine their proposal. The Forest Crimes Unit was
contacted several times to continue discussion of their proposal. The Leader of the Unit
went abroad and the issue did not move forward.
11/08- 5/09
s:liaisons/sri workgroup/sriwg background information/summary by topic.doc
Students Against War (SAW) brought forward a proposal recommending that the
University divest from war profiteers. After many months of deliberation, the proposal was
narrowed down to a resolution regarding divestment from companies manufacturing or
distributing cluster munitions and/or military items containing depleted uranium. The final
resolution was accepted by the full Board in May, 2009. The resolution requires
reaffirmation annually until deemed no longer necessary.
3/09
A Sharepoint site was created to improve the efficiency of tasks the SRIWG has outside
of meetings. It also serves as a reference tool.
4/09
The SRIWG invited Students Take Action Now Darfur (STAND) to provide an update on
the situation in Sudan. Essentially, they reported that progress had been made, but that
the situation is still on-going. The Work Group recommended that the Board reaffirm the
Sudan Divestment resolution, of which they did at their May 2009 meeting.
5/16/09
The Board approved the following resolution proposed by the SRIWG: Resolution
Regarding Divestment from Companies Manufacturing or Distributing Cluster Munitions
and/or Military Items Containing Depleted Uranium
WHEREAS, the board reaffirms its commitment to “Our Common Ground” and its stated
values of “justice” and “responsibility”; and
WHEREAS, the University’s policy of fiscal prudence shall not preclude the consideration
of moral, ethical and social criteria in determining companies in which to invest, and that
the University will take an active role on request in pursuing shareholder resolutions
through proxy resolutions and other means in order to further its goal of investing in firms
that produce safe and useful products in accord with moral, ethical and social criteria; and
WHEREAS, reaffirming the Declaration of the Oslo Conference on Cluster Munitions, by
which, inter alia, States recognized the grave consequences caused by the use of cluster
munitions and committed themselves to conclude by 2008 a legally binding instrument
that would prohibit the use, production, transfer, and stockpiling of cluster munitions that
cause unacceptable harm to civilians, and would establish a framework for cooperation
and assistance that ensures adequate provision of care and rehabilitation for victims,
clearance of contaminated areas, risk reduction education, and destruction of stockpiles;
and
WHEREAS, weapons containing depleted uranium have potentially harmful effects on
human health and the environment and do so indiscriminately;
BE IT RESOLVED, that the Budget, Finance & Investment Committee recommends
University divestment from companies that are materially engaged in the manufacture of:
a)
Cluster munitions as defined by the Oslo Treaty of December 2008.
s:liaisons/sri workgroup/sriwg background information/summary by topic.doc
b)
Military equipment and/or weapons containing depleted uranium.
BE IT FURTHER RESOLVED, that the Socially Responsible Investment Work Group
will review and reaffirm this resolution on an annual basis.
12/4/09
Faculty member Gary Flomenhoft submitted a proposal suggesting that the University
make investments more transparent by posting them on-line. The Work Group agreed
that transparency was desirable and recommended to the Investment Sub-Committee that
they make its best effort to improve access to the UVM endowment, especially online
access, in the effort to move UVM closer to the best practices of fund disclosure
illustrated by funds such as the Alaska Permanent fund and the Norway Government
Pension Fund.
Professor Flomenhoft also proposed that the University adopt the guidelines used by the
Norway Government Pension Fund global as an initial screen of UVM investments. The
Work Group had many questions regarding how this would work in regards to the unique
composition of the University’s endowment.
Student Benjamin Silverman and Professor Ian Stokes submitted a proposal for the
University to divest from companies supplying weapons to the Israeli military.
2/19/10
The Work Group determined that the proposal submitted by faculty member Gary
Flomenhoft did not fit their charge and decided to forward the recommendation to the
Vice President for Finance and Administration. Benjamin Silverman and Professor Ian
Stokes provided additional information regarding specific companies involved in
supplying weapons to the Israeli Military. The Work Group indicated that the proposal
was difficult to consider as it is focused on specific companies, rather than being criteria
driven. The Work Group also struggled with how to define the offending behavior of
these companies and agreed that a standard for culpability must be set, they agreed to
continue to deliberate this. The SRIWG noted that a reoccurring question that has arisen
since 2008 is how could the Work Group function more effectively? They began to ask
whether they should be reactive body that considers proposals from the public, if they
should be proactive in considering issues, or perhaps a hybrid function.
4/1/10
STAND was invited for their annual update regarding the situation in Darfur. They
indicated that the situation continues to improve and that presidential and legislative
elections were being held in Sudan for the first time in over 24 years. Although progress
has been made, it was looking like Omar al-Bashir was going to win the election, which
would mean the crisis would likely continue. Based on this report, the SRIWG suggested
the Board reaffirm the Sudan Divestment resolution, of which they did at their May 2010
meeting. The SRIWG also recommended reaffirmation of the Resolution Regarding
Divestment from Companies Manufacturing or Distributing Cluster Munitions and/or
Military Items Containing Depleted Uranium. Professor Ian Stokes attended to provide
more information on his recommendation that the University divest from companies
supplying weapons to the Israeli military. In summary, the Work Group agreed to
s:liaisons/sri workgroup/sriwg background information/summary by topic.doc
continue deliberating the proposal, but requested that pertinent information and
recommendations be summarized in a white paper.
4/12/10
Trustee John Snow had been leading the SRIWG for several years and retired from the
Board in March, 2010. In deciding whom should be his successor, at their 4/1/10 meeting,
the Work Group and administration agreed it would be helpful if the leader were an
administrative member of the University rather than a Trustee. This was considered an
improvement for several reasons, such as improving the chance that the leader would
maintain a historical perspective of how the Work Group functions, and also to ensure
that the leader had proficient knowledge of the University’s endowment. At their April
12, 2012 meeting, the Executive Committee agreed this was a good way to proceed and
University Controller Claire Burlingham approved as the Work Group’s leader.
4/23/10
Professor Ian Stokes presented a whitepaper on his divestment proposal regarding
divestment from companies supplying products and/or services to the Israeli military.
Ana Ellis, UVM Class of 2010, provided an opposing view to the proposal. WG Leader
Burlingham asked Professor Stokes to provide an updated list of companies for
divestment so it can be determined if they are presently included in the University’s
portfolio. The Work Group decided that a mechanism needs to be put in place which
solicits comments from the general public before discussion of the proposal could
continue.
Graduate Student Jon Zirkle presented a proposal suggesting the University divest from
companies involved with gene patenting and genetically modifying crops. There were
several components of this proposal and the SRIWG concluded that a great deal of
research and revision of the proposal must occur.
The Work Group also concluded that the call for issues process needed improvements in
areas such as soliciting public feedback on proposals that are considered by the Work
Group. They decided they would like to devote most of Fall 2010 to reviewing and
revising their protocols.
9/30/10
The Executive Committee concurred that the SRIWG needed to review and revise their
procedures and protocols to become a more effective group. It was agreed that the Vice
President for Finance and Administration would still send out the call for issues, but
would note that submitted proposals would not be considered by the Work Group until
Spring 2010 in order to give them time to focus on how they function. The SRIWG met
and discussed history of Group and started brainstorming improved procedures and
protocols.
10/14/10
SRIWG met and received an update that two proposals had been submitted in response to
VP for Finance and Administration’s Richard Cate’s call for proposals. One was a
resubmission of a proposal to divest from the Israeli military and the other was
concerning divestment from the Congo for human rights violations. The Work Group also
established a prioritized work list addressing the need for revising their procedures and
s:liaisons/sri workgroup/sriwg background information/summary by topic.doc
protocols. WG Member, Professor Stephanie Kaza, handed out information regarding the
Sustainability Tracking, Assessment & Rating System (STARS) hosted through the
Association for the Advancement of Sustainability in Higher Education (AASHE).
11/4/10
The SRIWG discussed research regarding peer institutions. They also discussed ways to
solicit public comment. A reminder was given regarding assignments to be completed
between meetings.
12/2/10
The SRIWG met and received an update that the two proposals submitted during the 9/10
Call for Proposals would not be considered until the Spring semester and after the WG
had time to revise their procedures and protocols. WG Leader Claire Burlingham stated
that she had a call with several Board leaders and Vice President Richard Cate to
determine the expectations the Board had for the WG. The Board leaders had indicated
that they would support changing the Call for Issues to occur once a year rather than twice
a year. They also indicated that they expect the SRIWG to be a reactive body rather than
one who create their own proposals. They supported the idea of the SRIWG holding an
Open Forum to hear proposals. Lastly, they encouraged the SRIWG to develop evaluation
criteria to be used for deliberating proposals. The WG then discussed further ideas for the
Call for Issues process which Leader Burlingham offered to write a formal
recommendation to present to the Investment Subcommittee. The WG also discussed a
proposed Conflict of Interest Policy to be forwarded to General Counsel for review.
Professor Ian Stokes, whom led the proposal to divest from the Israeli Military had been
in attendance and asked that the group continue to consider his proposal and also
acknowledged he would be working with a student group to revise it.
2/17/11
The SRIWG met and acknowledged that the proposal submitted by Ian Stokes needed to
be addressed and the best way to do so was to hold a Public Forum. The WG then
determined rules of the Forum. WG Leader Burlingham presented a draft Call for Issues
Process and the WG agreed it was ready to forward to the ISC for their review. The WG
also had a general discussion regarding evaluation criteria and agreed to continue focus
on establishing them. A communication plan and plan to solicit public comment from
constituent groups was discussed but not finalized. The proposed Conflict of Interest
Guidelines were reviewed by General Counsel and the WG agreed it was ready to submit
to the ISC for approval.
3/2, 17 & 24/11
The SRIWG met March 2 and again discussed proposed evaluation criteria and agreed
more revisions were necessary. They also brainstormed ideas for soliciting public
comment. Leader Claire Burlingham presented a draft communication notices to be
submitted to VP Cate for his review and distributed to the University community to alert
them of the Public Forum to be held March 17th to solicit feedback in regards to the
Israeli Military divestment proposal.
s:liaisons/sri workgroup/sriwg background information/summary by topic.doc
On March 17th, the SRIWG held a UVM Community Open Forum to solicit feedback in
regards to the Israeli Military Divestment proposal. There were 38 people who spoke,
with twenty-four whom spoke against the proposal and 14 who spoke in support.
On March 24th, the SRIWG met and received an update from STAND regarding the
current situation in Sudan. STAND stated the situation is still dire and recommended the
SRIWG reaffirm the Resolution for Divestment from Sudan, of which the SRIWG agreed
and voted forward to the ISC for their recommendation as well. The WG also decided to
reaffirm the Resolution Regarding Divestment from Companies Manufacturing or
Distributing Cluster Munitions and/or Military Items Containing Depleted Uranium, with
the recommendation that reaffirmation be every 5 years rather than annually. The WG
discussed the Public Forum held on March 17. After lengthy discussion, the group
acknowledged that the community was quite divided in regards to the proposal and
recommended the University not take a position on this proposal. The Work Group also
encouraged Leader Burlingham to reach out to the proposers and encourage them to
resubmit a more issue focused proposal. Ms. Burlingham agreed to follow up with
General Counsel to determine the best way of articulating the decision and position of the
Group in order to release a statement. The Work Group decided not to move forward a
recommendation to the ISC on the proposal as submitted.
4/13/11
The WG met and discussed the statement that was released regarding the decision to table
the Israeli Military divestment proposal. The WG then discussed their charge and the idea
was again brought up that the Group might transition to be proactive. The Group
discussed SRI models at other institutions.
5/16/11
Director of the Office of Sustainability Gioia Thompson gave a presentation of AASHE’s
STAR program and how the University would currently score. The WG then went
through a brainstorming exercise for potential ways to restructure the group.
The WG determined the following as processes that are working: the SRIWG works as
an instrument for soliciting input from the UVM community; there is good community
interest; strong leadership with a chain of command; good participation from students,
faculty and staff; representation from the university body is good; meetings are held
regularly; professionalism of the group as whole.
The WG determined the following as processes that are not working: the length of the
process for proposals is too long; lack of clarity on the evaluation & screening criteria;
ownership of a proposal is unclear; lack of participation by the Trustees; lack of clarity on
the function of the group; narrow charge for the Work Group.
The members also determined there is a need for more staffing of this group. They also
stated the “ideal” structure would be a proactive body with the ability to make investment
choices. They agreed to continue discussing this in the Fall and asked that they have an
opportunity to meet with BFI.
s:liaisons/sri workgroup/sriwg background information/summary by topic.doc
1/24/12
Vice President for Finance and Administration Richard Cate explained the structure of
the investment portfolio as well as encouraged that the SRIWG begin reconfiguring their
structure. Work Group Leader Claire Burlingham updated the group on activities that
occurred over the summer of 2011. She had shared the visioning exercise with the
Investment Subcommittee (ISC) whom asked that she research best practices at peer
institutions. General Counsel assisted in this research. A common trend found amongst
public institutions was a focus on proxy voting. She recalled that several conference calls
followed with Board leaders, during which the research was presented and next steps
were discussed. The Trustees leaders instructed Vice President Cate to engage with
student leadership to assist in restructuring the SRI outside of the Board umbrella. After
Leader Burlingham’s update, much discussion ensued. SRIWG and member Julie Nash
noted that her experience in dealing with SRI in the finance industry is that the most
effectiveness can be through shareholder proposals and proxy voting. Members expressed
concern regarding the continuity and influence of the group and how to establish a selfperpetuating mechanism. They agreed to meet frequently over next several months to
continue brainstorming the restructure.
3/16/2012 The entire meeting focused on the Work Group commencing their task of brainstorming
their restructure.
3/29/2012 The Work Group voted unanimously to reaffirm the Resolution for Divestment from
Sudan. They discussed the positive effects of proxy voting and shareholder resolutions.
They discussed a draft document of the proposed work flow and open forum procedures
form the new structure. They also discussed investment screens and filters.
4/17/2012 The work group discussed draft open forum procedures, membership & terms, ownership
and monitoring of proposals, and brainstormed a draft charge for the new structure.
5/2/2012
Based on the work done over the Spring Semester, a draft whitepaper was created
concerning a proposal for the restructure of the group. Following discussions, a few
revisions were made and the Work Group approved the whitepaper. Work Group Leader
Burlingham indicated she would present the white paper to the Vice President of Finance
and Administration Richard Cate, whom would in turn present it to the Investment
Subcommittee. The anticipation is that if the ISC approved the document, it would be
considered by the Full Board of Trustees at their November meeting. The Work Group
agreed that the current membership should continue to serve over the next academic year
to ensure smooth transition to the new structure.
In May of 2012, the whitepaper was presented to the ISC via an email distribution. At their August
22, 2012 meeting, they approved a resolution authorizing the establishment of a Socially
Responsible Investing Advisory Council that would serve under the supervision of the
Vice President for Finance and Administration. The resolution will be considered by
Budget, Finance Committee and then by the Full Board, at their meetings in November 78, 2012. If approved, the resolution would also dissolve the current Socially Responsible
Investing Work Group.
s:liaisons/sri workgroup/sriwg background information/summary by topic.doc
1/23/2013 Members discussed the upcoming spring Town Hall Meeting, in particular efforts to
communicate with the entire campus community about the forum. Members also
discussed the new SRI Advisory Council structure and the relevance of various
representatives from different factions of campus and the responsibility for
communicating with and for these groups. Members discussed the creation of a new
website that the Graduate Fellow will help build and update upon her arrival. Vermont
Student Climate Culture requested that the university freeze new investments in fossil
fuels. Richard Cate, V.P. for Finance and Administration is in contact with the Chair of
the Investment Subcommittee about the new process for moving these requests forward.
2/25/2013 Most of the meeting was spent discussing the outcomes of the February 20th Town Hall
Meeting and how to move forward. Divestment from fossil fuels was the central issue
brought forward by the university community. The members discussed moving
recommendations through the new process. The Council then spent time on the details of
the Student Climate Culture’s (SCC) resolution for divestment.
3/11/2013 The Council discussed the group’s role as one focused mainly on shareholder advocacy
and proxy voting and how this affects the Council’s role related to the proposal for
divestment from fossil fuels. Marie Tieman currently takes proxy votes according to their
relevance to resolutions passed related to climate change, Sudan, land mines and tobacco
companies. The Council discussed the process of developing shareholder resolutions as
one possibility for consideration related to addressing fossil fuels. The Council officially
voted in favor of taking up the issue of fossil fuel investments and passed a motion to
recommend that the VPFA freeze all new investments in the top 200 fossil fuel
companies, as proposed by the Student Climate Culture group.
3/29/13
The Advisory Council spent the meeting further discussing the feasibility of fossil fuel
divestment. The group discussed hedge funds, mutual funds, the role of Cambridge
advisors and the history of tobacco divestment. Lindsey Donovan, Assistant to the
Controller described the university’s investments and how decisions are made. The
university’s green image was also discussed in relation to the divestment proposal and the
national conversation on fossil fuel divestment.
4/15/13
The group spent time examining an energy investments plan from Boston Common
Assets Management, designed for clients interested in fossil fuel divestment. The
Graduate Fellow shared research on fossil fuel divestment at other schools and described
other options, including coal divestment and shareholder resolutions. After reviewing the
Boston Common Assets plan, the group decides to model a proposal for the VPFA off of
the Boston Common plan. This is not a proposal for full divestment, but will be framed as
an “Energy Investments Proposal” designed to address fiduciary duty of the ISC
subcommittee members and also move the conversation forward brought forth by
students of the university.
4/29/13
The Graduate Fellow brings a draft of the Energy Investments Proposal modeled from the
Boston Commons Plan, including new research on coal divestment and the university’s
s:liaisons/sri workgroup/sriwg background information/summary by topic.doc
current fossil fuel holdings. The group deliberates on what to recommend related to
nuclear power, which is not a fossil fuel energy source. After discussion on wording of
the document, the group agrees to look at a subsequent draft from the Graduate Fellow to
be submitted to the VPFA by the end of May before adjourning for the summer.
9/17/13
Claire Burlingham updates the group on the Energy Investments Proposal. It has gone to
VPFA Richard Cate, though the ISC did not meet over the summer due to an emergency.
The group discusses creating an announcement to go on the website updating the
university community on the status of the Energy Investments Proposal. Tim Johnson of
the Burlington Free Press requested and has been given the report. Blackrock Natural
Resources is no longer in the university’s holdings, but not because of requests from
students.
10/3/2013 The group spent the meeting discussing the upcoming Town Hall. Strategies for
communication across the university and expectations for the even were covered.
Members of the council expect a strong turnout by students advocating for fossil fuel
divestment.
10/31/2013 The Town Hall was discussed at length. Most proposals from the university community
were related to fossil fuel divestment. One well researched proposal asked the group to
research the university’s investments in Monsanto. Concern was raised about the SRI
Advisory Council appearing as a “smokescreen” for the administration if the group is
unable to accomplish goals. Students in favor of fossil fuel divestment were present at the
last Board of Trustees meeting in protest.
11/14/2013 The University Foundation was described and discussed, specifically relative to how SRI
will be integrated into The Foundations investments. Council members also continued
discussion of the Town Hall and how to move forward while awaiting the ISC’s decision
on the Energy Investments Proposal. Monsanto Company was discussed, and the lawsuit
against Vermont on GMO labeling being threatened by the Grocery Manufacturers
Association, of which Monsanto is a member.
12/5/2013 Claire Burlingham updated the group on the previous ISC meeting, reporting that
members discussed the Council’s proposal for 45 minutes and will continue the
discussion at the next meeting. She also announced a $1 million gift from a donor who
requested that the funds be placed in a “fossil free” fund. The group then shifted
discussion to Monsanto and various options for addressing the holdings. The group
discussed drafting a shareholder resolution along with another group or school addressing
legislative action aimed at the state of Vermont.
1/15/2014 Two new members were introduced, Mairi-Jane Fox and Evan Litwin will represent
graduate students and staff, respectively. Claire Burlingham and Elizabeth Palchak,
Graduate Fellow, updated the group on the ISC meeting in December. The ISC rejected
the SRI Advisory Council’s recommendation and voted unanimously not to divest from
s:liaisons/sri workgroup/sriwg background information/summary by topic.doc
fossil fuels. There was no discussion on the other parts of the proposal, re: shareholder
resolutions, coal divestment and shareholder advocacy.
Bill H-112 on GMO labeling will come to the Legislature for a full vote soon. Elizabeth
Palchak has been in touch with various legislators who indicate that the bill will likely
pass and the state expects a lawsuit from Monsanto. Several members expressed strong
interest in drafting a shareholder resolution related to “state’s rights”, particularly because
members of the Investment Subcommittee have expressed interested in using this SRI
tool more actively than divestment. Monsanto’s Annual Shareholder Meeting occurs in
January. The spring Town Hall was scheduled and the Graduate Fellow is actively
reaching out to students, including attending an SCC meeting on fossil fuel divestment.
The group expects this to come forth as an issue again.
2/5/2014
Claire announced that the Social Choice Fund is in action and will be announced at the
next Town Hall. There is also a resolution going to the Budget and Finance Committee
from the Investment Subcommittee on proxy voting allowing the SRI Advisory Council
to amend proxy voting guidelines.
Elizabeth Palchak presented the draft shareholder resolution and proxy voting guidelines
on GMOs and Monsanto for feedback. She has been in close contact with a representative
from the Sustainable Endowments Institute and the Interfaith Center for Corporate
Responsibility, both have been counselling us on wording and strategy. Strong interest in
moving new proxy voting guidelines forward.
2/26/2014 The Council discussed and debriefed the Town Hall. In general, there seems to be a
misconception about the SRI Advisory Council’s ability to affect change. There is a
growing level of frustration from students that are not seeing action from this group.
The group continues forward with the Monsanto issue and passes a resolution to move
proxy voting guidelines forward to Richard Cate. The GMO labeling bill continues to
move through the legislature. Elizabeth Palchak presented a shareholder resolution to the
Dow Corporation shared with her by an SRI investment group. The Council requests that
the Monsanto resolution be rewritten using some of the language from the shareholder
resolution to Dow, regarding political spending of corporate dollars. The group also
discussed adopting the UN Principles for Responsible Investment.
4/2/2014
The proxy voting guidelines for GMO labeling will move forward at the May ISC
meeting. The Sudan divestment decision was upheld at the last ISC meeting. The group
votes to move forward on the Monsanto shareholder resolution. The group will also
include a letter to the Investment Subcommittee members with the goal of increasing
dialogue between the SRI Advisory Council and the ISC. Claire and Lindsey will likely
abstain from a vote on this issue. The group briefly discussed a “watchdog proposal”
from a student for more oversight of investments.
s:liaisons/sri workgroup/sriwg background information/summary by topic.doc
4/30/2014 Claire Burlingham notes the strong language in the letter to the ISC and encourages a
formal vote. Claire and Lindsey abstain from the vote and the group votes to move the
letter forward to Richard Cate. After extensive discussion the group then votes to move
the Monsanto Shareholder Resolution forward.
9/11/2014 Claire Burlingham reports that the ISC was not willing to take up the shareholder
resolution related to Monsanto. However, the group received a positive reaction to the
letter and the members of the ISC are interested in meeting with member of the SRI
Advisory Council. Subsequent discussion revolved around the upcoming Town Hall.
9/25/2014 The group will be inviting new members to replace outgoing student representatives. The
Graduate Fellow is working with the Student Government to nominate new members.
The group discussed planning for the upcoming meeting with the ISC members and an
agenda. A short discussion ensued about publishing the university’s holdings on the
website to increase transparency. No final decision was reached.
11/20/2014 Members discussed the Town Hall and several members voiced frustration about “taking
up an issue” and the difficulty of doing this without moving forward on efforts in over a
year. Some voiced frustration with the outcome of the meeting with ISC members in
October and a feeling that the current structure is not leading to action.
12/4/2014 Claire Burlingham announced the choice of Green Century Fund for the gift from the
donor stipulating a “fossil free” fund. The Green Fund is not publicized and there is no
interest in doing this. At the ISC meeting, members Rob Brennen and Dan McCree were
very positive about the meeting with the SRI Advisory Council. A discussion ensued
about broadening the role of the SRI Advisory Council to impact other investment
decisions on campus e.g. purchasing, operations, etc., to take the focus off the
endowment.
1/22/15
Claire Burlingham reported on the last ISC meeting and a discussion with Cambridge
advisors on their role with Swarthmore’s divestment strategy. Significant discussion
ensued on how to move forward. The group discussed the Town Hall event and
questioned the reason for holding an event, since little has been accomplished within this
structure. Sponsoring a panel in the fall was discussed.
2/19/15
The ISC reaffirmed divestiture from Sudan. In a discussion with Claire Burlingham,
Richard Cate VPFA, noted support for not holding a Town Hall meeting this semester.
The group discussed at length, other methods for educating and communicating with the
university community re: SRI at the university. The Graduate Fellow reported on the
changing landscape of coal divestment noting actions to divest coal from the University
of Maine and Stanford. Both schools looked only at direct holdings in these decisions.
3/19/15
Informal discussions with ISC members indicate that the group could explore a proposal
for divestment from coal. The university has very few coal investment currently and
Stanford University sets a strong precedent. Claire Burlingham shared continued interest
s:liaisons/sri workgroup/sriwg background information/summary by topic.doc
from ISC members in meeting with the SRI Advisory Council on a yearly basis. This was
received very positively from members of the Council. The group will need a new faculty
representative to replace Stephanie Kaza, who is retiring.
4/2/2015
Several new members will be joining the Council in the spring to replace outgoing
members. The group spent the majority of the meeting discussing the fall panel on SRI.
The Graduate Fellow gave an overview of a 2-day investing conference in NYC with
members of the financial sector who are increasingly getting requests from clients on
socially responsible investing. The Securities and Exchanges Commission is on the
record as stating that climate change is a material risk. The STARS submission by the
Office of Sustainability was also discussed and points earned for SRI.
5/8/2015
The entire meeting was devoted to the coal divestment proposal and the wording of the
proposal. The Graduate Fellow introduced research and examples from other universities
and members voted to move coal divestment forward to the VPFA for consideration.
9/25/15
New members were introduced, Charles Schlitzen from the Business School and Amy
Seidl from the Environmental Studies Dept. will represent faculty members. Travis
Jeffrey Davis will represent students and Eduardo Rodriguez will represent graduate
students. Much of the meeting was spent updating new members on our history and
process. Claire Burlingham also updated the group on work occurring over the summer to
gather details from meeting minutes on the intent of resolutions passed by the Board of
Trustees on socially responsible investing and which holdings would be affected. The
coal divestment proposal is under consideration.
10/16/2015 Members discussed details on the upcoming panel and themes from various panelists.
The group expressed excitement and a commitment to attendance. The Graduate Fellow
presented a new member overview of SRI and the history at UVM. Al Gore’s talk at
UVM was discussed, especially his reference to energy investments.
11/6/2015 Overall, members were very positive about the panel event. The Middlebury student who
presented was especially knowledgeable and relevant for our own students. The group
discussed a speaker for the spring or another panel.
Gioia Thompson presented the STARS overview and discussed UVM’s progress on data
collection.
1/25/2016 Richard Cate, VP for Finance requested a meeting with members of the SRI Advisory
Council to discuss the progress of the coal divestment proposal. The coal divestment
proposal will be discussed at the February 5th Board of Trustees Meeting and is not
expected to pass. Mr. Cate has also been exploring other ways for the SRI Advisory
Council to have an impact. The Clean Energy Fund is under review and needs strong
leadership. This Fund brings in $250,000/semester and is related to investments in clean
energy. The group discussed other ways to have an impact on investments at UVM.
s:liaisons/sri workgroup/sriwg background information/summary by topic.doc
s:liaisons/sri workgroup/sriwg background information/summary by topic.doc