Trustees say No to Divestment

Trustees say No to Divestment

©2014 Miguel Davilla c/o theispot.com

©2014 Miguel Davilla c/o theispot.com

The Board of Trustees has decided that divestment of holdings in fossil fuel companies is “not a good option for Wellesley College,” President H. Kim Bottomly announced in March. “The Board, and I, do not support the idea of using the College’s endowment as a lever for social change and determined that such an action would conflict with the purpose of the endowment,” she wrote.

Last fall, as an effort to limit global climate change, the student group Fossil Free Wellesley (FFW) called for the trustees to freeze any new investments in fossil-fuel companies and to free the College within five years of all such investments, direct or indirect.

A working group of trustees, faculty, and administrators was formed to consider the FFW request and its potential effect on endowment earnings and the College budget. Its conclusion, in the words of President Bottomly: “The cost to Wellesley would be high and the economic impact on fossil fuels companies inconsequential.”

She stressed that the conversations between the trustees and the students “have never questioned the causes or effects of climate change, nor has there been any doubt about the social and moral imperative to address this crisis.”

She pointed to four other specific actions the College will take instead of divesting:

  1. Work to ensure that Wellesley remains “a supportive environment for inspired and informed activism.”
  2. Exploit the opportunities afforded by the Campus Renewal program to curb the College’s energy use.
  3. Establish a special funding mechanism to finance reductions for campus energy usage.
  4. Establish a working group to formalize the College’s existing standards for socially responsible investing going forward.
You Might Like
  • Sustainability On Tap
    Water rates in Natick, Mass., have gone up recently. And that’s due in no small part to the efforts of Janna Zimmermann ’14.More
  • Biological Humility
    Emily Buchholtz, Gordon and Althea Lang ’26 Professor of Biological Sciences, wants to change the way we look at the tree of life.More
  • Read My Pins
    Madeleine Korbel Albright ’59 was not only the first female secretary of state but also the first top diplomat to turn jewelry into a communication tool.More

Post a CommentView Full Policy

We ask that those who engage in Wellesley magazine's online community act with honesty, integrity, and respect. (Remember the honor code, alums?) We reserve the right to remove comments by impersonators or comments that are not civil and relevant to the subject at hand. By posting here, you are permitting Wellesley magazine to edit and republish your comment in all media. Please remember that all posts are public.

CAPTCHA
This question is for testing whether or not you are a human visitor and to prevent automated spam submissions.