Call for Cambridge University to invest responsibly

We, the undersigned, are members of the University of Cambridge and concerned citizens who share a commitment to changing the way the University and Colleges invest their money.

We are concerned that the University currently lacks any framework to identify investments that are inconsistent with its stated mission to “contribute to society through the pursuit of education, learning, and research at the highest international levels of excellence.”

We accept that the primary fiduciary responsibility of the Council in investing and managing the Cambridge University Endowment Fund is to maximise financial return, taking into account risk appropriate for University investment policy (as defined by the University statement of Investment Responsibility) to support long-term excellent educational and research opportunities.

We observe, however, that the global number of assets engaged in sustainable and responsible investment practice is growing. Cambridge is notably behind peer institutions like the University of Oxford, which already has a policy on responsible investment.

We judge the University of Cambridge as similarly capable of managing its endowment according to sustainable and responsible investment practices. With a network of distinguished researchers, policymakers, innovative research centres, and a mission to contribute to society the University can lead and shape the way institutional investors are obtaining competitive returns while building a more sustainable future.

We thus call on the Council and Investment Board to sign the UN Principles of Responsible Investment and to :

1. Formulate an explicit University Policy on Responsible Investment, which:
a. Outlines strategic investment principles that incorporate environmental and social considerations consistent with the research and educational mission of the University
b. Includes a framework for engaging with fund managers so as to ensure alignment with the University’s RI policy.

2. Adopt reporting and disclosure mechanisms that foster greater transparency, including:
a. Integrated reporting into the University’s annual financial statements, which links the University’s financial performance, governance, and strategy to responsible investment criteria;
b. A disclosure mechanism on past investments with a reasonable time delay so that the Council and Investment Board’s investment strategy is not undermined;
c. A disclosure mechanism of University fund managers’ policies towards Responsible Investment to an Advisory Committee;

3. Strengthen and reform the Executive Committee to act as a Socially Responsible Investment Review Committee, tasked to ensure that the University makes investment decisions responsibly and with integrity.