University of Sydney Chancellor David Thodey AO wrote to staff today, informing them the Investment Policies Review Working Group report has been received by the University Senate and is now publicly available. His message is below.
Dear colleagues,
In September last year, the University established the Investment Policies Review Working Group (IPRWG) to conduct an independent review of the position of defence- and security-related industries in the University’s Investment Policy and the University’s Integrated ESG Framework to ensure they reflect the University’s commitment to human rights.
The working group was chaired by Dr Simon Longstaff AO, and was made up of individuals with a deep understanding of human rights, investment and defence and national security, and representatives from our community.
After seeking an extension to enable the working group to closely consider each of the 715 submissions to the review, the IPRWG’s report has been received by the University Senate and is now publicly available.
I thank all those who made submissions to the review and Dr Longstaff and the working group members for their thoughtful and comprehensive approach and the high-quality report they have produced.
Summary of recommendations
- That the University adopt an overarching statement of its human rights commitment, which should provide the foundation on which more specific policies are built.
- That the University divest, at the earliest opportunity, from all assets that derive revenue from items on the Defence and Strategic Goods List (DSGL) Part One.
- That the University report more transparently on and actively pursue alignment between the University’s investments and its human rights commitments.
The full list of the report’s findings and recommendations can be found in the report.
Our commitment to human rights and academic freedom
As an institution founded for public good, upholding human rights is central to how we operate. Our existing investment mandates demonstrate our strong commitment to human rights, community well-being, environmental stewardship, and sustainable development. 90 percent of the submissions to the review came from our student, staff and alumni community and conveyed a strong desire to revise our investment approach to divest from defence- and security-related investments given ethical and human rights concerns.
As the IPRWG report noted, the principles of academic freedom and free inquiry are fundamental to our purpose as a university – to undertake teaching and research to discover, develop and transmit knowledge. We remain resoundingly committed to open inquiry including teaching and research in defence- and security-related areas, and we value our industry partnerships.
Next steps
The IPWRG report is an important piece of work and, in considering its recommendations, it has become clear there are a complex set of interdependent policies that sit outside the scope of its review that we now need to consider.
These policies need to be reviewed and may need to be updated to ensure coherence and consistency where required. They include but are not limited to philanthropy, sponsorship and research.
Our principles
Our approach to this careful and detailed work will be guided by three principles:
- We are committed to protecting and upholding human rights, and to strengthening the transparency and accountability measures around the University’s investments.
- We will continue to support our researchers, educators and affiliates to pursue defence- and security-related research, teaching and training consistent with academic freedom.
- In determining its response to the IPRWG’s recommendations, the Senate will consider the appropriateness of the University continuing to invest in companies involved in the manufacture of arms. This will be an ‘in-principle’ decision, not based on specific cases or circumstances in which the arms are used.
I thank everyone who made a submission to the review and look forward to your engagement as we consider our response to these complex issues. We will keep you updated periodically on our progress.
Kind regards,
David Thodey AO
Chancellor
The report’s recommendations
- 1. The University of Sydney develop, adopt and publish an overarching statement of its human rights commitment. Such a statement should provide the foundation on which more specific policies are built.
- 2. At the earliest opportunity when practicable, the University of Sydney:
- 2.1 unwind all of its investments and not make any future investments, in:
- 2.1.1 direct equity holdings in assets that derive revenue from items listed on DSGL Part One,
- 2.1.2 publicly traded investment instruments that derive revenue from items listed on DSGL Part One,
- 2.2 preserve its current investments in private funds until maturity
- 2.3 actively monitor the composition of assets, held by private investment vehicles, to determine which, if any, derive revenue from items listed on DSGL Part One and to ensure, to the extent possible, that there is not significant investment into such assets.
- 2.4 publish annually a list of all assets identified under 2.3 (above)
- 2.5 actively engage with private investment managers to affirm The University’s commitment to human rights and its preference for investments that accord with that commitment.
- 2.1 unwind all of its investments and not make any future investments, in:
- 3. The University of Sydney’s Chief Investment Officer provide an annual attestation, to the University’s Senate, as to the progress of divestment and the ongoing state of the portfolio in relation to such investments.
- 4. The University of Sydney’s Chief Investment Officer provide an annual attestation, to the University’s Senate, as to how the University’s investments conform with its human rights commitments.
- 5. The University of Sydney put in place an active review process, rather than simply adopting a policy, that focuses on human rights implications associated with the University’s investments, on an ongoing basis.
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