SB55-13/14: Divestment. This resolution passed 17Y-9N on a roll call vote during the February 12, 2014 meeting of the Associated Students of the University of Montana (ASUM)

Lillquist, Erik

English

University of Montana

University of Montana ScholarWorks at University of Montana Senate Resolutions, 2007-Present ASUM Student Government Spring 2-12-2014 SB55-13/14: Divestment Erik Lillquist Follow this and additional works at: https://scholarworks.umt.edu/asum_resolutions Let us know how access to this document benefits you. Recommended Citation Lillquist, Erik, "SB55-13/14: Divestment" (2014). Senate Resolutions, 2007-Present. 6. https://scholarworks.umt.edu/asum_resolutions/6 This Institutional Document is brought to you for free and open access by the ASUM Student Government at ScholarWorks at University of Montana. It has been accepted for inclusion in Senate Resolutions, 2007-Present by an authorized administrator of ScholarWorks at University of Montana. For more information, please contact scholarworks@mso.umt.edu. The Associated Students of the University of Montana 1 Resolution Regarding Divestment 2 February 12, 2014 3 SB55-13/14 4 Authored by:  Erik Lillquist, ASUM Senator 5 Sponsored by: Eamon Ormseth, ASUM Senator; Sierra Batey, ASUM Senator; Sam 6 Thompson, ASUM Senator; Sean McQuillan, ASUM Senator 7  8 Whereas, divestment is the opposite of investment, meaning the removal from ones 9 portfolio of stocks, bonds, or investment funds that are ethically or morally ambiguous; 10  11 Whereas, according to the Harvard Political Review, divestment has been used as a tool 12 to accomplish moral and social change throughout history and was used most 13 prominently in the 1980s against South African Apartheid; 14  15 Whereas, according to 350.org, 22 cities, two counties, 22 religious institutions, nine 16 colleges and universities, and many private citizens across the United States have  17 divested from fossil fuel companies because they believe that it is morally wrong to 18 pollute and destroy the earth; 19  20 Whereas, according to gofossilfree.org, over 490 colleges and universities across the 21 globe currently have divestment campaigns and are working towards divestment;  22  23 Whereas, if the University of Montana (UM) were to divest from fossil fuel companies it 24 would be seen as a national leader in conservation and environmentalism; 25  26 Whereas, UM has an endowment of approximately $150 million managed by the UM 27 Foundation, of which $8-12 million, or 5-7.5%, is invested in companies that extract 28 fossil fuels;  29  30 Whereas, this endowment is composed of donations from private donors, alumni, and 31 profits on investments and does not in any way affect UM’s current or projected 32 budgetary shortfall; 33  34 Whereas, the UM Foundation’s “About Us” section of its website states, “The Trustees 35 and staff work with University leaders to set fundraising priorities which support the 36 University’s strategic plan"; 37  38 Whereas, UM’s 2020 strategic plan states, “The University has identified four core values 39 that drive every aspect of its mission and vision: Leadership, Engagement, Diversity, and 40 Sustainability. These values both ground and inspire everything The University of 41 Montana pursues" and further, "The University of Montana models a pathway to 42 economic, financial, environmental, and cultural sustainability... the University's 43 initiatives ultimately seek to enhance students' understanding of the interconnectedness of 44 ecological, social, and economic issues;" 45  46 Therefore, Let It Be Resolved, that the Associated Students of the University of Montana 47 (ASUM) requests President Engstrom to immediately create a committee to investigate 48 the possibility of divestment from fossil fuels and to report those findings; 49  50 Therefore, Let It Be Further Resolved, that divestment is an excellent way of pursuing 51 UM’s strategic plan and will greatly benefit UM as a whole; 52  53 Therefore, Let It Be Further Resolved, that ASUM urges Reinvest Montana to collaborate 54 with the UM Foundation, and to investigate options for reinvesting at least 5% of the 55 endowment in socially and environmentally responsible Montana-based enterprises;  56  57 Therefore, Let It Be Further Resolved, that ASUM supports the work of Reinvest 58 Montana and urges them to continue their efforts; 59  60 Therefore, Let It Be Further Resolved, that a copy of this resolution be sent to: Royce 61 Engstrom, President of the University of Montana; Mike Reid, Vice President of 62 Administration and Finance; Keith Kuhn, Chief Financial Officer and Executive Vice 63 President of UM Foundation; Shane Giese, President and Chief Executive Officer of UM 64 Foundation.  65  66 Passed by Committee: February 10, 2014 67  68 Passed by ASUM Senate: February 12, 2014  69  70  71 ________________________________        ___________________________________ 72 Sean McQuillan,                                             Mariah Williams, 73 Relations and Affairs Chair                            Chair of the Senate 74 

SB55-13/14: Divestment

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SB55-13/14: Divestment

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