University Commitments
Below is the University’s written statement responding to the three demands detailed in the posters attributed to #sewaneeforpalestine and @sewaneeforpalestine. These commitments are the groundwork for the conversation held today. I am confident that we can reach a good faith resolution today.
Demand #1: Disclose
University Commitments: The University of the South is committed in principle to transparency, including in its endowment holdings. In the past, the administration has periodically provided information about the endowment’s allocation to specific sectors, and the University website currently includes details about the student-managed Green’s View Capital Endowment Fund.
Over the last 18 months, the University has been reviewing the endowment management in all respects. As part of that review, the University is in the final stages of engaging a new investment manager. We expect that process to be completed by June 30, 2024. While a commitment to greater transparency is an important part of this transition, there are limitations on disclosures by various fund managers because their work is a private, intellectual property. At the same time, working with our new partner and through the Board of Regents’ Investment Management Committee (IMC), the University will share with the campus community by Jan. 1, 2025, an industry-sector level report on endowment investments and will commit to annual reporting of such information. Our new investment manager fully supports engagement with University stakeholders and will be an active participant in educational processes associated with our endowment.
The IMC will invite a delegation of six students to meet with them during the June 11-12, 2024, meeting of the Board of Regents either in person or by Zoom to hear their thoughts and concerns about asset investment. The delegation will include at least one member of the Green’s View Capital team.
Before the end of the academic year, at a mutually agreed upon time, the University’s Vice-President of Finance will hold a meeting in Blackman Auditorium to describe the endowment investment process of the University.
Demand #2: Divest
University Commitments: The University strives to align endowment investments with its values. However, to date, there has not been a formal process to evaluate that alignment. As a new investment manager is onboarded, the University will adopt a formal Environmental, Social, and Governance (ESG) framework to be part of any new investment policy. This new ESG framework will formally align endowment investment with University values and principles. This new ESG framework will also provide an opportunity for University stakeholders, including students, to provide their perspectives to the IMC. We anticipate having the ESG framework in place by Jan. 1, 2025.
With respect to the specific demand to divest from direct investment in weapons manufacturing, the University will solicit input from stakeholders, including students, about this sector, and include this sector as part of the evaluation process outlined in the new ESG framework.
Demand #3: Show Solidarity
University Commitments: As an institution, we have students, faculty, staff, and alumni with different viewpoints on this tragedy and many other topics. Our commitment of solidarity is based on the respect for the dignity of every human being and the free expression and exchange of ideas as outlined below.
The Baptismal Covenant of the Episcopal Church, as set out in The Book of Common Prayer, calls upon the baptized to “strive for justice and peace among all people, and respect the dignity of every human being.” This statement characterizes the University’s ethos and calls us to solidarity with people of all races and cultures, and in this case those in anguish over the humanitarian crises in Gaza, the wider Middle East, and throughout the world.
Consistent with our commitment to respecting others is our support for the open and free exchange of ideas. Vice-Chancellor Pearigen recently joined 60 other college presidents of diverse institutions from across the country to advance higher education’s pivotal role in preparing students to be engaged citizens and to uphold free expression on campus.
