The University of St Andrews first introduced a sustainable investment policy in 2006 in response to three years of student activism.[1] Formed in 2003, the St Andrews Ethical Investment Campaign worked to raise awareness of the issue among students, organised protests and negotiated directly with the university. A referendum in 2003 found that 91% of students were in favour of ethical investment.
The University of St Andrews’ current financial operating procedure on “sustainable and responsible investing” states that “the University believes that its investments should mirror its own desire to be sustainable and promote sustainability”.[2] To this end, investment managers are required to consider several criteria when making investment decisions, including the “promotion of international co-operation and an end to international conflict including a prohibition of companies which produce armaments”. Since nuclear weapons are classed as armaments, this prohibition excludes nuclear weapons producers from investment.
A list of the university’s investments dated 31 July 2020 shows that it held no investments in the companies covered by our research.[3]
NOTES
[1] https://thetab.com/uk/stand/2011/10/26/ethical-investment-students-students-98.
[2] https://www.st-andrews.ac.uk/media/finance/documents/fops/sustainable-investment-policy.pdf.
[3] https://www.st-andrews.ac.uk/media/finance/documents/financial-statements/investment-list-31-july-2020.pdf found at https://www.st-andrews.ac.uk/staff/money/financialstatements/.
Don't Bank on the Bomb Scotland 