Divest UVic calls for financial team to align investment policy with UN platform
Graphic by Sage Blackwell.
Divest UVic began in January 2013, as a fossil fuel divestment campaign, and gained positive momentum over the years. The on-campus group aimed to create awareness about the importance of UVic divesting from fossil fuels and investing in greener companies.
In 2021 they succeeded in their primary mission — encouraging UVic to divest from fossil fuels — but their work is far from over.
On Nov. 4, 2024, Divest UVic submitted a proposal to UVic Financial Planning that the university review its Responsible Investment Policy.
Endorsed by groups like the University of Victoria Students’ Society and the Native Students Union, the proposal urges the university to become a signatory of the United Nations Global Compact (UNGC) policy platform.
The UNGC is a pact created by the United Nations which demands that businesses and institutions follow ethical and sustainable practices in line with the UN’s Sustainable Development Goals.
UVic has already partially committed to these goals, which are based upon ten principles relating to human rights, anti-corruption, labor, and the environment.
In an investigation of UVic’s investment holdings, Divest UVic found that, as of March 31, 2024, a number were in violation of human rights. This includes investments in companies which provided technology to the Israeli military, as well as surveillance and DNA-testing technology used for Mexican migrants at the Mexico–United States border.
According to Divest UVic, this investigation was of UVic’s 2023 portfolio. The university’s 2024 portfolio is not yet publicly available.
While Divest UVic was able to successfully identify human rights breaches related to the university’s holdings, they explain that many other infringements may be flying under the radar.
“We lack access to tools for screening for other Global Compact principles such as environmental responsibility,” reads their proposal.
On May 7, 2020, UVic became a signatory of the United Nations Principles for Responsible Investment (UNPRI), pledging to take environmental, social, and governance issues (ESGs) into consideration when making investments. This is what pushed the university to create their 2020 UVic Responsible Investment Policy.
Divest UVic stated in their proposal that if UVic chooses to become a signatory of the UNGC, it will be their responsibility to meaningfully incorporate the principles of the UN Global Compact into their financial strategies as well.
“We have chosen our recommendation because we believe it would be a natural continuation of UVic’s commitments to achieving the UN SDGs,” read a post shared by Divest UVic on Instagram.
“We believe that signing onto the Global Compact could provide a pathway for the administration to adequately respond to the concerns raised by students through increasing transparency,” reads their proposal.
In an interview with the Martlet, a Divest UVic spokesperson explained that UVic Financial Planning has extended their policy review for the next two months in special consideration of the proposal.
