UCL has agreed to divest its remaining £440,000 shares in arms company Cobham as a result of an arduous battle fought by cross-society campaign group DisarmUCL.

The news was announced this month that the Investment Committee would dispose of the shares following the Ethical Investment Review Committee’s (EIRC) recommendation.

 DisarmUCL was founded in December 2006 in response to student opposition to the shares. Since then, its members have pressed for divestment in Cobham as well as encouraging a more ethically sound approach to the College’s investment strategies; in November 2007 the group wrote an ethical investment policy proposal which led to the formation of the EIRC, a major achievement for student campaigners.

The campaign has had high profile support from members of the alumnus network, including prominent figures such as Richard Wilson.

UCLU Environment and Ethics Officer, Craig Griffiths, was also keen to emphasise the importance of student activism. He said: “Student pressure has been key in instigating change. We’re delighted by the news of the decision to divest; it’s nice to see UCL setting an example to other universities regarding ethical investment.”

Positive reactions to the decision have extended beyond the UCL community; Campaign Against Arms Trade (CAAT) said: “It is wholly inappropriate for an institution run for the public good to have any links to this deadly business” and that it was “thrilled” with the news.

Neither group sees this decision to be the end of the campaign, however. CAAT said: “We would also encourage UCL, and other universities, to reconsider conducting military research and research funded by arms companies.”

Griffiths echoed CAAT’s views and reminded fellow students that the College has refused to state that it will not rule out any future investment in the arms trade. He also hoped that progressive ethical investment opportunities would continue to be investigated.

Such moves, he believes, could provide more secure sources of income, allowing the College to live up to its reputation for leading the way in promoting global citizenship without compromising its financial needs.

Whilst the EIRC’s formation and the divestment in Cobham are promising steps, much can still be achieved. Griffiths would like to secure more student representation on the Committee and hopes that fellow students will raise concerns they have about any of UCL’s other shares.

With regards to some students’ approval of arms investments, Griffiths said: “We have had very little opposition at our meetings and it is Union policy to oppose the investments.”

A UCL spokesperson said: “Following review by UCL’s Ethical Investment Review Committee of the university’s shareholdings in Cobham plc, and its subsequent recommendation that the shares in question be disposed of, UCL’s Investment Committee has instructed its investment managers to proceed with an orderly disposal of our shares in Cobham.

“UCL keeps its investment policy under constant review, and takes all relevant factors into account in deciding where to invest, including both financial and ethical considerations. On 1 January this year the university set up an EIRC to provide a forum for the consideration of requests received from members of the UCL community for the review on ethical grounds of individual stocks included in UCL’s current investment portfolio.”

Anyone who wishes to request an EIRC review of any of the stocks in UCL’s investment portfolio can visit www.ucl.ac.uk/academic-services/eirc for more information.universities@caat.org.uk.

To get involved in CAAT’s University Network, email universities@caat.org.uk

This entry was posted on Monday, November 2nd, 2009 at 12:53 and is filed under Front Page, News. You can follow any responses to this entry through the RSS 2.0 feed.