This spits in the face of a nearly decade-long process that led to dissociation and divestment. Tuohey is recycling the same lazy arguments Andrew Golden made for years. Princo uses external fund managers who rarely exert any pressure over boards. So I don’t buy the argument that it’s better for Princeton to be a shareholder than a less ethical investor. At this point, it’s clear that decarbonization is a core University value (e.g., net zero campus emissions by 2046, the Andlinger Center for Energy and the Environment, etc.). Remaining invested in companies who have stopped even pretending to act on climate feels like a clear contradiction of that core value. So unless it would be impossible to earn comparable returns without having fossil fuels in the portfolio (unlikely given the sector’s anemic performance in the last 20 years), I fail to understand the logic in what Princo is doing. This is likely just another case of their managers wanting to flex their power over students and alumni simply because they can. Unfortunately, I think the only leverage we have is withholding donations until they make clear plans to divest. Ultimately, Princo answers to the trustees.
This spits in the face of a nearly decade-long process that led to dissociation and divestment. Tuohey is recycling the same lazy arguments Andrew Golden made for years. Princo uses external fund managers who rarely exert any pressure over boards. So I don’t buy the argument that it’s better for Princeton to be a shareholder than a less ethical investor. At this point, it’s clear that decarbonization is a core University value (e.g., net zero campus emissions by 2046, the Andlinger Center for Energy and the Environment, etc.). Remaining invested in companies who have stopped even pretending to act on climate feels like a clear contradiction of that core value. So unless it would be impossible to earn comparable returns without having fossil fuels in the portfolio (unlikely given the sector’s anemic performance in the last 20 years), I fail to understand the logic in what Princo is doing. This is likely just another case of their managers wanting to flex their power over students and alumni simply because they can. Unfortunately, I think the only leverage we have is withholding donations until they make clear plans to divest. Ultimately, Princo answers to the trustees.