Aletho News

Seminary trustees adopt divestment from profiteers of Israeli genocide

Al Mayadeen | May 10, 2024

The Union Theological Seminary announced, on Thursday, that its board of trustees had approved a policy endorsing the institution’s divestment from “companies substantially and intractably benefiting from the war in Palestine.”

The decision to adopt the divestment plan was made by the board’s investment committee, which had been working on its formulation since November 2023, as per the announcement.

As a partner of Columbia University, UTS is among the first institutions in the United States to publicly commit to divesting its endowment from companies associated with the Israeli genocide in Gaza.

While housing Columbia’s theology faculty, UTS maintains a separate endowment valued at approximately $110 million, according to a statement provided to The Spectator by a UTS spokesperson.

The announcement detailed concrete actions the institution will undertake to adjust its investment portfolios, such as amending the section on “responsible investing” in the investment policy statement to explicitly address the Israeli occupation of Palestine.

“Our investment policies will continue to adapt, guided by our values, to strengthen the resolve that undergirds our decision today,” the statement adds. “We do not take this step lightly, and we do so with all humility, recognizing that our work on the global stage is far from finished. Although our investments in the war in Palestine are small because our previous, strong anti-armament screens are robust, we hope that our action today will bring needed pressure to bear to stop the killing and find a peaceful future for all.”

The decision is in line with UTS’ tradition of embracing “socially responsible investment” practices. UTS’ existing investment policy already prohibits investments in armaments, weapons, defense manufacturers, and companies involved in human rights abuses, according to the announcement. Furthermore, in 2014, UTS made history as the first higher education institution to divest from fossil fuels.

UTS’ statement also emphasizes the institution’s “early divestment from the dehumanizing system of apartheid in South Africa” and its screening procedure to ward “against investing in for-profit prisons.”

In addition to divesting, UTS is “exploring investments that proactively support humanitarian and entrepreneurial companies doing positive work in the region,” the statement stressed.

The announcement further highlighted that in addition to creating additional screens to “determine a list” of companies profiting from the Israeli war, UTS will be “identifying resources to monitor changes to company activity over time.”

The big picture

Pro-Palestine protests have swept university campuses across the United States, with calls for the alienation from “Israel” or Israeli-affiliated institutions.

As student protests and movements increasingly gained momentum, hundreds of arrests were made as police tried to thwart their efforts, and the government mobilized to introduce legislation that would ultimately punish those participating.

Israeli lobbyists and the Israeli government are relentlessly pressuring US government officials to take more action against such movements in an effort to silence the criticism targeted toward “Israel” and demands to divest from the occupation.

Despite their efforts, the actions of lobbies and governments are proving futile as universities across the United States are beginning to divest from companies profiting from the Israeli genocide against Palestinians in Gaza.

The movement reflects a growing trend among academic institutions to align their investment strategies with ethical considerations, particularly regarding human rights violations. By divesting from such companies, universities are taking a stand against perceived injustices and contributing to pressure for change in the ongoing Palestinian struggle.

May 10, 2024 - Posted by aletho | Ethnic Cleansing, Racism, Zionism, Solidarity and Activism | Human rights, Israel, Palestine, Zionism