President Faust responds, won’t discuss Chilean investments

On August 6, 2013, Harvard President Drew Faust emailed the Responsible Investment at Harvard Coalition regarding our concerns with Harvard’s investment practices. She declined our invitation to talk about responsible investing but said she will continue to remain aware of discussions taking place on campus.

We are glad that our president is paying attention to those who are calling for investment transparency and accountability at Harvard. Yet we are disappointed that President Faust has again declined to investigate and mitigate risks to the environment, workers, and communities.

In order to learn about what is really happening in communities where Harvard is investing, members of our Coalition are in contact with individuals and local organizations at home and abroad. We intend to release findings shortly, as this information is critical to assessing Harvard’s investments.

We expect that President Faust will not only listen to these findings but take action.

  • Read the full letter from President Faust to RI@H below.

Dear Members of the Responsible Investment at Harvard Coalition,

Thank you for sharing your perspectives on Harvard’s investment practices.  As you are aware, there has been a robust conversation on campus over the past year about the University’s holdings, including students meeting with members of the Corporation Committee on Shareholder Responsibility, panel discussions, and vigorous debate in the Crimson and other venues.  I look forward to following these continuing campus conversations with interest.  With regard to climate change–a concern I know we share–I wanted to be sure that you knew I had dedicated a portion of my Commencement speech this year to characterizing some of the ways in which Harvard seeks to counteract, and develop solutions for, climate change. You can find the text of my speech here: http://www.harvard.edu/president/2013-commencement-speech.

You have written me, too, about Harvard Management Company investments in Chile.  Sustainability is a key element of our natural resources investment strategy, and we all share the goal of responsible stewardship of forests.  I am aware of the cases that you referred to, and HMC is confident that the courts, once they have reviewed all the facts of each case, will conclude that the company overseeing Harvard’s properties in Chile has acted in compliance with the law.

I am not able to join you for your event on September 17, but look forward to learning about the discussions that take place.

With best wishes for the rest of the summer and the upcoming semester,

Sincerely,

Drew Faust

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