Imperial UCU letter to the President, sent 17/1/25, and the response from the Provost, received 14/2/25:
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Dear Professor Brady,
Imperial College UCU branch are writing to you on behalf of UCU members to request greater transparency regarding the University’s investment and research partnerships. Specifically, we seek a full disclosure of any investments in, and links with, companies that engage in trade with Israel, and a review of the University’s position regarding these relationships.
It has been noted that Imperial College has both direct and indirect holdings in companies involved in supplying the Israeli military. Evidence suggest that direct holdings account for approximately 26% of the total value of all direct investments, spanning 17 companies. This has raised concerns among some stakeholders regarding the ethical implications of these investments, particularly considering rulings and statements made by international bodies such as the International Criminal Court (ICC) and the International Court of Justice (ICJ).
Furthermore, information obtained through a Freedom of Information request indicates that Imperial College has received research funding totalling over £7 million over the past five years from companies such as BAE Systems, Caterpillar, and Rolls Royce—organisations which have been reported to supply arms and military equipment to Israel. This raises questions regarding the alignment of such partnerships with the UN Principles of Responsible Research and the University’s broader ethical commitments.
We understand that University representatives have participated in meetings with concerned students to discuss these issues. At a recent ‘Investment Forum’ facilitated by the Student Union, Provost Ian Walmsley stated that the University “does not comment on geopolitical events”, despite emailing all Imperial College students in March 2022 to explicitly condemn the Russian invasion of Ukraine. In response to questioning, neither the Provost nor the other senior management representative, Robert Kerse, were able to explain how the above investments and funding arrangements align with international human rights frameworks and responsible research principles, so clarity is still sought on these matters.
In a recent statement dated 20 June 2024, United Nations experts called for an immediate cessation of arms transfers to Israel, citing potential violations of international human rights and humanitarian laws. The statement also urged arms manufacturers, including BAE Systems, Caterpillar, and Rolls Royce, to review and halt such transfers, even under existing licenses, to mitigate any risk of complicity in international crimes.
Given the significance and urgency of these concerns, we kindly request that the University provides a comprehensive response addressing the following points:
- A full disclosure of the University’s investments in companies trading with Israel.
- An explanation of how these investments and research partnerships align with the University’s ethical policies and the UN Principles of Responsible Research.
- Any steps the University plans to take in light of the recent UN statement and evolving international legal frameworks.
We trust that you will treat this matter with the seriousness it warrants and look forward to receiving your response at your earliest convenience.
Regards,
Imperial UCU
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Dear Imperial UCU
Many thanks for your email to Professor Brady, below.
Our ‘engage for change’ strategy is central to our overall approach to investment, seeking to drive societal benefit in a positive direction by aligning our strengths in research, teaching and innovation with our investment practices in a coherent way in order to maximise impact. Through this, we actively contribute to tackling critical environmental, social and corporate governance (ESG) challenges. By engaging with companies, we are aiming to influence change that will have a positive impact on companies and on the planet.
All investments via the Endowment are made in accordance with our domestic and international legal obligations, as well as the policies and procedures that govern the activities of the university, such as our Council’s Investment Strategy and our Socially Responsible Investment Policy. Additionally, our Relationships Policy establishes the governance framework that is applied to all of Imperial’s third-party relationships. The Relationships Policy includes an established process for consideration of relationships and an escalation procedure to the Relationships Review Committee for proposed (or existing) relationships including decisions about relationships concerning Specially Designated Fields of research, sensitive counterparties and countries.
We review and publish our full fund holdings on a quarterly basis. Where a specific investment is identified to be non-compliant with current policy, we engage with our investment managers and investment consultants to address the concern.
Imperial is also a signatory of the UN Principles of Responsible Investment (PRI), which were developed by an international group of institutional investors reflecting the increasing relevance of ESG issues to investment practices. The majority of the Endowment is managed by external investment managers, who are also PRI signatories and are instructed to apply screening and monitoring processes in line with the university’s regulations. As a founding member of the Responsible Investment Network for Universities via ShareAction, we work with like-minded investors to amplify our efforts.
We value hearing the views of our community and continue to welcome opportunities and channels for engagement. For example, ICU recently organised a forum for the student community at which our students were able to raise issues concerning our investment policy directly with the Provost and Chief Operating Officer. We intend to work with ICU officers on future fora, while the regular In Conversation and Professional Services fora provide opportunities for staff to raise their questions with the President and other members of UMB.
All best wishes,
Ian
Ian Walmsley CBE FRS
Provost
Chair in Experimental Physics
Imperial College London