Wednesday, May 7, 2014
Stanford University recently announced it would purge its $18.7 billion endowment of stock in coal-mining companies.
This decision makes Stanford the first major university to lend support to a nationwide movement to purge endowments of fossil fuel investments. The university said its trustees acted in accordance with internal guidelines allowing them to consider when choosing investments whether “corporate policies or practices create substantial social injury.” Coal’s link to climate change persuaded them to remove about 100 companies “whose principal business is coal” from their investment portfolio. Overall, Stanford’s coal holdings are a small fraction of its endowment.
See Michael Wines, Stanford to Purge $18 Billion Endowment of Coal Stock, New York Times, May 6, 2014.
Special thanks to Joel Dobris (Professor of Law, UC Davis School of Law) for bringing this article to my attention.