Terms

 

I.         Public Name: Pitzer College Divested Endowment Fund

II.         Governance:

Dan Apfel- Primary Advisor (Responsible Endowment Coalition)
Jesse Honig- Secondary Advisor (Pitzer College ‘16)
Jessica Grady-Benson- Additional Advisor (Pitzer College ‘14)

III.            Demands:  Pitzer College must meet the following demands by the following dates to receive any portion of the fund:

  1. March 1, 2015: By this date, Pitzer College must have provided a selected representative of the Divestment Campaign with a written agreement demonstrating its commitment, and binding the institution to divesting its endowment fully from fossil fuel companies.* If the College has provided such an agreement by this date, the full balance to date of the fund will be donated to Pitzer College’s General Fund, and the fund will be terminated. If the College has not provided such an agreement by this date, 50% of the balance to date will be donated in the form of two equal contributions to Communities for a Better Environment and the Center for Community Action and Environmental Justice.
  2. March 1, 2020: By this date, Pitzer College must provide documentation demonstrating that it has successfully divested its endowment from fossil fuels. If such evidence is provided, the remaining contents of the fund will be donated to Pitzer College’s General Fund. If the College does not provide evidence of divestment by this date, the remaining contents of the fund will be donated in the form of two equal contributions to Communities for a Better Environment and the Center for Community Action and Environmental Justice.
  3. The agreement mentioned above must demonstrate commitments to the following:
    1. Immediately freeze any new investment in fossil fuel companies.*
    2. Divest from direct ownership and any investment in any commingled funds that include fossil fuel public equities and corporate bonds within 5 years.*
    3. Agree to remain divested from the carbon tracker list of fossil fuel companies
    4. Reinvest a significant portion of the divested funds in socially and environmentally responsible companies. Reinvestment should include investment in clean energy companies.

IV.         Other Distributions: Up to 2% of the fund may be distributed each year to support related research and educational activities with input from the fund advisors. The specific amount will be determined by the Responsible Endowments Fund Committee.

*200 publicly-traded companies as outlined on Fig. 5 on pgs. 13-14 of “Unburnable Carbon”, Carbon Tracker Initiative, March 2012

 

 

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