About the University’s investments
The University has a variety of investments which support its financial objective of providing long-term resources to strengthen and further its position – nationally and internationally – as a place of outstanding learning, teaching, and research. They also enable it to provide additional support to core priorities of students, academic posts, and buildings.
The University’s approach to managing its investments is outlined on the University website and detailed in its Investment Policy Statement.
Investment governance
Oversight of Oxford’s investments is led by the University Investment Committee which reports to Council.
The Investment Committee has a subcommittee designed to take representations on ethical investment: the Ethical Investment Representations Review Subcommittee (EIRRS). EIRRS considers representations concerning ethical or socially responsible investment relating to the Investment Policy Statement. Its membership includes academic and student representatives.
Ethical Investment restrictions
The University is committed to ensuring that its endowment is managed sustainably and with integrity, to benefit both current beneficiaries and future generations.
The University has chosen at various instances to place restrictions on sectors in which it will not hold investments on ethical grounds.
The Investment Policy Statement prohibits direct investments in companies manufacturing arms that are illegal under UK law, as well as indirect investment in funds which invest primarily in such companies. The statement also prohibits direct investments in tobacco and fossil fuel companies.
EIRRS Review
In light of concerns raised by members of the University community, in June 2024, University Council agreed the following:
- Council has asked EIRRS to lead an accelerated University wide review of the current prohibition on direct investments in companies manufacturing arms that are illegal under UK law (introduced in 2010) as well as investment in funds which invest primarily in such companies (introduced in 2021), and to discuss this restriction’s continued appropriateness or whether it should be extended.
- EIRRS will seek expertise and evidence from various representative groups across the University to hear diverse student and staff voices, including but not limited to: Education Committee, Research and Innovation Committee, Committee to Review Donations and Research Funding, Divisional Boards, major beneficiary trusts of the University endowment, Conference of Colleges and OU Endowment Management, as well as reviewing approaches of similar institutions globally. EIRRS will report its findings regarding the University Investment Policy Statement to Investment Committee, prior to further consideration by Council.
Terms of reference for the review are available for members of the University (SSO required).
Engagement with the University community
EIRRS recognises that this topic will be of interest to members of the University and will seek expertise and evidence from various representative groups to hear diverse student and staff voices.
Webinars
A series of webinars took place in November 2024, providing staff and students with more information about the University’s approach to managing its investments, and the ethical investments review. .
The presentation slides, as well as a recording are available to review (SSO required).
Oxford SU will provide additional opportunities for engagement with students during Hilary term. More information will follow about these from the SU.
Submissions
The current restriction was debated in 2010. The discussion was led by the Socially Responsible Investment Review Committee (SRIRIC) which has since been replaced. .
In Michaelmas term 2024 and Hilary term 2025, EIRRS welcomed expertise and evidence from a wide range of University voices, with members of the University invited to submit their views direct to EIRRS through an online submission form.
The submission deadline was Monday 24 February 2025 at 5pm.
Next steps and more information
In Trinity term 2025, EIRRS will provide its report with findings and any arising recommendations to Investment Committee, which might propose amendments to the Investment Policy Statement, prior to further consideration by Council.
More information will follow at that point.
