Ethical Investment Representations Review Subcommittee

Introduction to EIRRS 

The University is committed to generating returns from its endowment to benefit both current beneficiaries and future generations, while ensuring that it is managed sustainably and responsibly.  

The Oxford University Investment Policy Statement actively incorporates ethical considerations in keeping with the University’s mission. As part of this, over the past two decades, the University has chosen to place restrictions on sectors in which it will not hold investments on ethical grounds following informed debate.   

The Ethical Investment Representations Review Sub-Committee (EIRSS) was established in 2021 as a sub-Committee of the Investment Committee to specifically evaluate ethical issues related to the University’s Investment Policy Statement. EIRRS plays a critical role in the interface between members of the University, Investment Committee, and ultimately Council – trustee of the University’s investments. It is designed to advise on sector issues and themes, rather than individual companies and, in this capacity, EIRRS can enable debate by seeking expertise and views from across the University and beyond, prior to recommending any change to the University’s Investment Policy Statement to the Investment Committee. 

Background to EIRRS 

The Ethical Investment Representations Review Subcommittee (EIRRS) is a subcommittee of Investment Committee. It was established with effect from 26 April 2021 when responsibility for monitoring socially responsible policies and practices was transferred from the former Socially Responsible Investment Review Committee (SRIRC) to the Investment Committee (see Gazette notice on 10 December 2020). The Subcommittee considers representations concerning ethical or socially responsible investment relating to the University's Investment Policy Statement and will make recommendations to the Investment Committee. 

 

Read the outcomes of the ethical investments review

Membership as at Hilary term 2026 is as follows

Position Name Conditions of appointment Until
[1] Mr Huw van Steenis a Chair who shall be the member of Investment Committee with expertise in socially responsible investment appointed under Council Regulations 15 of 2002 Section 23.1(9), or another Chair with appropriate expertise appointed by Council; ex officio
[2] Pro-Vice-Chancellor (Research) the Pro-Vice-Chancellor (Research) or another Pro-Vice-Chancellor as shall be determined by Council from time to time; ex officio
[3] Professor Tom Douglas, Philosophy a member of the Committee for Review of Donations and Research Funding, appointed by Council; MT 2026
[4]

Professor H Bhaskaran, Department of Materials

 a member of Congregation elected by Congregation from members of the faculties in the Divisions of Mathematical, Physical and Life Sciences and of Medical Sciences; MT 2026
[5] Professor Jonathan Michie, Kellogg College a member of Congregation elected by Congregation from members of the faculties in the Divisions of Humanities and of Social Sciences; and MT 2026
[6] Oxford SU

one sabbatical trustee of Oxford University Student Union.

 ex officio
  Baroness Jan Royall, Principal of Somerville College College representative  
  Professor Raphael Hauser, Pembroke Observer  
Secretary: Head of Legal and Compliance, Oxford University Endowment Management Limited (Leonard Taylor)

 

A representation may be made to the EIRRS by:

a. Council, the Investment Committee or any other committee reporting directly to Council;

b. 10 or more members of Congregation;

c. a majority resolution of the Council of the Oxford University Student Union.

Should you wish to discuss the mechanisms for making such a representation, please contact the EIRRS Secretary.

The University has chosen at various instances to place restrictions on sectors in which it will not hold investments on ethical grounds, nor invest in funds which invest primarily in the below listed categories of company:

Direct investment in companies which manufacture arms that are illegal under the Munitions (Prohibitions) Act 2010 or the Landmines Act 1998.

 

Direct investment in weapons which are illegal under the UN Convention on Certain Conventional Weapons (CCW), which was ratified in 2024, and any other relevant international armament treaties to which the UK is a signatory.   

Direct investments in tobacco companies (as defined by UK Cancer Research[1]).

Investment Committee (IC) recommended that a restriction was formalised on direct holdings in tobacco companies[1], in line with the practices of the Committee to Review Donations and Research Services that the University should not accept funds from such companies. Council received this recommendation, together with a response submitted by the SRIRC endorsing the recommendation, at its meeting on 20 June 2016

Council approved the IC’s recommendation.

[1] As defined by Cancer Research UK. Tobacco companies are defined as a company, entity or organisation (or groups or combinations of the same) whose business other than for an insignificant part (i.e. less than 10% of its revenue), is the development, promotion, marketing or sale of tobacco in any country in the world, or is a subsidiary or a holding company of the same.  E-cigarette companies, fully or partially owned by the tobacco industry, are also considered tobacco companies under this definition.

Direct investment in any fossil fuel exploration and extraction companies, including: coal, oil and gas exploration and extraction; in addition to a ban on thermal coal and oil sands.

Previous statement made by Council on 18 May 2015

Regulations

For the regulations of the Ethical Investment Representations Review Subcommittee, please click here:

Regulations

Contact us

Sarah Cowburn

Assistant Registrar (Governance)

Planning and Council Secretariat

sarah.cowburn@admin.ox.ac.uk

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