Principal and Vice-Chancellor Patrick Deane has established a Principal鈥檚 Review Committee for Responsible Investing in accordance with the university鈥檚 Responsible Investing Policy to consider a special request submitted by a campus group, Queen鈥檚 University Apartheid Divest (QUAD), in May 2024. Please note, this submission contains the views of the campus group that authored it and not those of the university overall.
This group鈥檚 request asks the university to divest its pooled endowment and investment funds from companies conducting business in or with the State of Israel and to put in place a screening process for future investments.
CALL FOR SUBMISSIONS AND CONSULTATION QUESTIONS
Consultation is a central part of the mandate of the review committee, and it therefore invites those with interest or expertise to submit views or evidence that might inform its deliberations. The committee will be considering both written submissions and requests for an opportunity to make in-person presentations. The committee is particularly interested in hearing views on the following questions:
- Should the university divest its pooled endowment and investment funds from companies for conducting business in or with the State of Israel?
- Should the university adopt a screening process that would potentially preclude future investments based on their business in or with the State of Israel?
The committee will assess submissions against the criteria detailed in the special request section of the Responsible Investing Policy. The factors that the Review Committee will consider include, but are not limited to:
- Consistency with existing University policies or objectives;
- Feasibility (e.g. the amount of resources involved to address the issues raised in the request);
- Materiality of the request to the overall investment portfolios;
- Whether there is duplication of past requests and/or whether there have been material changes that would warrant reconsidering past requests. For greater certainty, past requests may be considered if there have been material changes to the underlying facts, environment, or best-practices that would warrant re-consideration; and
- Whether the issue is better addressed using other levers available to the University.
Along with the above criteria, the committee will also be assessing the impact the special request may have on the risk and return profile of the university鈥檚 investment portfolio.
SUBMISSIONS
*Please note that the deadlines for requesting an in-person session with the committee and to submit written submissions have now passed. The committee thanks all those who have participated in the process.
All submissions received will be reviewed and carefully considered by the committee and they will not be shared publicly.
Further information regarding the review committee can also be found below, including its terms of reference and membership. If you have any questions on either the written submission or in-person presentations, you can send them to RVWCTTE@queensu.ca.
Terms of Reference
On May 9, 2024, the university received a document titled 鈥淒ivestment Recommendations for Companies that Facilitate the Israeli Occupation of Palestinian Territories.鈥 The document was prepared by a group of community members identifying themselves as the Queen's Apartheid Divest Coalition (QUAD). QUAD requested that the document be considered as a formal submission for a special request for divestment per Procedure 2 鈥 Special Requests of Queen鈥檚 Responsible Investing Policy.
The petition was reviewed by the University Secretariat. Once the University Secretariat verified that the signatures met the requirements set out in the Procedure, Queen鈥檚 Principal, Dr. Patrick Deane, established a Principal鈥檚 Review Committee for Responsible Investing.
Advisory Committee Mandate
The Committee鈥檚 work will focus on conducting a comprehensive assessment of QUAD鈥檚 request for divestment and negative screening, in accordance with the Responsible Investing Policy, and will be guided by the Fiduciary Responsibilities, of the Board of Trustees (see section II of the Board鈥檚 Code of Conduct); the consideration of Environmental, Social, and Governance (ESG) issues, and all other factors defined in that Policy.
- The Committee will conduct a review of similar submissions for divestment received by other Canadian universities and any analysis and conclusions by those universities.
- The Committee will consult the Queen鈥檚 community to ensure a thorough understanding of the impact and issues raised by the request.
- The factors that the Review Committee will consider include, but will not be limited to:
- Consistency of the requests with existing university policies or objectives;
- Feasibility of the requests (e.g., the amount of resources involved to address the issues raised in the requests);
- Materiality of the requests to the overall investment portfolios;
- Whether the requests are a duplication of past requests; and
- Whether the issue is better addressed using other levers available to the university.
The Committee is advisory to the Principal. The Principal is not involved in the Committee鈥檚 work or its deliberations. The Committee will prepare and submit to the Principal a response detailing its recommendation(s), which may include, but are not limited to, suggestions for ensuring the relevant Environmental, Social, and Governance (ESG) Factors are considered in the investment process, suggestions for alternative non-investment related approaches.
Upon receiving the recommendation(s) from the Principal鈥檚 Review Committee for Responsible Investing, the Principal will provide the recommendation(s) to the Investment Committee of the Board of Trustees. The Investment Committee will review the submission provided by the Principal鈥檚 Review Committee for Responsible Investing and make recommendations, if any, to the Board of Trustees for final decision. Decisions of the Principal鈥檚 Review Committee, along with the rationale for decisions, will be publicly reported on the University website.
Membership
- Chancellor Emeritus Jim Leech 鈥 Committee Chair
- Todd Mattina - Chair, Investment Committee, Board of Trustees
- Don Raymond 鈥 Chair Emeritus, Board of Trustees and Investment Committee
- Bob Watts - Governance & Nominating Committee, Board of Trustees and Adjunct Professor, School of Policy Studies
- Vicki Remenda - Faculty Trustee
- Nancy Evans - Staff Trustee
- Rector Niki Boytchuk-Hale - Rector and Student Trustee
- Jonathan Rose - Professor and Head, Department of Political Studies
- Lynne-Marie Postovit - Professor and Head, Biomedical and Molecular Sciences
Secretary: Kate Bearse
Non-voting Advisors:
- Michael Fraser, Vice-Principal (University Relations)
- Donna Janiec, Vice-Principal (Finance and administration
- Heather Woermke, Associate Vice-Principal (Finance and Administration)
- Brian O鈥橬eill, Director, Investment Services
- Rebecca Coupland, University Secretary
Timeline
The Committee shall begin its work in June of 2024 and will endeavour to complete this work expeditiously. Upon submission of its recommendations to the Principal, the Committee shall be dissolved, though it may be called together informally thereafter to either clarify or expand on its recommendations.
Meetings
The Committee shall meet at the call of the Chair and may meet in person, by video conference, or other electronic or digital means as determined by the Chair.
Confidentiality
All members of the Committee will be required to sign a Confidentiality Undertaking and Queen鈥檚 University Board of Trustees Code of Conduct that outlines their responsibilities as Committee members and Advisors and expectations related to confidentiality, collegiality, and conflicts of interest.
Committee Members
- Chancellor Emeritus Jim Leech 鈥 Committee Chair
- Todd Mattina (Chair, Investment Committee, Board of Trustees)
- Don Raymond (Chair Emeritus of the Board of Trustees, Investment Committee member)
- Vicki Remenda (Faculty-Elected Trustee)
- Nancy Evans (Staff-Elected Trustee)
- Niki Boytchuk-Hale (Rector and Trustee)
- Jonathan Rose (Professor and Head, Department of Political Studies)
- Lynne-Marie Postovit (Professor and Head, Biomedical and Molecular Sciences)
Non-Voting Advisors:
- Michael Fraser (Vice-Principal, University Relations)
- Donna Janiec (Vice-Principal, Finance and Administration)
- Brian O鈥橬eill (Director, Investments)
- Heather Woermke (Associate Vice-Principal, Finance and Administration)
- Rebecca Coupland (University Secretary)
Queen's Gazette - November 20, 2024 - Responsible Investing Review Committee completes public consultation
Queen's Gazette, August 6, 2024 - Responsible Investing Committee to invite those with interest or expertise to share input on special request
Queen's Gazette, June 3, 2024 - University Establishes Committee