The Undergraduate Council voted yesterday to officially endorse the Fair Harvard Fund, an initiative that aims to establish a Social Choice Fund to assure that alumni donations go to investments approved by certain environmental, social, and governmental criteria.
The UC’s legislation pledged to help Responsible Investment at Harvard—the student group that launched the Fair Harvard Fund—communicate with the administration and publicize the initiative.
Students who spearheaded the fund’s creation said they hope that with the help of the UC, the Harvard Management Company will agree to take over the Fair Harvard Fund by August 1. The fund has received more that $6,000 of donations since it was launched three weeks ago. The donations are temporarily being held in escrow at Cambridge Savings Bank.
“This is a flagship initiative that has gained a lot of support on campus,” said former UC President Senan Ebrahim ’12, referring to the more than 90 students who sponsored the legislation. “Additional support from the UC would help with pushing this initiative further forward.”
UC President Danny P. Bicknell ’13 said he will send out information later this week in conjunction with Responsible Investment at Harvard detailing the fund’s future.
Students said that they see this is a first step in pushing for more responsible investment practices at Harvard.
“With the Fair Harvard Fund, there is an emphasis on making a social impact as opposed to just making returns,” said Sam F. Wohns ’14, a member of Responsible Investment at Harvard. “It’s a way for donors to feel good about giving back to Harvard instead of worrying where their money is going.”
—Staff writer Michelle Denise L. Ferreol can be reached at email@example.com.