Harvard Prison Divestment Campaign members walked out of a Monday meeting with University President Lawrence S. Bacow and the Corporation Committee on Shareholder Responsibility to protest the administrators’ alleged unwillingness to consider divesting from the prison industry.
The Harvard Prison Divestment Campaign hosted “Free-Them Week” this week to promote prison divestment at the University through a series of seminars, office hours, and workshops.
Five members of Divest Harvard met with University President Lawrence S. Bacow and Senior Corporation Fellow William F. Lee ’72 Wednesday to discuss their demands for the University to divest its more than $40 billion endowment from fossil fuels.
Divest Harvard — a student group demanding the University divest from fossil fuels — hosted a day of events Monday calling attention to Harvard’s ownership of Brazilian land and reigniting its calls for the school to sell those holdings in the name of environmentalism.
The Harvard Prison Divestment Campaign released a report Wednesday that estimated the University has at least $3 million invested in companies tied to the prison industry and urged administrators to divest all their endowment holdings in such prison-related companies.
Following Harvard Management Company’s announcement that it returned 6.5 percent on its investments for fiscal year 2019, University President Lawrence S. Bacow said he continues to support HMC CEO N.P. “Narv” Narvekar and the University’s five-year plan to restructure its endowment management.
Harvard and more than 30 other colleges and universities jointly submitted their formal opposition to the United States Treasury’s proposed rules for implementing a tax on some universities’ endowments that was originally passed into law in December 2017.
In a statement released last week, Divest Harvard specifically condemned the role Brazilian agribusiness has played in the Amazon fires. The statement noted that the Harvard Management Company — the University’s investing arm — owns 300,000 hectares of land in the Brazilian Cerrado.
After more than a year of uncertainty, the Internal Revenue Service issued proposed guidance on Friday for higher education institutions — including Harvard — required to pay a new tax on their endowments.
Bacow, Mass. University Presidents Call on Legislators to Repeal Endowment Tax Ahead of First Filing
University President Lawrence S. Bacow joined five other Massachusetts university and college presidents in urging United States Representative Richard E. Neal (D-Mass.) to repeal the endowment tax set to be levied on Harvard’s next filings in a letter last month.
At the start of a revitalized “Heat Week” campaign, students, faculty, and alumni gathered to call on University President Lawrence S. Bacow and Harvard administrators to divest their endowment holdings in the fossil fuel industry at a press conference at the Charles Hotel Monday.
Forty-five percent of Harvard’s annual revenue comes from donors — either as endowment returns or direct gifts — University Chief Financial Officer and Vice President for Finance Thomas J. Hollister said in an interview Wednesday.
Harvard has reduced its debt load by roughly $1 billion and increased its reserves in preparation for a potential future recession, University Chief Financial Officer and Vice President for Finance Thomas J. Hollister said in an interview Wednesday.