{"id":6471,"date":"2013-11-01T18:04:52","date_gmt":"2013-11-01T22:04:52","guid":{"rendered":"http:\/\/www.l-a-k-e.org\/blog\/?p=6471"},"modified":"2013-11-01T18:11:01","modified_gmt":"2013-11-01T22:11:01","slug":"your-well-intentioned-request-is-impractical-vsu-foundation","status":"publish","type":"post","link":"http:\/\/www.l-a-k-e.org\/blog\/2013\/11\/your-well-intentioned-request-is-impractical-vsu-foundation.html","title":{"rendered":"Your well-intentioned request is impractical –VSU Foundation"},"content":{"rendered":"

\r\nThe VSU Foundation knows more than 98% of climate scientists,\r\nand also sneers at former divestment from tobacco and apartheid companies.\r\n\r\n<\/a>\r\nNevermind that\r\n\r\nfossil fuel divestment is going faster than either of those<\/a>.\r\nIs it good fiduciary responsibility to stay invested in the stranded investments\r\nof fossil fuel stocks while\r\n\r\nsolar stocks are skyrocketing<\/a>?\r\nIs this really how to encourage people to\r\n\r\ngive to VSU<\/a>?\r\nIs that how\r\n\r\nthe alumni<\/a>\r\nwant their investments used?\r\n

\r\nSeen today on\r\n\r\nS.A.V.E.’s facebook page<\/a>,\r\n\r\nVSU Foundation’s response<\/a>\r\nto\r\n\r\nS.A.V.E.’s fossil fuel divestment request<\/a>:\r\n

\r\n

\r\n\r\n<\/a>\r\nOctober 29, 2013\r\n

\r\nDanielle Jordan, President\r\n
\r\nS.A.V.E.\r\n
\r\nValdosta State University\r\n

\r\nDear Ms. Jordan,\r\n

\r\nThe Investment Committee of the VSU Foundation Board of Trustees has\r\nreviewed the request from your organization that securities issued\r\nby companies engaged in the production of fossil fuel energy be\r\nexcluded from the foundation’s endowment portfolios. Compliance with\r\nyour well-intentioned request is impractical for a number of reasons\r\nand perhaps even a breach of the fiduciary responsibility that all\r\nof our trustees take very seriously.\r\n<\/p>\r\n

\r\nThe various VSU Foundation endowment portfolios are managed on a\r\ndiscretionary basis by multiple asset management firms within the\r\nparameters of a specific allocation model carefully constructed by\r\nour committee using the advice and expertise of our lead asset\r\nmanager, Ladenburg Thalmann. During the ongoing process of\r\nactive asset management, portfolio managers must be granted the\r\ndiscretion to move into and away from any sector of the economy they\r\nwish as long as they remain consistent with their individual\r\nmandates and objectives. It’s possible that abridging this freedom\r\nof movement could adversely impact overall investment performance,\r\nbut more importantly, it could impact the ability of asset managers\r\nto control overall investment risk. The endowment’s value to the\r\nuniversity, its students, and its faculty is something that we are\r\nunwilling to jeopardize.\r\n<\/p>\r\n

\r\nThe marketers of “socially responsible” investing,\r\nalways anxious to promote a particular investment process, change\r\ntheir approach from time-to-time. Years ago it was all about\r\nalcohol, tobacco, firearms, and apartheid. Now it’s about\r\nanthropogenic climate change. In the interest of intellectual\r\nhonesty, I suggest you read some critiques of the UN report you cite\r\nin your letter. You’ll have no trouble finding them.\r\n<\/p>\r\n

\r\nIt is the desire of the VSU Foundation to financially support the\r\nuniversity to the utmost of our ability and to let “social\r\nresponsibility” and the “reduction of human\r\nsuffering” flow forth from the university’s success in\r\naccomplishing its mission over the many years to come. This, in our\r\njudgment, is the best and highest use of the assets with which we are\r\nentrusted.\r\n<\/p>\r\n

\r\n\r\n<\/a>\r\nSincerely,\r\n

\r\n[signed]\r\n

\r\nWayne Edwards\r\n
\r\nChairman\r\n<\/p>\r\n

\r\nVSU FOUNDATION, INC.\r\n
\r\nPHONE 229.333.5939\r\n—\r\nTOLL FREE 800.464.3638-i\r\n—\r\nFAX 229.259 2553\r\n—\r\nWEB www.valdosta.edu\/adv\r\n—\r\nADDRESS 1500 N Patterson St\r\n—\r\nValdosta. GA 31698-0213\r\n
\r\nLOCATION 3rd Floor\r\n—\r\nContinuing Education Building\r\n—\r\n903 N. Patterson St.\r\n
\r\n\r\nA Regional University of the University System of Georgia and\r\nan Equal Dpportunity institution\r\n<\/em>\r\n<\/p>\r\n<\/blockquote>\r\n

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