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5th week Friday, 10 November 2017
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Oxford slammed for offshore fossil fuel investments PARADISE PAPERS
Tens of millions invested in “exploitative” funds
Anger at Weinstein LMH bop costume By HONOR BROCKLEBANKFOWLER
By MIA MILLMAN Oxford University is facing fierce criticism for fossil fuel exploration investments, following the revelations in the Paradise Papers earlier this week that showed Oxford has invested tens of millions in offshore funds. Campaigners have accused Oxford of “lying to its students, faculty, and the world”. Students have organised a protest taking place today calling on the University to “pay your taxes!”. The Oxford University Climate Justice Campaign have sharply criticised the University, saying: “The Paradise Papers revelation is shocking and infuriating, but it is in line – unfortunately – with the current Oxford administration’s practices of denial and obfuscation and the University’s colonial, exploitative history. “Evidently, the University is concerned with positioning itself as a leader in sustainability, but not with actively following through on its pledges and addressing the roots of the climate crisis.” It attacked Oxford’s investments, adding: “The ultimate result is untold quantities of untaxed dividends for Oxford, and a continuation of its legacy of exploring the planet with the intention of exploiting.” The campaign has called for the University to take immediate action, demanding “divestment from all secret, offshore funds and transpar-
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ency about where our endowment is invested”. The Paradise Papers revelations findings follow pressure for both Oxford and Cambridge to divest from fossil fuel companies. The files, released by The Guardian, reveal that the single largest investment made by offshore funds invested in by the University were in Shell. Coller International Partners V – one of the University’s two offshore funds – invested $1bn in Shell. Xtreme Coil, one of Shell’s business partners, also received funding from Oxford. The firm specialises in “innovative and efficient drilling rigs”. Other Shell ventures that received funding are invested in “production and exploration” technologies. Over half of Oxford’s colleges were found to have placed money in offshore funds. The full list includes All Souls, Brasenose, Christ Church, Corpus Christi, Exeter,
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Students of oxford...
ANALYSIS
Is Oxford avoiding tax? By FELIX POPE Oxford University has strongly rejected claims that its endowment fund (OUem) avoided tax on a string of offshore investments, telling Cherwell there is “no question that the British state has been deprived of taxes due”. But The Guardian last night reiterated to Cherwell claims made in their original article, stating that the incredibly low levels of tax paid by Oxford in the US implied some level of tax avoidance. Oxford’s statement follows revelations exposed in the Paradise Papers that OUem and over half of Oxford’s colleges
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invested money in either tax haven located funds, or US based ‘blocker’ corporations. Both of these could enable the University to avoid certain taxes. University endowments are entirely tax exempt within the UK, and mostly tax exempt in the US. However they are still eligible to pay ‘Unrelated Business Taxable Income’ (UBTI) on profits from debt-financed vehicles, such as hedge funds. The arrangement set up by OUem could therefore allow them to avoid paying taxes on dividends received from certain types of investments.
An LMH student has been criticised for trivialising the “lived experience of survivors” of sexual assault after attending a bop dressed as film producer Harvey Weinstein. The student appeared as Weinstein - who in recent weeks has been the subject of multiple allegations of sexual assault and rape - for LMH’s “horror movie classics” themed party. The student was asked to leave by other students, before later being asked to meet with the college dean to “reflect on his behavior”, according to JCR President Lana Purcell. In a statement to JCR members, LMH Equalities Committee encouraged JCR members “to retain a sense of awareness of the implications of [their] actions when living within college”. They added: “It is extremely saddening to have seen offensive bop costumes, which in this case parodied sexual assault. To trivialise the lived experience of survivors and position their trauma as a part to play within a narrative of ‘humour’ is unacceptable. This behaviour is rude, insensitive but most importantly extremely damaging.” The statement was praised in an anonymous post on Oxfess, which characterised the student’s actions as “beyond disrespectful” and recounted their own experience of sexual assault. The unnamed student said: “I was sexually assaulted by a family member when I was about 10 years old. This man has a very strong resemblance to Harvey Weinstein. Now, some people might think it’s ridiculous of me but when I keep hearing about these allegations and seeing the articles, it’s very upsetting for me… “I am very glad that I did not go to the bop that night because I do not know what I would have said if I had seen that person. I don’t even know CONTINUED ON PAGE TWO
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