The Beaver Making Sense of LSE Since 1949
Newspaper of the LSE Students’ Union
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beaveronline.co.uk
- Issue 908
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Tuesday 10 December 2019
LSE NO LONGER INVESTED Inside Today Features IN ILLEGAL ARMS FOI Requests by The Beaver reveal progress in LSE’s investment commitments
Colin Vanelli Features Editor
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SE continues to make progress on its November 2015 pledge to divest from financial holdings in tobacco, tar sands, thermal coal, and indiscriminate armaments under the Socially Responsible Investment (SRI) Policy. As of July 2019, the School has eliminated all exposure to direct or indirect investments in indiscriminate arms, which are illegal under international law. Information obtained by The Beaver through a Freedom of Information request, reveals that the first three categories make up 0.4%, 0.1%, and 0.1%, respectively, of LSE’s £154,409,375 endowment.
LSE’s total holdings in SRI divested properties, which now stand at 0.6% of the fund and are collectively worth a little under a million pounds, have decreased from 3.2% of the endowment since July 2016, when the SRI came into force. The most significant reduction came from a 2.5% percentage-point reduction in tobacco holdings. Since the 2015/6 implementation of the SRI policy, LSE has reduced its holdings in the targeted areas by over 80%. The School has no direct investments in any SRI properties; its remaining exposure comes from index funds—so-called ‘indirect’ investments. The School also has no direct exposure to armaments in general, although it maintains exposure to weapons companies through
index funds. The 2016 pledge, a so-called ‘partial’ pledge because it includes only specific categories of fossil fuels and arms, instructs the Investment Subcommittee to not have direct holdings in stocks issued by companies which are involved in the manufacture of tobacco or coal, or significantly engaged in thermal coal or tar sands, and to progressively reduce its holdings in index funds which include these properties. Groups on campus, including the Climate Emergency Collective and EcoSoc, are calling on the School to adopt a more comprehensive divestment policy which includes all forms of fossil fuel and armaments. LSE Climate Emergency Collec-
tive told The Beaver: “This shows that divestment is not impossible, or even difficult, it just requires genuine commitment. Now, LSE must expand its divestment pledge to include all forms of fossil fuels and armaments. “The law isn’t an indicator of what is right and what is necessary. LSE’s SRI commitments are a first step in recognising that where we put our money is an important statement of who we are as an institution.” Financial reports reviewed by The Beaver suggest that LSE had over £1,000,000 in direct and indirect holdings related to fossil fuels and maintained indirect exposure to the weapons industry as of November 2018.
The Beaver’s
A New Constitution General Election Coverage for a New Paper
Interview: LSE Prof. Gerges on London Bridge
10 Comment Election Chatter LSE students share their voting intentions
Opinion, Analysis, and Candidate Interviews
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ast week, the Beaver’s Collective - a group of students who have made substantial contribution to the paper - voted and approved a constitutional amendment radically changing the paper’s democratic practices. In short, the collective is no more. The democratic body of the paper is now the Beaver Society, to which any student at LSE can gain access to by getting a free membership. The Executive team has been expanded, and staff positions have been enshrined in the constitution. Below, you can find a more detailed summary of the changes: Replacement of the Collective with the Society The main change to the constitution is the dissolution of the Collective. We argue that the Collective - once created to gatekeep editorial control - is no longer necessary. Editorial Control will be guaranteed by other changes - like changes to the Disciplinary procedure, and increased rights for elected positions.
The democratic body of The Beaver is now the Society - which any member of LSESU can acquire access to for free. This will mean that the democratic body will be much larger, drawing many more people to the decision making process. This means the Collective Chair position will be eliminated. Executive Team The executive team is restructured into 5 positions instead of 2. The positions are the following: Executive Editor (responsibilities remain as before); Managing Editor (goes back to constitutional responsibilities of managing the: design, distribution, business, and management of the society; no longer de-facto responsible for Beaver sections); Beaver Editor (new position, now responsible for Beaver sections); Flipside Editor (in place as de facto executive for two years, new constitution reflects this practice); Multimedia Editor (in place as senior editor since this year, becomes part of the executive team). Continues Page 2
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