Sign this petition to show your support for the full disclosure of Emory University's investments and financial holdings and the withholding of donations until these demands are met.

The full letter sent to the Emory University Board of Trustees is below:

 

Dear Emory University Senate / Board of Trustees,

On April 25, 2024, the Emory community reaffirmed its deep concern with what many international human rights organizations have deemed an ongoing genocide in Gaza. With almost 35,000 Palestinians killed and counting, most of whom were women and children, and the gruesome footage coming out of Gaza, the Emory community took to the quad to demand that not a single one of our institution’s dollars would aid in Israel’s genocide against the Palestinian people. It is unquestionable: These events are “moral evils.” We request that Emory University commit to:

1. Increased financial transparency.
2. An audit and realignment of Emory investments against its stated ethics standards
3. Student and community representation on the university’s investment committees to address these community concerns.

Universities across the world are hearing calls for transparency with their investments and financial holdings. Emory is no exception with an endowment of over $11 billion, larger than the net wealth of many countries. Students, faculty, and staff all contribute to and benefit from their university endowment, and as major stakeholders, they are rightfully concerned with where their money is invested.

 

Emory’s Current Policies
Emory currently publishes yearly audits through KPMG on its finance website which provides some information on cash flows and general assets; however, these disclosures fail to mention specific holdings. Emory’s Form 13F filed with the U.S. Securities and Exchange Commission shows investments into public stocks such as Apple, Coinbase, and Coursera, and also market ETFs via Blackrock and the S&P 500.

Emory Investment Management (EIM) claims to incorporate Environmental, Social and Governance (ESG) Investing into its decisions and to ensure “alignment of interest with Emory University objectives.” In September of 2014, the Executive Committee of Emory University adopted guidelines allowing trustees to divest investments from companies that associate Emory with moral evils such as “genocide, apartheid, slavery, or systematic cruelty to children.” EIM also states that they are continuing to “incorporate ESG evaluation more holistically into the investment process.” These audits by KPMG also state that “We are required to be independent of the University and to meet our other ethical responsibilities, in accordance with the relevant ethical requirements relating to our audits.”

 

Community Goals
We request full transparency in Emory’s investments and financial holdings, including:

1. The specific, written standards to which Emory holds itself or any third-party agents it hires to carry out its financial goals and manage its financial assets. These third-party agents can include private equity firms, hedge funds, financial advisories, investment managers, investment banks, or any other entities entrusted with any level of agency with Emory's financial assets (“Emory’s third-party financial agents”). 
2. Full written disclosure of all financial assets, including investments and holdings within, including, but not limited to ETFs, index funds, publicly traded stocks, and any other intangible financial assets.
3. Written disclosure of all relevant information about Emory’s possession of Emory’s financial assets, including clear timelines delineating the length of existing contracts and explicit identification of companies and the size of investments, not just industries.
4. A full written listing of the university’s corporate donors, including their names, donation amounts and specific requests regarding the allocation of their donations.

 

We request Emory’s confirmation of its vigorous enforcement and compliance to its own values, mission statement, and outlined standards of ethics for investment, including:

1. Written verification by the relevant officers of Emory’s compliance with the September 24, 2014 Policy on Extreme Circumstances.
2. Written verification of Emory’s process for hiring third-party service providers, including, but not limited to, its accounting firm.
3. Written confirmation of a rigorous audit of Emory's financial assets to determine their compliance with the ESG Framework and any other ethics-based standards.
4. Written confirmation of its willingness to engage in good faith negotiations of a “no investment” list that comports with its existing policies.

 

We request Emory’s commitment to ongoing transparency and community inclusion, including:

1. Written commitment to hold an annual meeting, open to to all of Emory’s community, held by the President, the Board of Trustees Investment Committee and Emory Investment Management team, and any other entities within Emory that exercise any level of agency of Emory's financial assets, during which presenters will engage in a thorough review of Emory’s financial investments that will be open to live and prepared written questions from community members.
2. Formal changes to the relevant governance documents to require at least 25% of the Investment Committee of the Board of Trustees (the “Investment Committee”) include students (both undergraduate and graduate), faculty, and alumni representatives selected by the community who (a) have full authority and voting rights vested upon all other existing members of the Investment Committee and (b) are capable of overseeing and materially influencing the decision-making processes of the Investment Committee of the Board of Trustees, and any other Emory entities exercising agency over Emory's financial assets.

 

We implore the university to confirm receipt of this letter with a response to our requests by May 10, 2024 and begin the process of transparency as soon as possible, but no later than May 12, 2024. The world looks to Emory as a model, and we invite Emory to be one of the first universities to achieve complete financial transparency.

 

Signed,

Emory Divest Coalition