Reports from the Task Force on Divestment

November 28, 2014

Greetings,

As we approach the end of the semester, I would like to update you on the work of the Task Force on Divestment.  As you know, the Task Force was constituted to study and present recommendations to the President and Board of Trustees on a proposal that the College divest its endowment holdings of equities relating to fossil fuels. 

The Task Force met on a bi-weekly basis during the Fall semester, focusing on the information gathering phase of our work.  This was aimed at developing a clear understanding of the meaning and intent of “divestment”, assessing the ways in which other institutions have grappled with this issue, reviewing any available evidence on the effectiveness of divestment, and other related issues.  Most importantly, perhaps, we also aimed to begin studying the effect that potential fossil fuel divestment might have on Skidmore’s endowment and, by extension, the funding of our annual operating budget.

To that end, the College requested that our investment advisors, Colonial Consulting, prepare a study outlining their view of the potential impact of fossil fuel divestment on Skidmore’s endowment and ongoing funding.  We are hopeful of receiving that report in the very near future.  Once we have had an opportunity to analyze and interrogate the report, we will be in a position to finalize the Task Force’s report on Phase 1 of our activities.  It is our hope that we can complete this report no later than the beginning of the Spring semester, and make it available to the campus community.

We then intend to begin a process of engagement with the Skidmore community, including faculty, staff, students, and alumni in which we will share the information that we have, and solicit the thoughts and opinions of community members.  We expect to cast a wide net.   Our ultimate goal in the Spring, of course, will be to develop our recommendation, which we aim to provide to the President and Board of Trustees by May 2015.

Please feel free to contact me or any member of the Task Force with your questions and comments.  The members of the Task Force are noted below.

All the best,
Jim Kennelly
Chair, Task Force on Divestment