POLITICAL ACTIVISTS SET their sights on Michigan State University last fall.
Their objective: Push the school and a handful of other institutional investors to divest from a Renaissance Technologies fund. The reason: The firm’s then co-chief executive officer, Robert Mercer, provided funding to “several white supremacist organizations like Breitbart,” according to an online petition.
The pressure was more intense than usual but still … manageable. MSU Chief Investment Officer Philip Zecher says he received a few dozen emails urging the $2.7 billion endowment to pull its $50 million investment from the quantitative fund. Students, alumni, and others posted on social media and started a petition at Change.org.
On Nov. 2, Mercer announced he would step down from his leadership role at Renaissance, saying in a letter to staff that he considered discrimination on the basis of race to be “abhorrent.” Less than two weeks after the campaign began, the push at MSU abruptly stopped.
RESOLVING DIVESTMENT CAMPAIGNS isn’t always going to be as easy. Calls continue for colleges to divest from fossil fuels and for pension funds to sell out of gun-related investments. After three members of the California State Teachers’ Retirement System were killed in the Las Vegas mass shooting in October, the state’s treasurer called for the pension system to divest from retailers and wholesalers that sell firearms and accessories such as bump stocks. And following the shooting at Marjory Stoneman Douglas High School that killed 17 in February, some Florida teachers were surprised to learn that their state retirement funds are invested in firearms makers. It’s only a matter of time before institutions will be asked to drop investments over other matters, such as opioids or debt in Puerto Rico.
This story is from the {{IssueName}} edition of {{MagazineName}}.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the {{IssueName}} edition of {{MagazineName}}.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Sign In
See Which Countries Are Falling Behind On Climate Change
Under the Paris Agreement, 190 countries and the European Union pledged to take steps to hold the global temperature rise to less than 2C (3.6F) from preindustrial levels—and preferably 1.5C.
Billionaires Vie for the Future of Brazilian Finance
An escalating battle between two billionaires is upending the financial community in São Paulo, Latin America’s wealthiest city.
Ford Foundation's Darren Walker: ‘We Have to Get Uncomfortable'
DARREN WALKER, 62, disrupted his Wall Street life more than 25 years ago when he left what is now UBS Group AG to volunteer at a school and eventually pursue a career in community development and philanthropy. Since 2013 he’s been at the pinnacle of the philanthropic world as president of the Ford Foundation, created by the family of automaker Henry Ford during the Great Depression to advance human welfare.
Fueling the Ener Transition
I MAY BE BIASED, but some of the most important research and data on the Bloomberg terminal lies in one of its lesser-known functions: {BNEF }
Dig Into Analysts' Estimates for Disruptive Companies
THE PANDEMIC ERA generated a whole wave of disruptive companies as it accelerated the introduction of new products and services in areas including artificial intelligence, digitization, electronic payments, online meeting platforms, and virtual currencies.
Climate Risks Come for Sovereign Credit
FOR YEARS climate scientists have warned about the ferocious wildfires and hurricanes that are now overwhelming many communities. Today alarms are ringing about a related financial danger: risks lurking within government bonds, the biggest part of the global debt market.
Responsible-Investing Pioneer Lydenberg Says ESG Needs An Upgrade
STEVE LYDENBERG’S passion for social change was inspired by anti-Vietnam War demonstrations, consumer boycotts, and the movement to divest from apartheid South Africa. But he didn’t take to the streets. Instead, Lydenberg turned to the world of finance to help catalyze societal change.
Engine No. 1's Grancio: ‘People Will Appreciate an Economic Argument'
ENGINE NO. 1 sent shock waves across corporate America in May when the fledgling investment firm won a boardroom battle with Exxon Mobil Corp., securing three seats on the oil and gas giant’s board after purchasing only about $40 million of its stock.
Find Out Which Companies May Ramp Up Payouts After Covid
AS THE PANDEMIC DISRUPTED business last year, many companies cut or suspended dividends. Which will boost their payouts when economies pick up again?
Get Into the Minds of Central Bankers as They Navigate Shocks
HAVE YOU EVER WONDERED how central bankers forecast the impact of shocks on the economy?
