A new ‘Responsible Investment Charter’ – which was approved by the university council on the 1st December and officially announced yesterday – has contained “potential divestment processes” related to fossil fuel extraction, tobacco production, cluster munitions and anti-personnel landmines.
The charter includes preliminary language which sets out what seems to be the universities intention to divest from companies that fail to meet environmental, social, and ethical standards.
The decision comes after a year of pressure from students and staff within the Fossil Free Swinburne group.
“We welcome Swinburne’s announcement today and commend the university on its leadership among higher education institutions in Australia” said Fossil Free Swinburne spokesperson Garrity Hill in a press statement.
Swinburne University of Technology currently has a total investment portfolio of $150 million, which includes cash investments, it is unclear how much of this will be affected by the charter, and to what extent.