Mark Campanale starts of his speech by noting that the members of uni administration who spoke on the previous panel have disappeared and not bothered to stick around to hear about the legal and financial feasibility of divestment. Shameful lack of willingness to engage.
Mark Campanale points out the University has not yet done a risk assesmment of its portfolio to understand downside risk of its investments
Mark Campanale: Getting out of fossil fuels is a risk mitigation strategy!
Audience member asks what reputional risks the University is exposed to given the actions of the fossil fuel industry
Mark Campanale: Banks are reconsidering loans to fossil fuel companies given the fragility of their oil assets which are unburnable under Paris Agreement.
MC: We need a new non-proliferation treaty to limit worldwide use and exploration of fossil fuels. Cites this article: theguardian.com/commentisfree/…
MC: Investors are not moving fast enough. We are still having academic discussions when we only have only 10-15 years. Governments will act if investors do not but we still have time for investors to take leadership.
LF: Trusteers have a fiduciary duty, then it is down to them how it is intepreted. Conventional position is to gain maximum returns. Diversification is main way in which trusteers abide to fiduciary duty. You CAN divest, sometimes you have an obligation to to mitigate risk.
