Note
This correspondence contains identifying information about College administrators. I have chosen to redact such information. The administrators are referred to as “admin A” and “admin B.”
Email Text
Date: October 4, 2020
Subject: Swarthmore Investment Objectives and Policies
From: Daniel Fernandez
To: [admin B]
Text:
Dear [admin B],
I am interested in learning more about Swarthmore’s investment policies. Do you know how I can find a copy of the College’s “Statement of Investment Objectives and Policies?”
Thank you,
—
Daniel Abel Fernandez. Swarthmore ’23. Pronouns: he/him/his
Date: October 5, 2020
Subject: re: Swarthmore Investment Objectives and Policies
From: [admin B]
To: Daniel Fernandez
Text:
Dear Daniel,
Thanks for reaching out to me with your questions regarding the College’s investment policies. The policy statement is not a public document, so I’m unable to share it with you. However, most of what you’re requesting can be found within two documents on the Finance & Investment page of the College’s website. In particular, I draw your attention to footnote 3 of the College’s financial statements for June 30, 2019 (https://www.swarthmore.edu/sites/default/files/assets/documents/finance-and-investment-office/Swarthmore%20College%202019%20Financial%20statements_Final.pdf) and also to the Swarthmore College Endowment Report (https://www.swarthmore.edu/sites/default/files/assets/documents/finance-and-investment-office/Endowment%20Report%20FY%202019%20FINAL.pdf). These two documents provide an overview of the investment objectives, historical spending over time, and the general guidelines for the endowment and similar funds.
Both reports are based on the audited financial statements from June 30, 2019. The FY 2020 audit should be finalized early this week, so we’ll post it as soon as we have a final sign-off from our external auditors. . The endowment report will be updated later this year, most likely in December.
I hope this is helpful and is as responsive as possible to your questions.
Best,
[admin B]
Date: October 5, 2020
Subject: re: Swarthmore Investment Objectives and Policies
From: Daniel Fernandez
To: [admin B]
Text:
Dear [admin B],
Thanks for your response,
These documents are helpful, but I’m also looking for one that mentions the College’s divestment policy. I’ve seen this line but I was wondering where it came from: “Investment Committee manages the endowment to yield the best long term financial results, rather than to pursue other social objectives.” Is that available?
Best,
Date: October 5, 2020
Subject: re: Swarthmore Investment Objectives and Policies
From: [admin A]
To: Daniel Fernandez
Text:
Dear Daniel,
[admin B] shared your note with me since your subsequent question is one about Board policy and communication — and my role as [a certain administrator] includes tracking such things.
It’s clear that you have been doing your research on this, so please pardon me if I’m sending you things you’ve already seen before — but since this is a question the Board has considered multiple times over the period of many years, I wanted to share with you several open communications from the Board of Managers on the question of divestment and on the College’s commitment to addressing the climate crisis.
September 2013, from former Chair Gil Kemp: https://www.swarthmore.edu/board-managers/open-letter-divestment
May 2015, from former Chair Gil Kemp: https://www.swarthmore.edu/board-managers/sustainability-and-investment-policy (This letter references the line you mention in your note)
February 2017, from President Val Smith and former Chair Tom Spock: https://www.swarthmore.edu/news-events/president-valerie-smith-board-chair-tom-spock-78-highlight-efforts-to-confront-climate
June 2018, from current Chair Salem Shuchman: https://www.swarthmore.edu/news-events/response-to-investment-policy-referendum
You might also be interested in a few stories over the years of the College’s actions to address climate change:
- https://www.swarthmore.edu/news-events/board-managers-approves-new-facilities-adopts-sustainability-framework
- https://www.swarthmore.edu/news-events/greenprint
- https://www.swarthmore.edu/news-events/board-approves-2016-17-budget-creates-new-carbon-charge
As you will see from these messages, the Board has devoted significant time and attention to these important questions over many years. The Board has tried to communicate as broadly as possible, given the significant interest in these matters, and these are just some of the various messages.
I hope this is helpful. If it would be useful to discuss generally how the Board works, where different decisions are made, etc., I’d be happy to chat by Zoom.
Best, [admin A]
Date: October 5, 2020
Subject: re: Swarthmore Investment Objectives and Policies
From: Daniel Fernandez
To: [admin A]
Text:
Dear [admin A],
I’ve read these communications and I understand the Board has refused to consider divestment on several occasions.
My question really is just about access to information.
I reached out to [admin B] about accessing the College’s investment policy and we’ve already corresponded about Board documents. If communication between the Board and the community is going to be open and not one-sided then shouldn’t community members have access to key information? It seems reasonable to me that, at the very least, the community should be able to see the policy the Board routinely cites as prohibiting them from considering divestment.
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