Clare’s policy on fossil fuel investments — “The College has agreed not to hold directly or indirectly shares in fossil fuel producers” — makes it clear that colleges are able to control direct AND indirect investments through an ethical investment policy.
Divested?
No.
FOI Request
Refused. See correspondance below:
From: Toby Wilkinson <tahw1@clare.cam.ac.uk>
Sent: 12 June 2024 13:43
To:
Cc: FOI Requests <foi-requests@clare.cam.ac.uk>
Subject: FOI request
Dear Sir/Madam
Here is the our response to your FOI request about our investments.
The College invests in publicly quoted shares only indirectly through third party managers. It is they who make the commercially sensitive and confidential decisions about individual holdings. The College only has one direct shareholding, comprising a gift of shares in a company which is not relevant to your request.
Yours faithfully
Toby Wilkinson
Toby Wilkinson MA PhD FSA FRHistS
Fellow and Trustee | Interim Estates Bursar
Clare College, Trinity Lane, Cambridge CB2 1TL, UK
Tel: +44 (0)1223 333 272
Sent: 23 June 2024 23:55
To: Toby Wilkinson <tahw1@clare.cam.ac.uk>
Subject: Re: FOI request
Dear Toby,
I am writing to request again the disclosure of specific college investments.
This is part of the Freedom of Information law that requires you to disclose indirect investments through index funds.
Both Christ’s and Queens’ colleges have disclosed information on investments as provided below.
If you are to invoke Section 43 to withhold information in relation to any of these questions please note you must provide details of the exact FOIA exemption, details of who would be prejudiced by this information, and a public interest test justifying a conclusion with arguments for and against the release of the information.
If you are to invoke Section 12 to withhold information in relation to any of these questions please provide details of how locating, retrieving and extracting this information would exceed the appropriate limit of £450 as set out in the Freedom of Information and Data Protection (Appropriate Limit and Fees) Regulations 2004. Please also be aware of your duty under section 16 (1) of the Act to advise and assist me in narrowing my request to bring it within the appropriate limit.
I look forward to a quick response from you.
From: Toby Wilkinson <tahw1@clare.cam.ac.uk>
Sent: Monday, June 24, 2024 3:04:37 PM
To:
Cc: FOI Requests <foi-requests@clare.cam.ac.uk>
Subject: RE: FOI request
Thank you for your further email. To clarify: the College invests in publicly quoted shares only indirectly through third party managers. It is they who make the commercially sensitive and confidential decisions on a daily basis about individual holdings. The College does not hold the information you ask for, and therefore cannot disclose it to you. The College is not invoking an exemption under the FOIA as we do not hold the information you have requested. The College only has one direct shareholding, comprising a gift of shares in a company which is not relevant to your request.
Yours sincerely
Toby Wilkinson
Sent: 30 July 2024 19:23
To: Toby Wilkinson <tahw1@clare.cam.ac.uk>; Senior Tutor <seniortutor@clare.cam.ac.uk>
Subject: FOIDear both,
Please consider this an extension of the previous FOI sent by myself.
I am surprised to hear that the College does not hold the information requested, given that Christ’s College has been able to disclose the exact figures of its exposures to these companies through the same Amundi Global Low Carbon Fund. Would you be able to clarify to me how and why the nature of Clare’s relationship to Amundi and its managers is different to Christ’s?
I think this is a particularly relevant question given the University’s public commitment yesterday to reviewing its approach to responsible investment, including monitoring defence exposures within its investment portfolios. An institution with an ethos like Clare’s should know and care about where its money goes.
I’d therefore be grateful for any further explanation you can give me regarding what you know of Clare’s indirect investments. There is huge strength of feeling in the student body on the issue of arms investments and solidarity with Palestine, as demonstrated by the recent UCS referendum: it passed with an overwhelming 89% in favour. As such, students like myself are committed to raising this issue. We would be keen to find out this information directly from you, and to begin constructive dialogue regarding it, but will also not hesitate to seek this information via other channels if necessary.
From: Toby Wilkinson <tahw1@clare.cam.ac.uk>
Sent: Wednesday, August 14, 2024 12:37:43 PM
To:
Cc: Senior Tutor <seniortutor@clare.cam.ac.uk>
Subject: RE: FOI
Dear
Thank you for your further email. I cannot of course answer for Christ’s College, but Clare College’s response is as given in my emails to you of 12 June 2024 and 24 June 2024.
Best wishes
Toby
Investment policy
Clare College Investment Policy (2023).
The policy has this clause regarding fossil fuels under its “Investment Restrictions” (VII, 1) on p.8:
“The College has agreed not to hold directly or indirectly shares in fossil fuel producers (defined as businesses generating 5% or more of revenue from this activity).”
It has no mention of arms.
Student body activity
Clare has an active student group demanding disclosure and divestment from arms, called Clare for Palestine. Instagram: @clare4palestine
Students have met with the Bursar.
Union of Clare Students (JCR) referendums:
- Easter 2024: The UCS successfully passed a referendum affirming solidarity with Palestine and calling for action from Clare College.
- Easter 2025: The UCS passed a second referendum committing student support to divestment from arms and occupation.
Contact
Bursar: Toby Wilkinson; tahw1@cam.ac.uk; bursar@clare.cam.ac.uk
Senior tutor: ProfessorJacqueline Tasioulas; seniortutor@clare.ac.uk
Master: Loretta Minghella; master@clare.cam.ac.uk