The Australian National University is divesting about 5.1% of its Australian equity holdings after implementing a Socially Responsible Investment Policy.
The stocks to go are: Iluka Resources, Independence Group, Newcrest Mining, Sandfire Resources, Oil Search, Santos and Sirius Resources.
The market value of the seven is around $16 million, or about 5.5% of the equities portfolio and 1.2% of the total of the university’s investments of $1.3 billion.
The Council of the ANU today agreed to a proposal by Vice-Chancellor Professor Ian Young to start divestment of the stocks following an independent review.
The review, commissioned as part of the university’s Socially Responsible Investment Policy, was undertaken by CAER, the Centre for Australian Ethical Research.
Socially responsible investing is now big business in Australia with some superannuation funds offering green investment options.
In a statement, the University Council said it also agreed to move to an outsourced management of domestic equities using an enhanced index manager.
The selection of the manager will include assessment of their ability to meet the University’s Socially Responsible Investment requirements.
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