Demand UTIMCO Divest from Weapons and Weapon Systems Manufacturers

UTIMCO Board of Directors and the UT System Board of Regents

In 2020, UTIMCO (The University of Texas/Texas A&M Investment Management Company) invested over fifty million dollars in weapons and weapon systems manufacturing companies. These corporations include but are not limited to: Lockheed Martin, Boeing, Northrop Grumman, Raytheon, and BAE Systems PLC. These companies contribute to ongoing global humanitarian crises, including the mass killing and displacement of millions of Yemeni civilians in recent years.

By investing in weapons and weapon systems manufacturers, UTIMCO is enabling these companies to profit from humanitarian crisis, and directly contradicting its mission to "improve the human condition in Texas, our nation and our world.” In addition, UTIMCO is contradicting its purpose to “eradicate poverty” and “advance society” as stated on page 71 in the Board of Directors meeting agenda from December 10, 2020. Therefore, we demand that UTIMCO:

1. Make a public pledge in writing to permanently exclude weapons and weapon systems manufacturing companies from all UTIMCO investments, and amend UTIMCO investment policy to reflect this pledge.
2. Divest from all sixteen weapons and weapon systems manufacturing companies in which the UT system is currently invested, listed on the attached fact sheets, no later than January 2022.
3. Reinvest in clean energy, regenerative agriculture, and green mutual funds by reallocating at least 90% of divested funds ($52.5 million) into these industries within one year.

Detailed lists of UTIMCO’s investments in weapons and weapon systems manufacturers can be viewed at these links for 2019 and 2020.

To: UTIMCO Board of Directors and the UT System Board of Regents
From: [Your Name]

Hello,

I am contacting the UTIMCO Board of Directors and the UT System Board of Regents as an individual concerned about the funds invested by the UT system and their impacts on our nation and vulnerable populations throughout the world. I am contacting you today with a list of asks for UTIMCO and the UT system Board of Directors regarding their investments in weapons and weapon systems manufacturers.

It has been brought to my attention through the 2019 and 2020 Permanent University Fund Detail Schedules Of Investment Securities And Independent Auditors’ Report, that UTIMCO invests a considerable amount of money in weapons and weapon systems companies. These corporations include but are not limited to: Lockheed Martin, Boeing, Northrop Grumman, Raytheon, and BAE Systems PLC. Complete lists of UTIMCO’s investments in weapons and weapon systems manufacturers from 2019 and 2020 can be found at these links:

https://drive.google.com/file/d/1zyaY_mSUWTAX8RLEgbHiBZ6MqY0YYMdT/view?usp=sharing

https://drive.google.com/file/d/1weonRznzc4qsT3srqrBucs8DLIA9d_W-/view?usp=sharing

As you can see, the UT system’s investments in weapons and weapon systems manufacturers increased by nearly 15 million dollars, from $37.8 million in 2019 to $52.5 million in 2020. These companies contribute to ongoing global humanitarian crises, including the mass killing and displacement of millions of Yemeni civilians in recent years [1]. By investing in weapons and weapon systems manufacturers, the UT System is enabling these companies to profit from this humanitarian crisis and directly contradicting its mission to "improve the human condition in Texas, our nation and our world.” In addition, UTIMCO is contradicting its purpose to “eradicate poverty” and “advance society” as stated on page 71 in the Board of Directors meeting agenda from December 10, 2020 [2].

In order to uphold the mission of the UT System and adhere to these stated purposes of UTIMCO, I present a list of asks for the divestment and reinvestment of UTIMCO-managed funds. These asks are as follows:

1. Make a public pledge in writing to permanently exclude weapons and weapon systems manufacturing companies from all UTIMCO investments, and amend UTIMCO investment policy to reflect this pledge.

2. Divest from all sixteen weapons and weapon systems manufacturing companies in which the UT system is currently invested, listed on the attached fact sheets, no later than January 2022.

3. Reinvest in clean energy, regenerative agriculture, and green mutual funds by reallocating at least 90% of divested funds ($52.5 million) into these industries within one year. A sample list of funds which are not directly or indirectly invested in weapons manufacturers can be found below [3].

I hope that my concern for the UT System’s fulfillment of its mission to improve the human condition is shared by the UT System Board of Regents and the UTIMCO Board of Directors. I hope to see amendments to the UTIMCO investment policy that protect the safety and dignity of all people.

References:
[1] https://inthesetimes.com/features/us-saudi-arabia-yemen-war-arms-sales.html
[2] https://www.utimco.org/media/3435/board-book-12102020.pdf
[3] https://futureoflife.org/invest/