Despite rumors, De Anza Foundation divestment from fossil fuels confirmed
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The issue of whether or not the De Anza Foundation has followed through with its 2013 commitment has been in question since the March 8 DASB Senate meeting, where Student Trustee Elias Kamal said there are many projects still in need of completion, like full divestment of fossil fuels.
De Anza Foundation has confirmed their 2013 commitment completion to fully disconnect with companies and organizations that use fossil fuels by June 2014.
De Anza and Foothill’s foundations were the first of community colleges in the United States to vote for a commitment of fossil fuel divestment in 2013.
This vote was commissioned by students during a campaign that saw strong support from the science department.
Becky Bartindale, coordinator of communications and public affairs, said through email the foundation has followed through and met the terms of the resolution by discontinuing direct investments and minimizing co-mingled assets.
Bartindale consulted Robin Latta, the Foothill-De Anza Foundation’s assistant director who was here when the foundation Board of Directors passed the divestment resolution, and Tess Chandler, the foundation’s executive director, who joined the foundation after that time, for this information.
The foundation has discontinued all direct investments in fossil fuel companies and did so before the deadline.
In terms of co-mingled assets, or mutual funds, the foundation’s current exposure to the Carbon Underground 200 is 2.4 percent.
“The foundation has a desire and fiduciary duty to maximize the dollars it invests for the benefit of students and the colleges while also acting in a socially responsible manner – it is a balancing act,” Bartindale said in the email.
Kamal could not be reached for comment.