A statement from the University Court
The meeting of Court yesterday (Monday 17 June 2024) considered in detail our ongoing review of the definition of armaments and controversial weapons, as applied to the University’s investments.
Court members expressed gratitude for the substantial amount of information provided by various correspondents as well as to the Short-Life Working Group on Definition of Armaments for Investments, who had completed their work in a highly compressed timeframe.
Court is committed to reviewing the University’s approach to investment, emphasising the need for openness and transparency of the work of the Investment Committee, as reflected and discussed further in the context of the recent Court external effectiveness review.
Court members expressed openness to expanding the definition of controversial armaments including the ways in which AI targeting and other technological or digital developments might be incorporated. Court noted challenges identified by the Short-Life Working Group, specifically that there is not currently a universally agreed definition of Lethal Autonomous Weapons Systems and that further work would need to be done to understand how expanding our definition could be implemented in our investment portfolio. Court therefore requested further information on the deliverability of such a change plus an analysis of the consequences. This work will be completed before the next meeting in October so that a fully informed discussion can then take place. By that time, the inputs into the wider consultation on the University’s Responsible Investment Policy, which is open until 31 August 2024, will also be available.
Court agreed that while further work is ongoing, the previously agreed pause in certain new direct stock investments is continued.
A full list of the ways in which the University has engaged with staff and student communities, including the actions taken, is available below:
Court reaffirmed the commitment previously expressed by the Executive to ensuring that any decisions are principled, meaningful, informed, and fit for any future situation that may arise.