Birmingham University weakens restrictions on investing in arms companies
The University of Birmingham has significantly weakend its restrictions on investing in weapons companies, Middle East Eye has learnt.
The British university has replaced a policy committing to "minimise" investments in arms, tobacco and alcohol companies with weaker "investment principles" that require the consideration of "financially material" environmental, social and governance (ESG) factors.
This makes Birmingham the first British university to weaken rather than strengthen restrictions on arms investments amid Israel's genocide in Gaza.
The university's responsible investment policy adopted in 2022 committed to incorporating "ESG issues into investment analysis and decision-making processes".
Investment managers were required to "give consideration" to "investment exclusion criteria" including "companies where revenues exceed 10% of revenues with activities connected to weapons systems", as well as "companies manufacturing whole weapon systems, cluster munitions and anti-personnel landmines".
Also excluded were tobacco, oil and mining companies. The university further said it would "seek to minimise indirect investment in companies which would fall below the ESG standards and exclusion principles".
However the university's updated investment policy, adopted in June and seen by MEE, does not contain these exclusions.
Read more: Birmingham University weakens restrictions on investing in arms companies
The University of Birmingham photographed in September 2018 (Wikimedia Commons)