A pair of resolutions petitioning UNM to adopt socially responsible investment standards for its endowment fund now sits before University vice presidents, waiting for approval so it can go before the Board of Regents for review.
The Socially Responsible Investment and World Bank Bond Resolutions, which have been approved by just about every major representative body on campus, began when a group of students protested to demand UNM to adopt investment standards regarding social issues. After listening to their concerns, administrators agreed to form a committee to look into the issues.
Now, that committee that has made its formal recommendations in a report to the University's Administrative Council, a group that includes UNM's vice presidents.
The World Bank Bond Resolution recommends that UNM not invest in the bank's bonds because of its record of controversial involvement with Third World economies.
UNM does not currently own any World Bank bonds.
The Socially Responsible Investment Resolution recommends that UNM screen 20 to 30 percent of its endowment fund investments for social concerns, allow private donors to choose to have their donations screened and for the University to create a permanent investment review committee to determine what is socially responsible.
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"People need to know what the committee is proposing," said Tim Canova, a UNM law professor and a member of the committee that worked on the resolutions.
Canova and the committee have presented the resolutions to multiple groups on campus last year and this semester. He said that the Faculty Senate, the Student Bar Association and the Staff Council have approved both of the resolutions. The Graduate and Professional Student Association has approved the World Bank Bond Resolution. GPSA will vote on the Socially Responsible Investment at its next meeting Friday.
The Associated Students of UNM is the only representative group on campus that had the resolutions presented to it but has not voted on them.
According to an appendix included in the committee's final report, social equity investment rates are similar to return rates from the Standard and Poor 500.
The committee contends that with no financial risks, it makes sense to adopt a policy that could possibly prevent the University from falling prey to some type of corporate investment scandal.
