Vice-Chancellor: Supporting our values with action

Since I first met with students from Reading Friends of Palestine on 20 May, the first day of their protest at Whiteknights, much has been said and much has been done.

Most of this activity has been very welcome: an active expression of, and support for, freedom of speech and debate, in many forms.

A small amount has been most unwelcome. Our campus must never be a place where abuse or threats are directed at students protesting or going about their normal activities. And there is absolutely no place for antisemitism, or any other form of harassment or discrimination.

Acting to protect

I have been clear in recent weeks that the University will act quickly where we see unlawful behaviour, or words or actions that contravene our policies and values.

And while some people have expressed their concern about the protest, or about activities of people around it or towards it, I am confident that the University has taken the reasonable steps needed to keep people safe. 

We have maintained round-the-clock support from our Security colleagues, whose professionalism and care for all members of the University community has been clear. Colleagues in the Students’ Union have provided daily advice, facilities and welfare support for all students. Colleagues within the University are now also starting to review our chaplaincy provision.

The University has acted swiftly to respond when standards of behaviour have fallen below those which we expect. I am pleased that students protesting have, in the large part, reaffirmed their own commitment not to cause distress to others, and have taken advice on removal of signs and statements that have, whether deliberately or not, caused harassment.

We are now working with the Reading Students’ Union to explore how we might provide more antisemitism awareness training to our community.  

Acting to agree

In speaking with students with different perspectives on the events in Gaza and Israel, including the Reading Students’ Union Jewish Society, I have been impressed with the thoughtful and thorough nature of their arguments. All groups have expressed their concerns and requests to me with great skill and passion. 

Much has been said on topics on which I and many groups of students have affirmed our agreement; some of which I included in my previous message of 24 May.

All agree that the violence in Israel and Gaza is horrific. The view of the University in not taking institutional positions allows all members of our community to speak out and work constructively with all groups to support peace. 

All agree that freedom of speech, including lawful right of protest, and academic freedom are vital to the proper functioning of a University.

All agree that as a community, we can find ways to support those who could benefit from the academic opportunities at Reading. Which is why I have been pleased to double our support for scholarships for asylum seeker students; to find new ways to support research into the environmental impacts of war; and in seeking to strengthen our longstanding association with the Council for At-Risk Academics, CARA.

All agree that we should use our financial assets and associations in support of our values. And while I am confident that the University of Reading has a robust policy on using our investments for good, and strong mechanisms in place to scrutinise them, I am happy to listen to ideas that improve these.

Acting to reform

As I have previously outlined, our existing policies on investments are designed to align our principles with our financial positions. Students have advocated strongly in recent weeks that there is room to extend these policies. And I am minded to agree.  

Much has been done. With our investment managers, Cazenove Capital, we have been working on proposals for our investment policy which we believe are credible, deliverable, and reflect the University’s values.  

Environmental sustainability is a core mission of the University, and we already have strong policies regarding divestment from companies involved directly in the extraction of fossil fuels. But we can do more, particularly in the area of the financing of fossil fuel extraction. After consulting with our President of Council and Chair of the Investments and Development Committee, I have asked that we immediately amend our Investment Policy to exclude the largest fossil fuel extraction funders, as defined by the annual Banking on Climate Chaos report. I believe this will further strengthen the University’s position as a trailblazer among UK universities for ethical investment.

In terms of our current financial holdings, this will mean that the University will dispose of bond holdings in three banks under the new exclusion: Bank of America, Barclays, and Wells Fargo.

In the longer term, regular review of our Investment Policy is an important consideration. We recognise the need to routinely look in more detail at all our ethical positions. I am pleased that we should commit to a thorough review of our Investment Policy, in the light of many concerns raised. While the University is not opposed to all armament manufacturing, recognising the reality of the need for legitimate self-defence, this will include our policies over investments that directly or indirectly support armaments, particularly indiscriminate armaments.  

This review will be led by our Investments and Development Committee, and for the first time will include student representation, calling on other stakeholders as required. This process will need time to consider representations from all relevant groups, but I am confident that we will have a new Investment Policy in place, informed by this process, by January 2025.

We can also do more to show how we are investing as active shareholders. The University, via our fund managers, already engages regularly with all the companies whose investments we own. While we already routinely publish an annual statement of all our investments, we could do more to show how and when we are working as an active investor. We can do more to communicate the depth and extent of this engagement. I am pleased therefore to commit to improve the way that we publicly update students and colleagues about this.  

The University is a UK leader on ethical and sustainable investment, as has been recognised in the People and Planet university league table, in which we are listed as the UK’s leading university. I am not content to rest on our laurels. We can and will do more, whenever appropriate, and I want us to show a path that other universities can follow. 

Acting to engage

Much has been said, and much has been done. I am grateful to those who have engaged positively throughout this process, including those who have contacted me. 

I repeat my request that you continue to do so – please email me directly via vc@reading.ac.uk.

Professor Robert Van de Noort, Vice-Chancellor