MINNEAPOLIS — After months of tension between the University of Minnesota and student groups, the Board of Regents decided Tuesday to keep investments in companies tied to Israel.
This back-and-forth began in the spring semester when student activists set up tents on Northrup Lawn in support of Palestine. The students stated they would take the encampment down if the Board of Regents agreed to divest in companies tied to Israel, as one of six demands.
Since then, University leadership has met with UMN Divest, the pro-Palestinian student group, and Hillel, a Jewish student organization that opposed divestment. Ultimately, the Board of Regents stated Tuesday that it would decline the request to divest and take a position of political neutrality.
"For the past several months, we have sought out expert analysis and a variety of perspectives on how the University invests its Consolidated Endowment Fund,” said Board Chair Janie Mayeron. “We have reviewed how this fund operates, how it supports affordable education for students, groundbreaking research, and community engagement, and the possible financial challenges of divestment."
"We’ve also welcomed input from members of our community, and we respect their deeply held perspectives. In the end, it is clear our community is divided on the topic," she said in the statement. "After careful consideration of all this input, we believe today’s action honors our fiduciary duty and the long-term needs of the University.”
UMN Divest quickly responded via Instagram, sharing the following:
"Despite the Board’s vote on this resolution, the students’ voices will not be silenced. Investments cannot be neutral when they are funding atrocities halfway around the world," the Instagram caption reads. "We, as UMN Divest and as concerned students, have not closed the door for administration to make the right decision. But for now, they have tried to close the door on us."
The student group started a petition denouncing the Board of Regents' move to reject divestment. Minnesota Hillel had not shared a public statement on social media as of Tuesday morning.
The Board shared in the statement Tuesday that future divestment requests would need to meet the following qualifications:
- Demonstrate how the investment is fundamentally incompatible with the University’s core mission and values
- Confirm there is broad consensus regarding the request within the University community of students, faculty, staff and alumni
- Outline the potential impact on the social and political matters and events that the request is designed to address
- Illustrate the financial and operational impact to the consolidated endowment fund should divestment be implemented
The next Board of Regents meeting is on Sept. 12-13.