The debate into Socially Responsible Investments of individual colleges continues as it has been revealed that St Hilda’s college held 24,796 shares in online gambling company PartyGaming.
The investment was made shortly after the company floated on the London Stock Exchange in June, but the shares were sold after five weeks.
The NUS spoke out against the company ahead of floatation, stating online gambling to be “a very dangerous way to supplement income which could result in great financial loss”. In an article by Guardian Education, the NUS also expressed a concern that that online gambling may tempt cash-strapped students, making endorsement of such companies a risk to student welfare. It was also noted that one third of online poker players are female.
Silje Vold of the Campaign for Socially Responsible Investment at St. Hilda’s College told Cherwell, “I understand that St.Hilda’s have jumped on the online gambling craze by investing in one of the most successful online Gambling companies. Considering the dubious ethical nature of such companies, I think it gives St. Hilda’s a negative public image to endorse the activities of such a company.”
“The College is currently committed to make ethical considerations in their investment decision, but as the investment in PartyGaming shows, to ‘consider’ it does not seem to result in excluding companies from the investment portfolio for ethical reasons”, she added.
St Hilda’s Vice Principle, Janet Howarth said, “The College has a socially responsible investment policy, which was agreed by the Fellows of the College after discussion with student representatives. The selection of shares is left entirely to asset managers who act on behalf of the College.”
HSBC, the college’s assets manager, have reported that they would not “invest in a company outside the parameters agreed with our clients.”
Vold presented a paper to the governing body of the college on 15th June 2005 entitled “Why should the College adopt a stricter policy on Socially Responsible Investment?” following a motion passed by the JCR on 6th of June calling for greater transparency of college investments and Socially Responsible Investment policies.
The paper stated that, “in accordance with the Freedom of Information Act, the JCR asks for greater transparency in Hilda’s investments and hence that the JCR is being informed regularly about the College’s investments.”
JCR President Ailbhe Menton told Cherwell, “The JCR is currently gathering as much relevant information as possible regarding the matter and calling upon the JCR report on Socially Responsible Investment. Unfortunately, most students have not returned from vacation yet. Once they have arrived, they will be informed and a discussion held.”ARCHIVE: 0th week MT 2005
St Hilda’s invests in online poker company
