To the Editor:
As members of the Open the Books! Coalition, we are disappointed with the Herald's editorial on the endowment ("Transparency and the endowment," Oct. 20) that claims that more investment transparency is "undesirable." Disclosing the nature of investments to the campus community is not an uncommon practice at other universities. According to the College Sustainability Report, one in five universities release the record of their investment holdings to students, and many even make this information available to the public.
Wesleyan University, Amherst College and Haverford College all publish their portfolios to students, with no demonstrated loss in their investment returns. Maximizing returns to the endowment and increasing investment transparency are not mutually exclusive practices.
The editorial wrongly claims that Brown is "cognizant of the ethical implications of its investments." Last year, students learned from a presentation given at Cornell University that Brown is invested in HEI, a hotel company that has become known for its unjust treatment of workers. Two hotels in California owned by HEI are currently under a worker-led boycott. Several pro-union workers have been interrogated, disciplined and even laid off after workers began organizing publicly. HEI does not guarantee its workers affordable health care or job security, and it seeks to maximize its profits by laying off many employees. Members of the Student Labor Alliance presented the case against HEI before the Advisory Committee on Corporate Responsibility in Investment Policies (ACCRIP), yet the University has refused to take action.
ACCRIP was created in part to allow members of the campus community to voice their ethical concerns about corporations in which Brown invests. Without investment transparency, it is impossible for ACCRIP to fulfill its mission. How can students and faculty raise their concerns about socially irresponsible investments if those investments are never disclosed in the first place?
The Brown Slavery and Justice Committee Report described the current lack of transparency as "troubling" and recommended that the University maintain "high ethical standards in regard to investments." Brown must adopt a policy of investment transparency. Keeping our portfolio undisclosed serves neither the interests of the Brown community nor those of HEI hotel employees.
Kate Hadley '12
Mark Morales '10
Oct. 22
