Birmingham University accused of weakening arms investment restrictions

However, the university's updated investment policy, adopted in June, replaces these specific exclusions with a focus on considering "financially material" environmental, social, and governance (ESG) factors in manager selection, monitoring, and stewardship. JP Morgan has been appointed as the university's outsourced chief investment officer (OCIO) to manage these investments.

The new policy mandates compliance with UK legal prohibitions relating to anti-personnel mines, cluster munitions, and chemical and biological weapons. Beyond these baseline requirements, the university expects the OCIO to explain investment rationales and risk management controls for investments with material exposure to elevated-risk activities.

Antonia Listrat, president of the Guild of Students, criticized the policy change, stating it sends a "devastating message" and makes it easier to profit from companies connected to armed conflict. A university spokesperson, however, stated that no changes have been made to the investment portfolio and responsible investment expectations have not been lowered. The spokesperson explained that the updated policy strengthens oversight and evidence of their approach, moving towards principles-based expectations covering legal compliance, ESG integration, stewardship, voting, climate, human rights, and governance, aligning with their UNPRI signatory status.