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SOAS investments

Disclosure date: 30 October 2013

Reference: FOI2013/103

Request

1.) The number of shares the university holds in arms trade related companies, including, but not exclusive to BAE Systems, Rolls Royce, GKN, Smiths Group, Cobham, VT Group, General Dynamics, General Electric, Halliburton, L3 Communications, Northrup Grumman and Raytheon, 3Scale, Badoo, Credit Suisse, The Shadow Robot Company and Fios Genomics. Details of shares for each company should be broken down, year-by-year for the last seven financial years.

2.) If the university’s investments are held in a pooled fund or a variety of these funds, please could you provide me with recent, dated, lists of the underlying shares that the funds(s) invests in. If any of the shares are held in arms (and all the above) companies as part of a pension fund or endowment, either directly or indirectly through an externally managed fund, could details be provided?

3.) The total amount, in pounds sterling, that the university has received in research funding from arms trade (and all the above) companies in the last seven financial years. Details should be broken down for each company, year-by-year for the last seven financial years.

4.) The total amount, in pounds sterling, that the university has received in the form of industrial consultancy and industrial research fees from arms trade (and all the above) companies in the last seven financial years. Details should be broken down for each company, year-by-year for the last seven financial years.

5.) The total amount, in pounds sterling, that the university has received in research funding from the Ministry of Defence over the last seven financial years. Details should be broken down, year-by-year for the last seven financial years.

6.) The total amount, in pounds sterling, that the university has received in the form of industrial consultancy and industrial research fees from the Ministry of Defence over the last seven financial years. Details should be broken down, year-by-year for the last seven financial years.

7.) What measures have been taken over the past seven financial years to ring-fence the university’s money used to invest in the stock market from its other income streams, including, but not limited to tuition fees?

8.) From what income stream does the university draw from in order to invest in the stock market?

Response

1&2 .) Please see attached spreadsheet.

3.) SOAS has not received any research funding from companies in the arms trade or from the list above in the last seven financial years.

4.) SOAS has not received any industrial consultancy and industrial research fees from companies in the arms trade or from the list above in the last seven financial years.   

5.) SOAS has not received any research funding from the Ministry of Defence in the last seven financial years.

6.) SOAS has not received any industrial consultancy and industrial research fees from the Ministry of Defence in the last seven financial years.  

7.) Until recently the School had two investment portfolios - the general endowment and the specific endowments portfolio. The general endowment was simply an allocation from the School's general reserves and has since been sold to fund the North Block. The specific endowments portfolio relate to permanent and expendable endowments (restricted donations) that the School has received and invested for the long term. The funds are clearly monitored on the School's finance system. The School's Treasury Management Policy (summarised in the School's Financial Regulations) ensures that sufficient cash funds are held to meet day-to-day requirements. As a charity, SOAS invests its reserves which are built up over many years from surpluses. Tuition fees, as well as other income streams will have contributed to these surpluses.

8.) As indicated above, no one income stream has contributed to endowments policies over the last seven years. Investments are funded from surpluses built up over several years across SOAS’ accounts.