University of Maine System, Bangor, is divesting all direct holdings of coal companies in its various investment pools, said a news release from Divest Maine, an advocacy group consisting of students, staff, faculty and alumni.
The divestment was approved at the system’s board of trustees meeting Monday, the news release said.
According to Dec. 3 investment committee materials prepared by NEPC, the system’s investment consultant, the system’s exposure to coal consisted of 0.3% of its $271 million Managed Investment Pool, or about $813,000, and 0.2% of the system’s $40 million defined benefit plan, or about $80,000.
Tracy Elliott, the system’s director of finance and controller, did not return a phone call by press time.