University of Massachusetts Foundation's board voted unanimously to divest direct holdings in fossil-fuel companies on behalf of the Amherst, Mass.-based university's $770 million endowment, university spokesman Robert P. Connolly said.
The endowment currently has $5 million in direct holdings in fossil-fuel companies.
This follows UMass Foundation's decision last year to divest from direct holdings in coal companies in response to a petition from the UMass Fossil Fuel Divestment Campaign, a student group. The foundation is the not-for-profit company that oversees the school's endowment.
UMass' board later endorsed the foundation's decision. Last month, the campaign staged a series of demonstrations at UMass Amherst to call for divestment from all fossil fuels.
During last month's protest, UMass President Marty Meehan met with campaign representatives. After that meeting, he said he was prepared to recommend that UMass build on its coal divestment by removing from its endowment direct investments in fossil-fuel companies and making additional investments in sustainable energy.
Victor Woolridge, UMass board of trustees chairman, said he would ask the board to endorse the foundation's decision when it meets on June 15 as a sign of support and solidarity.
