University of Maine System, Bangor, is divesting fossil fuel investments from its $461 million managed investment pool of endowment assets, said Tracy E. Elliott, the system's vice president of finance and controller, in an email.
The system's investment committee at its April 28 meeting approved goals connected with the divestment, including short-term goals of divesting from all directly held equity and fixed-income investments in fossil fuel-related companies by May 31 and to make no new investments after that date, Ms. Elliot said.
The committee also approved the long-term goal of divesting from actively managed commingled fund and mutual fund investments in fossil fuel-related companies by 2030.
The system defines fossil fuel-related investments as the list of 200 global companies across the 100 largest public coal and 100 largest public oil and gas reserve owners (including oil sands reserve owners).
Ms. Elliott could not be immediately reached for further information on the managed investment pool's current fossil fuel holdings.
