Notices

Calendar

1 November, Friday. All Saints’ Day. Scarlet Day.

3 November, Sunday. Commemoration of Benefactors. Scarlet Day. Preacher before the University at 11.15 a.m., The Rev’d Canon Prof. S. R. I. Foot, CAI, Regius Professor of Ecclesiastical History and Canon Professor, Christ Church, University of Oxford (Lady Margaret’s Preacher).

5 November, Tuesday. Discussion at 2 p.m. (see below).

9 November, Saturday. Michaelmas Term divides.

Discussions (Tuesdays at 2 p.m.)	Congregations (Saturdays unless otherwise stated)
5 November	30 November, at 2 p.m.
19 November
10 December

Discussion on Tuesday, 5 November 2019

The Vice-Chancellor invites those qualified under the regulations for Discussions (Statutes and Ordinances, p. 105) to attend a Discussion in the Senate-House on Tuesday, 5 November 2019 at 2 p.m., for the discussion of:

1. Twenty-fourth Report of the Board of Scrutiny (Reporter, 6563, 2019–20, p. 42).

Further information on Discussions, including details on format and attendance, is provided at https://www.governance.cam.ac.uk/governance/decision-making/discussions/.

Topic of concern to the University: The future of the Investment Office: Notice in response to Discussion remarks

28 October 2019

The Council has received the remarks made at the Discussion on 5 February 2019 (Reporter, 6537, 2018–19, p. 398) regarding the topic of concern to the University on the future of the Investment Office (Reporter, 2018–19; 6532, p. 294 and 6534, p. 322). It apologises for the delay in providing this response.

The Council notes the ever-growing evidence of climate change, as observed by Ms Bhargava and Mr Wilson, and acknowledges the seriousness of the existential risk that it poses. It shares with Dr Thomas and Ms Hunter the view that the University should take a leading role in arriving at a carbon-neutral future and looks forward to the launch of Cambridge Zero later this term, as trailed in the Vice-Chancellor’s 1 October 2019 address.1 The difference between the views of the Council, as expressed in its response to the report of the Divestment Working Group (DWG), and some of the speakers at the Discussion has been in determining the best course of action to achieve that aim. The DWG considered the information available to it at the time, including a report provided by the Zero Carbon Society proposing a policy of divestment, and came to the conclusion that the University could achieve more by other means.2 The Council supported that view in its response (see Reporter, 6511, 2017–18, p. 702).

The Council notes the comments of Dr Thomas and Ms Thorpe suggesting that there were undisclosed conflicts of interest during the DWG’s review. It is satisfied that these interests were properly reported at the time and strongly refutes any suggestion that there was evidence of corruption.3

As Dr Cowley notes, the circumstances in which charity trustees may allow their investment strategy to be governed by considerations other than the level of investment return are limited. The Council has published a Statement of Investment Responsibility,4 which notes the primary fiduciary responsibility of the Council to maximise the financial return on the University’s investments, and refers to the Charity Commission guidance on the circumstances in which considerations of the ethical nature of investments can be balanced against that responsibility. The Statement also confirms that the Investment Office is to take care to ensure that the management of the University’s investments reflects the interests and values of the University, including those expressed by the initiation and approval of Grace 1 of 11 January 2017. The Council has since made further commitments in relation to exposure to investments in the fossil fuel sector.5 It has made these specific commitments because it is able to deliver on them.

Substantive information will be available in 2019–20 about the advantages and disadvantages of a policy of divestment compared to other investment policies in a report that the Council has agreed to publish (Reporter, 6544, 2018–19, p. 486). The Council notes the remarks of Dr Quigley, who has been appointed as interim Environmental, Social and Governance (ESG) support and whose progress report has recently been published.6 When the final report is available, the Council will consider its findings in the light of the Charity Commission guidance.

Mr Sherer-Clarke, Professor Anderson and Mr Hailes raise questions about the Council’s access to Investment Board papers. The Council has also queried the level of information made available to it about the University’s investments and will publish information to clarify the governance arrangements concerning the CUEF in 2019–20.

Dr Foster provides a helpful explanation of the balancing of interests that the Investment Board has explored over the last year. The Council has also discussed these issues and considers that the ‘fund of funds’ model adopted by the Investment Office has served the University well over the last ten years and that, with a commitment to increased transparency, continues to be the most appropriate model. The Council welcomes the development of a website to provide information on CUEF investments, the ongoing discussions with fund managers on environmental impact investing, and the development of a strategy for impact investment by the University, as noted by Mr Odgers.7 It also welcomes the appointment of Ms Tilly Franklin as the University’s Chief Investment Officer from January 2020.8

Election of a member of the Council’s Finance Committee in class (b)

30 October 2019

There will be a vacancy on the Council’s Finance Committee for a member of the Regent House, elected by representatives of the Colleges, to serve for three years from 1 January 2019.

The election is conducted in accordance with the Single Transferable Vote regulations. Voting is by postal ballot.

Nominations should be made in writing to the Head of the Registrary’s Office, University Offices, The Old Schools, Cambridge, CB2 1TN, and must include a statement by the person nominated that he or she is willing to serve on the Finance Committee. The deadline for receipt of nominations and statements is 12 noon on Wednesday, 13 November 2019. Nominations should be supported by the signatures of two members of the Regent House.

If a ballot is necessary, papers will be dispatched by Monday, 18 November 2019, for return by 12 noon on Friday, 29 November 2019.

Ballot on Grace 4 of 24 July 2019 (governance of postgraduate and graduate student matters)

30 October 2019

On 30 September 2019, the Council confirmed that it would submit the proposed amendment to Grace 4 of 24 July 2019 and that a ballot would be held (Reporter, 6561, 2019–20, p. 20). A query has since been raised about the options to appear on the ballot paper and the Vice-Chancellor has agreed that these options should include a fourth option to reject the Grace.

The ballot paper will therefore offer the following four options:

•In favour of the Grace in its original form

•In favour of the Grace as amended by paragraphs (1) and (2) of the amendment

•In favour of the Grace as amended by paragraph (1) of the amendment only

•Against the Grace, whether in its original or amended form

As previously noted, the deadline for flysheets is 1 p.m. on Friday, 8 November 2019 and voting will open at 10 a.m. on Tuesday, 19 November 2019 and close at 5 p.m. on Friday, 29 November 2019.

HR Consultations: Comments by 6 December 2019

There are the following HR consultations taking place during the Michaelmas Term 2019:

•Teaching-focused Career Pathway – proposal to introduce a career pathway for teaching-focused staff in Grades 6–12.

•Researcher Career Pathway (RCP) – proposal to replace the current Senior Research Promotions (SRP) scheme from September 2020.

•Dual University Senior Lecturer (USL) Career Pathway – proposal to allow for promotion to USL [Associate Professor G10, if approved] through both research and teaching excellence.

•Contribution Reward Scheme, G1–11 – proposal to change the way in which Single Contribution Payments are awarded to Professional Service staff (Academic-related and Assistant) in Grades 1–11.

•VolunteeringTime Out scheme (Assistant staff) – proposal to run a two-year pilot that will offer Assistant staff up to one day’s matched paid leave to undertake volunteering activities (e.g. where an individual takes a day’s leave for volunteering, the University will match with one additional day’s leave).

Responses to the consultations are welcomed. Please see https://www.hr.admin.cam.ac.uk/hr-consultations-michaelmas-term-2019 for full details about each initiative and how to provide comments by 6 December 2019. The HR Committee will consider the responses during the Lent Term 2020.

Universities Superannuation Scheme: Annual Report and Accounts, 2019

The USS Annual Report and Accounts for the year ended 31 March 2019 is now available on the USS website at https://www.uss.co.uk/how-uss-is-run/running-uss/annual-reports-and-accounts