Last semester, the Letter from the Student Body: Stevens Divest from War Initiative passed and was delivered to the recipients, which included President Farvardin, the Board of Trustees, and the school administration. The letter, which represents a culmination of student effort and student voice, has received a response from the Chairman of the Board of Trustees, Stephen T. Boswell, and President Farvardin.
To provide context, the Stevens Divest from War Initiative (SDFWI) has been a student-led movement calling for the university to divest the school’s endowment from companies or investments that violate international law and human rights principles. Previously, SDFWI attempted to pass a proclamation via the Student Government Association’s (SGA) Senate. The proclamation, coupled with the SDFWI proposal, which outlines the specifics of the divestment strategy, was amended to address several points of student concerns. However, the amended proclamation failed to pass in the SGA Senate. As a result, in late March, the SGA introduced the concept of a Letter from the Student Body (LSB), which served as an alternative for students to voice their opinions. The LSB doesn’t require Senate approval and instead allows the student body to vote on the matter at hand. If voting requirements are satisfied, the SGA facilitates the communication of the LSB to the appropriate recipients, as was done for the SDFWI letter.
In response to the letter, President Farvardin and Chairman Boswell shared that they are receptive to the student body effort and had discussed it during the Executive Committee of the Board of Trustees and the Board of Trustees meetings on May 20, 2025. They share that their goal as administrators is to commit to upholding Stevens’ core values and the Code of Ethics, all of which apply to the school’s investing strategies. Specifically concerning the university’s endowment, maximizing returns ensures that the university’s goals can be supported. In direct response to the terms of the SDFWI letter and proposal, several hindrances were communicated:
- The National Institutes of Health (NIH) stated that funding to universities that were boycotting Israeli companies would be revoked and that Stevens, each time it accepts an NIH grant, must confirm that they are not engaging in a “discriminatory prohibited boycott.” Following the recommendations of the SDFWI letter could potentially cost the college millions of dollars in research funding.
- The endowment fund, managed in conjunction with the institution’s Chief Investment Officer, Goldman Sachs, is primarily invested in exchange-traded funds (ETFs) and other grouped securities. This strategy allows the endowment to achieve the financial objectives of the institution. The responders state that “this structure, while efficient for achieving our financial objectives, presents complexities when considering targeted divestment (or investment) in today’s interconnected global market.”
- The additional screening and review proposed would make the process of investing more bureaucratic and could harm long-term returns. As a result, the response cites that this would hurt the university’s operations as well as reduce financial aid provided to students.
- While the letter primarily focused on divestment, the university’s partnerships are multifaceted, and pulling out from organizations financially could negatively impact educational, research, and career opportunities.
Additionally, the responders share that from a philosophical point of view, this letter represents one opinion and that it is the institution’s duty to create an environment where all members feel heard and respected. For all the stated reasons, the Board of Trustees declares that they are unable to accept the recommendations of this letter.
However, members of the Board of Trustees and President Farvardin, in good faith, have amended the wording in the Investment Policy Statement to incorporate their definition of ethical business values, which include following the highest business ethics standards, New Jersey law, and the university’s Code of Ethics.
