The University of Michigan Board of Regents met Thursday morning in the Alexander G. Ruthven building to discuss their continued decision to not divest from companies with financial ties to Israel, resolutions honoring departing executive officers and schematics for the new University of Michigan Center for Innovation.
In response to continued student protests, University Regent Sarah Hubbard (R) reaffirmed that the Finance, Audit and Investment Committee has decided not to divest from companies profiting off Israel’s military campaign in Gaza. In her remarks announcing the decision, Hubbard said the main focus of the endowment is on profitability.
“We do not make this decision lightly,” Hubbard said. “Together we must work to address the most complex challenges of our time. We do this through active engagement with one another and with researchers in countries around the world. After deliberation, we have decided to stand by our long standing policy. We will continue to shield the endowment from political pressures and base our investment decisions on financial factors such as risk and return. We are not moving to make any divestment of any kind from the University endowment.”
In comments following the announcement, University Regent Michael Behm (D) responded to statements from the U-M community regarding Israel-related investments. One of the statements Behm responded to included the figure that $6 billion of the endowment is invested in what a Jewish Voice for Peace Instagram post calls “the Israeli regime.” Behm said the $6 billion figure refers to investments in companies that do business with Israel, not Israeli companies themselves.
“We have no direct investment in any Israeli companies,” Behm said. “What we do have are funds (that Israeli companies) may be a part of. … I asked the endowment managers and in reality, less than one-tenth of 1% is in such companies.”
University Regent Denise Illitch (D) then spoke in support of the creation of a varsity women’s hockey team at the University. The prospect is currently undergoing a feasibility study. University President Santa Ono and members of the board, such as Regent Jordan Acker (D), said they supported the study during Thursday’s meeting.
“The time has come and this is part of our service to the people to have a women’s hockey team and not force our elite female hockey players to go elsewhere,” Acker said.
The Board of Regents also passed two resolutions honoring two departing executive officers. The first is Sally Churchill, vice president and secretary, who is retiring after serving as vice president and secretary since May 2005. The other resolution honors Dr. Rebecca Cunningham, vice president for research and innovation, who has recently accepted a position as university president at the University of Minnesota. The resolutions were followed by remarks from the board thanking them for their time at the University. In her remarks about Churchill, Illitch thanked Churchill for her dedication to the University and her management of the eight U-M Regents.
“You have been able to manage eight very independent thinkers and strong-minded leaders as well as the president and officer team,” Illitch said. “It’s a lot of balance, and you’ve done just an exemplary job.”
The design for the UMCI was also approved by the board. The UMCI, which will house graduate programs, offices and shared spaces for community engagement and public projects, broke ground in December and is estimated to be completed in 2027. University Provost Laurie McCauley said the UMCI will expand on academic and career opportunities in Detroit.
“The UMCI will bring together the best of the University of Michigan to catalyze economic development in the city of Detroit,” McCauley said. “It will house a robust portfolio of academic programs, including new interdisciplinary graduate degrees and certificate programs aligned to the skills of the future and needed to attract startups and major employers to the region.”
Meera Herle, Central Student Government president, presented the final report of her term and highlighted her administration’s past accomplishments. Herle expressed disappointment with University’s policies around the Israel-Hamas war, including a draft policy that would prohibit any disruptions of University operations like the TAHRIR Coalition’s protest during the University’s 101st Honors Convocation.
“Recently, it feels as though the board has been making decisions on behalf of our campus from an emotionally charged place,” Herle said. “By being reactive decision makers, you are encouraging students to reciprocate this behavior, and you are escalating tensions. While as members of the board, you represent constituents external to this university, you also have an obligation to make sure that you are taking care of our campus community.”
The Statement of Student Rights and Responsibilities is usually amended every three years, but can be amended during an off-cycle year if the vice president of Student Life, chair of the Student Relations Advisory Committee on the Faculty Senate and the CSG president agree on a new amendment period. According to Herle, the administration has not contacted her about amending the policy, despite the fact that their Disruptive Action Policy would alter student rights on campus. In her closing remarks, Herle said she felt disappointed with the lack of communication between the board and students and was concerned that external opinions are valued over student input.
“I’m ending my term frustrated with leadership at (the University) for not treating students of different perspectives equally and not valuing student input above the opinions of people external to our university,” Herle said. “I intend on working with my successor to ensure that knowledge about the dynamic between the board and Student Government is something that they are familiar with and which they are equipped to handle.”
Herle said she hopes to see the board’s relationship with students improve in the future.
“I meet with leaders every day who truly care about the student experience,” Herle said. “It makes me hopeful that one day the most senior ranks of leadership at (the University) will better understand how to serve those who need their support the most.”
Daily Staff Reporters Matthew Shanbom and Marissa Corsi can be reached at shanbom@umich.edu and macorsi@umich.edu.