$2.8 Billion

The UBC Endowment Fund is made up of 75% donations and 25% land revenue.¹ The purpose of the fund is “to support the university’s academic mission in perpetuity, and to ensure that current and future generations of UBC students and researchers are able to benefit from the foresight and generosity of those who establish endowments.” ²

According to UBC, the academic mission is “Pursuing excellence in research, learning and engagement to foster global citizenship and advance a sustainable and just society across British Columbia, Canada and the world.” ³

Sharing In Genocide

With its endowment, UBC holds shares in the following companies⁴:

1. Lockheed Martin - 0.043% of endowment, or $1.2 million
   World’s largest military company and weapons manufacturer; provides fighter jets to the State of Israel which are used to hurt, displace, and destroy Palestinian people and land.

2. Hewlett-Packard Enterprise Co - 0.028% or $784,000
   Tech company that has enabled Israel to control the rights and mobility of Palestinian people; also used in Israeli prisons (Israel is currently imprisoning 7200 Palestinian people, including 250 children).

3. General Mills Inc - Pillsbury - 0.013% or $364,000
   Pillsbury, owned by General Mills, previously ran a factory in an illegal Israeli settlement. General Mills was formerly described by the UN as a company that exploits land and resources in violation of international law. Though General Mills sold its stake from the aforementioned factory, it continues to benefit from the profits it accumulated over its time of ownership.

4. Caterpillar Inc - 0.010% or $280,000
   Makes bulldozers which are used by the State of Israel to demolish homes and construct illegal settlements in Palestine. Recently, Israeli soldiers have been documented using bulldozers to bury Palestinian civilians alive (including pregnant women in labour carrying white flags).

5. First International Bank of Israel LTD - 0.003% or $84,000
   One of Israel’s largest banks; finances construction projects in illegal settlements on Palestinian land.

6. Bezeq the Israeli Telecommunication Corp LTD - 0.002% or $56,000
   Provides telecommunication services to illegal Israeli settlements, military bases, and checkpoints.

7. Motorola Solutions Inc. - 0.001% or $28,000
   Sells surveillance equipment to Israel; holds contracts with IDF, the Israeli Prison Service, and Population and Immigration Authority

8. Bank Hapoalim BM - 0.001% or $28,000
   Large bank in Israel; finances construction projects and homes built as part of illegal settlements on Palestinian land.

Who is Responsible?

• BOARD OF GOVERNORS: a UBC body that oversees investment. They are obligated to act in the best interest of students, faculty, and staff - NOT in the best interest of their donors.

• PRESIDENT (BENOIT-ANTOINE BACON): Gives recommendations to the board and oversees various vice presidents, including the VP finance.

• UBC INVESTMENT MANAGEMENT: A for-profit corporation owned by UBC, which is used to directly invest and manage UBC’s endowment funds. Must report to the Board of Governors.

Ending all state, corporate and institutional complicity with Israel’s genocidal regime is more urgent than ever. Palestinian lives and livelihoods literally depend on it.

— BDS Movement⁵

The Power of Divestment

Divestment is about moving money from unethical corporations; however, it is even more so about ruining the social license/reputation of these corporations over the long term so that they lose their power to control resources and human lives. Violent companies like Lockheed Martin are able to continue operating business-as-usual, supplying weapons that enable the genocide of innocent people, because reputable institutions (like UBC) continue to prop them up, implicitly encouraging their students to do the same.

Getting UBC to divest is extremely possible — with hard work and dedication, student activists convinced the UBC Board of Governors to divest from fossil fuels in 2019, for instance.

In 2022, student activists got UBC Vancouver’s student union to successfully pass a motion to call on UBC to divest from the aforementioned corporations.

On Nov 23, 2023, student activists got UBC Okanagan’s student union to successfully pass a motion calling on UBC to divest from the aforementioned corporations.

BDS is more about collective, not individual, action. More important than keeping your own investments, purchases, and consciences clean is working within groups or coalitions to organize effective campaigns and build power globally to support the Palestinian struggle.

— BDS Movement⁶

Footnotes