Carleton University has yet to disclose whether the Sprott Student Investment Fund (SSIF) is still invested in a leading arms dealer.
As of last year, the student-managed fund owned 443 shares in bomb and missile manufacturer Raytheon, the fund’s 2022-23 report shows.
While the SSIF’s report says the fund aligns itself with the United Nations’s Sustainable Development Goals and Principles for Responsible Investing, the group’s tie to a weapons manufacturer is drawing criticism.
“Students don’t want their leaders to be invested in these types of companies,” said Nir Hagigi, an undergraduate representative on Carleton’s senate.
Hagigi, who is also the president of Independent Jewish Voices Carleton, said he believes the arms investment goes against the fund’s stated responsible investment principles.
“You’re invested in a company that’s actually making weapons, like guided missiles,” Hagigi said. “That kind of contradicts itself, in my opinion.”
If the SSIF is still invested in Raytheon, those shares would be worth more than $69,000 today.
The Charlatan asked Carleton and the Sprott School of Business representatives whether the SSIF is still investing in weapons manufacturers and when the fund’s most recent report will be released.
The Charlatan also asked whether investments in arms dealers are consistent with the university’s stated commitment to responsible investments.
University officials did not provide a response in time for publication.
Hagigi’s words for the SSIF are the latest in a series of calls for the university to reconsider its investment practices.
The Carleton University Students’ Association, Carleton’s Graduate Students’ Association and the university’s CUPE 4600 union are among the groups involved in a coalition calling on Carleton to disclose and review its investments.
Facing increasing financial scrutiny in recent months, Carleton has carefully guarded its investments from the public eye, leaving questions about alleged ties to weapons manufacturers unanswered.
In June, a document obtained by the Charlatan alleged the university invested millions into companies listed in a United Nations investigation and human rights violations database, including arms dealers.
Carleton never responded to the Charlatan’s repeated questions over multiple days for that story.
“Our money should not be invested in any companies that make weapons used to kill people, including Palestinian and Israeli civilians,” Hagigi said in June. “Students, professors and staff have endured heartbreaking murders of loved ones at the hands of corporations we fund.”
Hagigi said he is hopeful about the SSIF reconsidering its weapons investment.
“We haven’t seen their 2024 report yet,” he said. “Maybe this year we will see some change from them. But if not, we’re looking forward to having conversations with the SSIF and seeing if we can come to an agreement on something.”
Featured graphic by Sara Mizannojehdehi/the Charlatan.
