December 2025 – Fossil fuels
Background
A Principal’s Review Committee for Responsible Investing was established to review a special request from Queen’s Backing Action on the Climate Crisis (QBACC) calling for fossil fuel divestment. Composed of faculty, students, and staff representatives from the Board of Trustees, the committee examined the request through the lens of fiduciary duty, responsible investing policies, and climate commitments.
After deliberation, it submitted its report to the principal, who then provided it to the board’s Investment Committee. The committee then brought the report’s recommendations to the Board of Trustees for consideration.
The board approved the committee’s recommendations in December 2025.
Report and recommendations
The Principal’s Review Committee for Responsible Investing recommended that the university not divest its Pooled Endowment Fund (PEF) and Pooled Investment Funds (PIF) from fossil fuels. In its report, the committee highlights that Queen’s currently has strong practices in place balancing environmental goals with financial responsibilities.
The review concludes that divestment would conflict with the university’s legal fiduciary duty. This requires Queen’s to act prudently and loyally in the long-term interests of the institution and to support the financial strength that sustains its academic and research mission.
The report further explains that the committee reaffirmed the university’s established investment practices remain the right approach. These practices include a clear carbon reduction strategy, regular monitoring, and targets that hold the university accountable for reducing the carbon footprint of the endowment over time as proscribed by the Climate Change Action Task Force in 2022.
Read more about the decision in the Queen’s Gazette and view the full report and recommendations below.
January 2025 - Companies conducting business with or in the State of Israel
Background
In June 2024, Queen’s formed the Principal’s Review Committee for Responsible Investing to examine a special request for the university to divest its pooled endowment and investment funds from companies doing business in or with the State of Israel, and to implement a negative screening process for future investments.
As part of its work, the committee conducted a comprehensive public consultation with students, faculty, staff, alumni, benefactors, retirees, parents, and the Kingston community. This feedback was one of several factors considered by the review committee, as outlined in the Responsible Investing Policy’s Special Requests Procedure.
In January 2025, the committee completed its review and submitted its report to Principal and Vice-Chancellor Patrick Deane, who presented it to the university’s Board of Trustees for careful evaluation. The board approved the committee’s recommendations in February 2025.
Report and recommendations
After a thorough analysis and comprehensive consultation, the Principal’s Review Committee for Responsible Investing recommended against divesting Queen’s pooled endowment and investment funds from companies conducting business with or in the State of Israel, as well as against implementing a negative screening process for future investments.
The committee’s report found that divestment and negative screening would result in an increase in costs and a significant increase in portfolio risk, contrary to the board’s fiduciary obligations. A sustained decrease in investment returns would have a significant negative impact on student experience and academic programming, and on Queen’s future overall.
The committee’s report also highlights Queen’s commitment to the principle of institutional neutrality, which aims to support academic freedom and the fostering of an environment for free and open inquiry. The report also noted the absence of a broad consensus both within the campus community and across Canadian society on this issue.
The board carefully considered the committee’s report and its recommendations and approved them in accordance with trustees’ legal fiduciary responsibilities to act honestly, in good faith, and in the best financial interests of the university.
Read about the decision in the Queen’s Gazette and view the full report and recommendations below.