WORCESTER — The University of Massachusetts board of trustees has endorsed a decision by the UMass Foundation in May to divest from the university’s direct holdings in fossil fuel companies.
The vote was a symbolic gesture because the UMass Foundation manages the university’s $770 million endowment, not the trustees.
The endorsement of UMass becoming one of the first public universities in the country to divest from fossil fuels appeased environmentally minded student protesters, though they say their work is far from finished.
“We look forward to moving forward with a clear plan for divestment,” said Kristie Herman, a spokeswoman for the student-led group Divest UMass. “Our work is in no way done.”
With 19 trustees present at the meeting, the board voted 17-1 in favor of endorsement, with Edward W. Collins, Jr. opposing and Robert Epstein abstaining, according to UMass spokesman Robert Connolly.
The endorsement comes after a student-led protest at UMass Amherst focused attention on divestment in April. Divest UMass led a sit-in that drew 250 participants at its height and resulted in the arrests of 34 students.
The group initially called on the university to drop all investments in the top 200 publicly traded fossil fuel companies as determined by Carbon Tracker, an independent think-tank focused on climate change.
The university compromised with protesters, agreeing to end only direct investments in fossil fuels.