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FREDERICKSBURG, Va. (AP) — The University of Mary Washington Board of Visitors has passed a resolution to work divestment from fossil fuels into its investment policy.
The Free-Lance Star reports (http://bit.ly/1MxUobR) the resolution, passed Friday, comes after three years of protests and petitions on the Fredericksburg campus from the student-led Divest UMW group.
The resolution requests that the UMW Foundation revise its investment policy to limit discretionary fossil fuel investments to a range of two to four percent. It also requests an annual report on the endowment's divestment to the board.
The move comes on the heels of a comprehensive study conducted by a special subcommittee of The President's Council on Sustainability. President Rick Hurley says the decision will have many benefits, including giving the Foundation board flexibility to achieve returns on private funds that have been donated.
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Information from: The Free Lance-Star, http://www.fredericksburg.com/
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