President's weekly update
28 May 2020
We have just announced, after final approval from our Board, that we will end investments in fossil fuel reserve and extraction companies by 2022, and ‘decarbonise’ all investments by 2038. These changes to our Socially Responsible Investment Policy go further than other fossil fuel divestment programmes in the HE sector as they include a commitment to reduce the carbon intensity of the overall investment portfolio by 30% by 2022 and then to move as quickly as possible to net zero by, at latest, 2038.
Teams of our staff have been working on preparations for a phased reopening of the University, which means we will be able to resume some laboratory-based research shortly. This has been led by Professor Nalin Thakkar, who is working closely with colleagues from across the University, particularly those in Estates and Facilities. As we have been effectively closed for over nine weeks and because we have to make sure we can maintain social distancing when we restart, this has required a significant amount of preparation and safety checks of our buildings. We recognise that many researchers are desperate to return to work, particularly where completion of their PhD, submission of publications or grant applications and job applications depend on continuing laboratory work. One of the key considerations for us is to ensure that all staff can work safely and this requires detailed assessments to be completed. Regular updates are being provided on reopening.
At a meeting of leaders from across the University we discussed the voluntary measures that we announced last week. We also discussed further savings that we might have to make if student recruitment is significantly reduced in the next academic year. We are still working on the assumption of a 50% reduction in non-UK student numbers, which aligns closely with the planning of many other universities. However, a recent survey by London Economics, commissioned by UCU, suggested that if full face-to-face teaching cannot be delivered next semester nearly 30% of home students may defer, which would have a dramatic impact on the financial position of all universities.
I have been in a number of discussions with Government ministers and senior officials over the past week to explain the serious effects of the pandemic on universities and our important contribution to research on Covid-19 and to the recovery from lock-down. We are still hopeful that there will be further support for universities.
We have also asked Government for further clarity on student recruitment, notably the cap on recruitment of home/EU students at target plus no more than 5%, clearing in August and guidance on reopening.
At the Russell Group Board meeting there was close agreement on the likely scale of impacts of the pandemic on student recruitment and university finances.
Professor Anthony Finkelstein, Chief Scientific Advisor to the Government on national security, was due to visit this week, but instead joined a Zoom discussion with the Registrar, Secretary and Chief Operating Officer, Patrick Hackett; Professor of Psychology, Security & Trust, Emma Barrett; and me to discuss both security issues and our role in the planned ‘test and track’ for Covid-19 which we are working with Greater Manchester on.
Robert Fraser, who will take up the role as our Finance Director on 1 July, joined SLT’s discussions about planning for the impacts of the pandemic, and will be part of further meetings where possible.
I joined a pro-bono webinar in which Andy Haldane, Chief Economist at the Bank of England, interviewed David Cameron about societal challenges, particularly in the post-Covid era. I asked about the contribution of universities to the recovery and questions were also asked by several of our alumni.
Nancy Rothwell, President and Vice-Chancellor