Divestments of fossil fuels run amok

copperFrom The Australian:

The Centre for Australian Ethical Research has settled a legal dispute with Sandfire Resources after admitting failings in the ­advice given to the Australian National University to sell its shares in the miner.

The controversial advice given by CAER was part of a move to divest from selected ­resources companies in the university’s $1.1 billion portfolio as part of a policy to divest from miners blamed for contributing to global warming.

Sandfire claimed the divestment of about 150,000 of its shares — worth an estimated $675,000 — from the ANU portfolio was based on poor advice and a lack of consultation with the company.

Among the shortcomings, CAER admitted that, before providing the Sandfire profile to the ANU, its only contact with the company was to email an earlier version of a profile and surveys from March 2012.

It also admitted that in July last year another CAER review was conducted of Sandfire, however, “significant aspects of that review were not included in the profile provided to the ANU”.

CAER admitted the lack of contact with Sandfire fell short of its own research standards.

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