Cornell Alumni Trustee Hopeful Calls Divestment Finance 'Prudent'

July 1st, 2016
Fossil fuel divestment is more likely to augment the University’s endowment than harm it in the long run, according to Joe Rowland ’73, a candidate petitioning to be considered for an alumni-elected position on the Board of Trustees. Prof. Hendrik Bessembinder, finance, Arizona State University, published a study May 11 that estimated Cornell’s endowment would decline by between $120.75 million and $724.5 million over the next 20 years, solely due to the frictional cost of transitioning to and maintaining a fossil-free portfolio.