UNSW adopts recommendations to update and enhance investment practices

The University consulted broadly with staff and students to debate and determine the amendments.

In culmination of a 10-month staff and student open discussion on UNSW’s investment principles and approaches, the UNSW Council recently adopted all the recommendations from an independent expert review of the University’s financial investment policies and frameworks. The review was conducted by the Financial Investment Strategy Consultation (FISC) Working Group, established through an open EOI process for all staff in 2024. The group comprised eight professional staff, seven academic staff and one external expert who is a member of the UNSW Investment Sub-Committee.

The aim of the consultation was to engage broadly with UNSW staff and students – to debate and determine if and how UNSW’s investment guidelines should be amended.

Between December 2024 and June 2025, the working group reviewed existing frameworks and engaged the University community through focus groups and online surveys to ensure staff and student perspectives shaped the recommendations. Elected student representatives and around 300 club and society leaders from across the University were invited to participate in consultation activities. Students from various faculties who had previously contributed to the 2024 Societal Impact and Strategy Workshops were also engaged.

Feedback, input and submissions were also sought towards the beginning and end of the process from all 82,000 students and 10,000+ staff.

“Similar to the development of the Societal Impact Framework, the key to the success of this engagement process was ensuring multiple forums for the most interested staff and students to be engaged, while also ensuring that all staff and students were aware of and had the genuine opportunity to participate,” said Professor Verity Firth, UNSW Vice-President of Societal Impact, Equity and Engagement.  

The outcome of the discussions culminated in a series of recommendations made to Council to update and amend UNSW’s financial investment approach, their first significant update since the incorporation of the fossil fuel exclusion in 2018.

"Just like everything we do at UNSW, key for the working group was ensuring that the recommendations are concrete and actionable, and not mere words which can’t be implemented or practically achieved,” said Scientia Professor Richard Holden, who co-chaired the working group with Andrew Fellowes, UNSW Director Treasury, Invest & Insurance.

The adopted recommendations clarify UNSW’s financial objectives and include four changes: a commitment to increased transparency, a new ‘controversial weapons’ investment exclusion, an enhancement of the fossil fuel exclusion to accelerate the energy transition, and finally a commitment to work with the funds management industry to develop a means to exclude companies with primarily gambling revenue.

Read the recommendations by downloading this PDF.

Over the coming months, Council has asked for detailed implementation plans to be developed for each recommendation. These plans will outline practical steps, timelines and governance processes to ensure the recommendations are embedded effectively.

We thank everyone who has been involved in and contributed to this review process over the past year, especially the working group members.