by James A. Bacon

Militant groups at the University of Virginia tried to organize a “sit in” at the Board of Visitors meeting yesterday, but the event fizzled. A dozen or so local radicals showed up at the Rotunda, where the board meeting was held, but they were met by a strong force of uniformed University police. The entrances to the Rotunda were closed to the public, and visitors had to gain clearance to enter.

The board meeting proceeded without disruption.

Organizers announced their intentions on the Instagram page of the Dissenters, a member of the leftist student coalition protesting against UVA policy toward Israel and Palestine. Students have called for UVA to end relations with the U.S. “war machine” supplying weapons to Israel and also for the University to divest its $14 billion endowment of companies doing business with the Jewish state.

In the spring semester, the UVA student body voted in support of a resolution calling upon the University to cull its investment portfolio of companies with Israeli connections. The Ryan administration ignored the demand, which then became a rallying cry for pro-Palestinian protests. The University called in state police to disperse an encampment when protesters refused to take down their tents.

“Despite 68% of students voting to divest from death, UVA administration refuses to take any action,” stated one of the Instagram posts. “They crack down on protesters through UJC (student judiciary) trials, letters of retaliation against employees, false narratives about ‘outside agitators,’ separating us from local communities that actually took care of us, and implementing fascist, ableist policies.”

“Therefore,” the post continued, “we are going to the top decision making body: the Board of Visitors to let them know they can’t keep ignoring us. As they make their corporate decisions about UVA’s future, we will occupy the room, holding them accountable through our signs for divestment and a cease to all forms of retaliation.”

No protesters were admitted into the Rotunda. Board members were escorted into the building through a side entrance. The protesters apparently had dispersed by the time the board meeting began at 1:30 p.m. University police maintained a presence outside the building during the meeting Thursday and Friday.

As it happened, the divestment issue did come up during a presentation by officials with UVIMCO, the organization that manages the endowment. UVIMCO’s CEO and CFO were there to brief the board about what it does and to discuss its investment performance, but they said unbidden that they had no intention of divesting.

“We are not divesting from any investments,” said Kristina Alimard, chief financial officer. “Our goal is to generate strong investment returns for the University.”

Michael J. Kennedy, the faculty representative on the board, said that some faculty favored divestment, and he asked for an explanation of why UVA was opposed.

CEO Robert Durden responded that UVIMCO did convene an advisory committee to hear the pro-divestment arguments but decided that such action would be inappropriate. “We do not like using our investment strategy as a way to address moral goals,” he said.

Even if UVIMCO was so inclined, its structure would make divestment difficult to accomplish. The group does not invest its funds directly. It entrusts its money to third-party managers, typically in funds with strict contractual terms with seven- to ten-year lifespans. Purging the funds of companies that do business in Israel would require onerous re-rewriting of the terms. “Our model makes that (divestment) difficult,” he concluded.