透明性に欠く大学の基金
機関投資家も透明性が問われる
（インスティチューショナル・インベスターズ誌）
Study: Universities Need A Lesson In Transparency
米国の大学が有する基金は資本市場で無視できない機関投資家ですが、その運用内容はかなり不透明だというのがこの報告です。
Universities and colleges tend not to disclose their investment holdings and proxy records to the public, and not even to their students, according to a survey by the Sustainable Endowments Institute. The study found that 67% of the 216 participants reveal their holdings only to trustees and senior administrators, while 22% will share that information with the public, and 12% make this information available just to students and the college community in general. Those that do not disclose their voting and investment information argue that to do so would compromise a competitive advantage, but the survey found that a full two-thirds of respondents, with $65 billion in endowment assets among them, do share this information without fear of losing their advantage. According to the study, only 5% of those polled – including heavy hitters Harvard University, Yale University, Stanford University, Columbia University, the University of Pennsylvania, Dartmouth College, Brown University, Williams College, Pomona College and Swarthmore College – have shareholder responsibility committees to assist in vote proxies.
独断的コメント：
村上ファンドの突然の危機で慌てている出資者も多いと思います。こっそり預けていた日本の企業や金融機関は名前が出ないかと戦々兢々としているようですが、米国の機関投資家はそんなことは気にもせず、内規に従い粛々と解約を進めていくでしょう。
大学基金もその意味で腹の据わった投資家ではありますが、自身の運用については十分な受託責任は果たしていないようです。
更に興味のある方は、 ↓
http://www.dailyii.com/article.asp?ArticleID=1040994&LS=EMS76662
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