Lewis & Clark College is joining a short list of higher education institutions in the U.S. that have chosen to move endowment investments away from companies that manufacture weapons.

The college’s board of trustees approved amendments to its environmental, social and governance investment policy on Oct. 17. Notable among the changes is a provision explicitly stating the college “shall not directly own any securities publicly issued by weapons manufacturers.” The new policy also requires a yearly, public disclosure of the college’s endowment holdings.

Although the modified policy does address investments in weapons companies, it intentionally avoids mention of specific countries and the war in Gaza. But last week’s vote was spurred by a student-led divestment campaign that began amid 2024’s nationwide campus protests against the war.

“This is a functional divestment from genocide. The administration may attempt to depoliticize, but this is a political act,” said Lewis & Clark student Sam Peak at a student rally celebrating the trustees’ decision on Wednesday. “This is a win for the boycott, divestment, sanctions movement and for solidarity with Palestine.”

In a survey conducted by the Lewis & Clark student government, the vast majority of responding students said they were in support of changes to the endowment policy to end investment in weapons manufacturers.

While divestment has been a goal of many student demonstrations, few other colleges and universities throughout the U.S. have taken steps to move away from weapons companies. The University of San Francisco announced it would divest from certain defense companies in May, following a similar announcement from San Francisco State last year.

Portland State University President Ann Cudd agreed to create a committee that would investigate the university’s financial relationships, a demand from student protesters in 2024. PSU’s trustees ultimately opted to take a neutral stance — making no changes to its endowment investments.

The University of Oregon also reviewed its policies over the past year. A UO spokesperson said trustees have not made changes to its investment approach.

Oregon State University’s board of trustees was set to vote on amendments to its investment policies this week, but the item was struck from the meeting agenda. Recommended revisions to OSU’s policy include a sustainable investing section that would “strive to proactively and prudently integrate environmental and societal impact investing.” A spokesperson with OSU said it will be revisited at a future board meeting.

Lewis & Clark’s protests were led by the unofficial student group, Students for Justice in Palestine of Palatine Hill. They were largely aligned with the boycott, divest and sanction movement that demanded colleges cut financial ties with Israel and with companies fueling the deadly conflict.

Last fall, college administrators agreed to create a working group to discuss the possibility of divestment with student protesters in exchange for an end to a campus encampment. Those discussions led to the creation of a formal proposal, work groups and a board subcommittee that considered the financial impacts of weapons divestment.

College leaders have been quick to point out that these groups were not considering changes to investment policies based on any one country.

“Changes to the college’s policy based on a particular investment’s country of origin or on any particular geopolitical situation or conflict were never on the table,” said chair of Lewis & Clark’s board of trustees Paula Hayes in a statement posted on the school’s website. “Such considerations are inherently volatile, changing, and divisive, and contrary to the generally held view that the endowment should not be used to advocate specific positions on world affairs.”

Colleges are under pressure from the Trump administration when it comes to the conflict in Gaza and the conduct of protesters on campus, with the U.S. Department of Education opening a number of civil rights investigations. Lewis & Clark wasn’t among the schools to be investigated or warned, but the education department announced it was investigating PSU back in February.

Lewis & Clark did not have much of its endowment invested in weapons manufacturing companies leading up to the board vote. The current direct exposure to these companies stands at about 0.07%, according to the college. Lewis & Clark’s endowment has a market value of more than $324 million.

The trustees’ investments committee unanimously approved amending the endowment policy to divest from weapons manufacturing companies.

This isn’t the first time the college has changed up its endowment investment priorities. In 2018, trustees voted to divest from fossil fuels. Since then, the college has made no new investments in fossil fuels and reduced its exposure to these holdings by nearly 57%.

While divesting is a frequent demand of protesters targeting institutions such as colleges, analysts have found that they often have limited effect on the industries being targeted. But they can have symbolic value for activists.

At the Wednesday rally, local groups applauded Lewis & Clark students for their continued activism.

“The students of Lewis and Clark are achieving something that many older adults have struggled and often failed to achieve in their own workplaces and institutions,” said Lydia Kiesling, a member of Portland Democratic Socialists of America. “It should be uncontroversial to say it’s wrong to invest in and profit from companies who manufacture instruments of death, but it has been difficult to get any institutions to say that out loud.”

The students behind the divestment movement at Lewis & Clark now hope that they can inspire college students elsewhere.

“I think a big part of this was showing students how to get involved in community organizing,” said Peak, a junior at Lewis & Clark. “The next step is branching out. We want to be an inspiration for students at other schools.”

News Source : https://www.opb.org/article/2025/10/24/lewis-and-clark-trustees-divest-israel-palestine-gaza-weapons-war-oregon-portland/