Date of issue: 12 May 2023 

Purpose

The BEF’s purpose is to share information, co-ordinate, explore and discuss matters relevant to the banking arrangements for the Collegiate University and associated institutions with the intention of using the combined influence to drive more rapid actions to address systemic risks. The BEF assesses the banks with which the Collegiate University has a relationship (as a current or potential provider of services) against an agreed-upon set of sustainability criteria (with a focus on fossil fuel lending and underwriting) and explores the Collegiate University's ability to encourage the banks to change practices to align with a credible, low-risk 1.5C pathway.

The BEF provides the opportunity for co-ordinated approaches to these engagements. The BEF may provide advice to the relevant institutions but it is always for the relevant institution to decide what, if any, action to take as a consequence.

Every 12 months, the Forum will conduct an annual review of its activities for the previous year, consider its proposed activities for the following year and determine whether the work of the Forum is likely to be sufficiently valuable for it to continue operating.

Delegated responsibilities and authority

The BEF has no delegated authority. Its progress will be reported periodically to both the Finance Committee and the Environmental Sustainability Strategy Committee and to the Bursars’ Committee.

Membership

The BEF will consist of representatives from:

• The University
• Cambridge University Press & Assessment
• The Colleges
• Associated institutions
• The student body

Other relevant members may be co-opted, for instance from Anglia Ruskin University.

The BEF’s Chair will be the Chief Financial Officer of the University.

View current membership »

Frequency of meetings

Schedule of activities for 2022–23

1. Map the University's banking relationships, including those of Cambridge University Press and Assessment, the Colleges, and other affiliated institutions.

2. Understand the operational requirements of these relationships, extent of practical alternatives and consequences of any changes.

3. Establish climate-related indicators against which the BEF can evaluate the banks identified and plausible alternative providers of various services.

4. Research these banks' fossil fuel lending, underwriting activities, other climate-relevant activities, and the level and credibility of commitments to reduce carbon emissions for the purpose of conducting an informed engagement with our banking partners.

5. Develop an engagement strategy with the University’s banks to maximise the likelihood of behaviour change.

6. Explore alternative banking arrangements across the full range of services the University requires for its business banking whilst ensuring that any potential banking partners offer strong capital protection and deliver high standards of financial governance and operational efficiency.

7.  Raising awareness of the availability of reputable independent ethical bank ratings which might support the appraisal of the ethical credentials of banks by students and staff. 

8. The BEF shall annually review its activities of the past twelve months and consider the likely value of further engagement with its banking partners and the need to continue with future meetings of the BEF.