Key Takeaways
- • Harvard student organizers published an op-ed in the Harvard Crimson demanding that David Rubenstein, co-founder of The Carlyle Group and Harvard Corporation member since 2017, either recuse himself or resign from his position due to conflicts of interest with the university's 2021 fossil fuel divestment commitment.
- • The Carlyle Group's investment portfolio contains more than 70 fossil fuel companies, creating a direct contradiction between Rubenstein's role on Harvard's governing board and the university's stated climate commitments.
- • Students argued that Rubenstein should have self-removed from Harvard Corporation votes on climate-related matters years ago under "legal ethics 101," citing his personal financial interests in fossil fuel investments versus institutional fiduciary duty.
- • The divestment campaign extends beyond Harvard's student body; the Cleanup Carlyle campaign has been mobilizing broader pressure on Rubenstein regarding his involvement in fossil fuel investments and their climate impact.
- • Rubenstein announced plans to step down from the Harvard Corporation effective June 30, 2022, concluding his six-year term that began in 2017.
Summary
Harvard student organizers escalated pressure on David Rubenstein, the billionaire co-founder of The Carlyle Group, to either recuse himself or resign from his seat on the Harvard Corporation. The students published their demands in an op-ed in the Harvard Crimson, citing irreconcilable conflicts between Rubenstein's substantial financial stakes in fossil fuel investments and Harvard's public commitment to climate action and fossil fuel divestment.
Rubenstein has served on the Harvard Corporation since his appointment in 2017. According to the op-ed, The Carlyle Group—which he founded in 1987 and through which he has accumulated substantial wealth—maintains a portfolio containing more than 70 fossil fuel companies, including what students characterized as "some of the worst private oil companies in America." This direct exposure to the fossil fuel sector directly contradicts Harvard's 2021 announcement that it would divest from fossil fuels, a decision that came after a decade-long student campaign.
The students framed their argument in terms of institutional governance and ethics. "Legal ethics 101 says he should have removed himself from votes within the Harvard Corporation that relate to the University's response to the climate crisis years ago," the organizers wrote, arguing that if Rubenstein could not take this basic step voluntarily, he should resign immediately. They contended that allowing Rubenstein to remain in a leadership position while profiting from fossil fuel investments undermines Harvard's stated commitment to placing "people and the planet over profit."
The divestment pressure extends beyond Harvard's campus. Students cited the Cleanup Carlyle campaign as evidence of broader institutional and public scrutiny of Rubenstein's role in fossil fuel investments and their climate implications. The organizers argued that Rubenstein should not be permitted to use Harvard's institutional prestige to legitimize what they characterized as profiteering from climate harm and social injustice.
Rubenstein subsequently announced his plan to step down from the Harvard Corporation effective June 30, 2022, ending his six-year tenure on the university's senior governing board.
Rubenstein has served on the Harvard Corporation since his appointment in 2017. According to the op-ed, The Carlyle Group—which he founded in 1987 and through which he has accumulated substantial wealth—maintains a portfolio containing more than 70 fossil fuel companies, including what students characterized as "some of the worst private oil companies in America." This direct exposure to the fossil fuel sector directly contradicts Harvard's 2021 announcement that it would divest from fossil fuels, a decision that came after a decade-long student campaign.
The students framed their argument in terms of institutional governance and ethics. "Legal ethics 101 says he should have removed himself from votes within the Harvard Corporation that relate to the University's response to the climate crisis years ago," the organizers wrote, arguing that if Rubenstein could not take this basic step voluntarily, he should resign immediately. They contended that allowing Rubenstein to remain in a leadership position while profiting from fossil fuel investments undermines Harvard's stated commitment to placing "people and the planet over profit."
The divestment pressure extends beyond Harvard's campus. Students cited the Cleanup Carlyle campaign as evidence of broader institutional and public scrutiny of Rubenstein's role in fossil fuel investments and their climate implications. The organizers argued that Rubenstein should not be permitted to use Harvard's institutional prestige to legitimize what they characterized as profiteering from climate harm and social injustice.
Rubenstein subsequently announced his plan to step down from the Harvard Corporation effective June 30, 2022, ending his six-year tenure on the university's senior governing board.
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