By Anon
“Never waste a good crisis.”
Jim Riepe, Board Chair 2004
WHAT is the Board of Trustees and WHY does it matter?
The Board of Trustees is the “governing body of the University of Pennsylvania.” In effect, they are the government of Penn, with no democratic control from neither students nor faculty. (The Undergraduate Assembly and the Graduate and Professional Student Association are the only official avenues through which students can make recommendations to the Trustees and other University administrators.)
The Board of Trustees also appoints and controls a body called the Investment Board, which holds power and responsibility over all of Penn’s investments, including those encompassed by the University’s $14.7 billion endowment. The primary goal of the Investment Board, and the Office of Investments it oversees, is to accumulate capital for the University. Amidst a rapidly growing endowment, local communities have still yet to see material stewardship from Penn.
WHO are the Trustees?
Here are some key facts about the Trustees:
- Only TWO trustees out of 54 live in the City of Philadelphia
- A majority of trustees work in finance
- Over a third of trustees are CEOs
- At least five trustees are billionaires
- Tom Wolf, whose position on the Board is granted by virtue of his title as Governor of Pennsylvania, is the only public sector trustee
And here are several Trustees who exemplify what they’re all about:
David Cohen
- Chairman of the Board of Trustees and Outgoing Senior Executive Vice President at Comcast
- David Cohen been a vocal opponent of Payments in Lieu of Taxes (see PILOTs article), to the extent that he has angrily talked down to Penn students advocating for PILOTs
David Blitzer
- Senior Managing Director & Head of Tactical Opportunities, The Blackstone Group (Blackstone is a gigantic private equity firm that is the world’s largest corporate landlord, and also profits from climate change and the prison industrial complex.)
Lee Spelman Doty
- Head of U.S. Equity at JP Morgan (The JP Morgan US Equity Fund has increased in value by over 50% over the course of the COVID-19 pandemic!)
Dhananjay Pai (Investment Board)
- President and Chief Operating Officer, P. Schoenfeld Asset Management LP
- Republican donor
Lloyd Howell
- CFO and Treasurer, Booz Allen Hamilton (which had a $50 million contract with ICE)
Charles Leitner
- CEO, CBRE Global Investments (which owns Heery, a construction firm that builds and renovates prisons and jails)
WHY do they matter?
The Board of Trustees does not represent the students of Penn or the people of West Philadelphia. The Trustees make their living on concentrating capital for themselves, the University, and the rest of the wealthy ruling class. They have no material interest in the success of Black and Brown communities; on the contrary, their place in dominating society can only be strengthened by the advancement of capitalism and systemic racism.
As they effectively hold all the power regarding Penn’s financial (ergo: political, moral) decisions, they are good pressure points for our campaigns. Indeed, targeting the Trustees through public demands and collective action can accomplish many goals from negative publicity to agreements or concessions on demands.
Though you may seldom run into them as their position at Penn is a purely delocalized one of power, know that they are pulling the strings of the University behind closed doors.
Meet the Penn Trustees | Table of Contents | Police Free Penn
Penn Disorientation Guide 