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The Virginia Union University Board of Trustees will mandate that 60 percent of the university’s investment portfolio be managed by minority-owned firms, the university announced Tuesday.
“The vote of VUU’s Board of Trustees is unprecedented. I commend their extraordinary vision to develop an investment strategy that will increase the financial strength of our beloved university,” W. Franklyn Richardson, chair of the board, said in a statement. “It is important that the people who use their hard-earned resources to educate themselves and their families also be afforded the opportunity to steward investments at our university.”
The mandate is the first of its kind for a historically Black college or university, according to a university press release.
