1. The University receives with gratitude a gift from Swiss Friends of Oxford University (“SFOU”) and originating from Bank Lombard Odier & Co Ltd (the “Ultimate Benefactor”) to be held as an expendable endowment on the trusts declared in this regulation. Further money or property may be paid or transferred to the University as either expendable or permanent endowment to be held on the same trusts. The assets so held shall be known as the Lombard Odier Sustainable Finance Fund (the “Fund”).
2. The post maintained by the Fund (the “Post”) shall be known as the Lombard Odier Associate Professor and Senior Research Fellow of Sustainable Finance upon the appointment of the first holder of the Post (the “First Postholder”). Upon the appointment of the successor to the First Postholder, the Post shall be known as the Lombard Odier Associate Professor or the Lombard Odier Professor at the University’s discretion. Any appointment panel convened for the purpose of appointing the successor to the First Postholder shall be at the University’s sole discretion. If the panel convened for this purpose includes an external member, such member shall be appointed by the University after consultation with SFOU provided that such external member shall not be: (1) an employee of the University; (2) an officer or delegate of SFOU; or (3) a director, employee or representative of the Ultimate Benefactor or another entity in the Ultimate Benefactor’s group.
3. The University shall retain as permanent endowment those of the assets in the Fund (if any) which are contributed on the express understanding that they are to be treated as permanent endowment (the “Permanent Endowment”).
4. The University shall (a) apply the income of the Permanent Endowment (if any); and (b) apply the income and, in its discretion, the capital of the remainder of the Fund, to maintain the Post.
5. The Post shall undertake research, lecture and teach on how environmental change influences finance and investment, and how economic and financial systems can contribute to achieving global environmental sustainability.
6. The administration of the Fund, and the application of its income, shall be the responsibility of the School of Geography and the Environment which shall establish a board of management for the Fund.
7. (1) The Fund shall be used to pay the salary and expenses of the Postholder and associated overheads and all costs of and incidental to the management and administration of the Post.
(2) If the salary, expenses and overheads of the Post holder are wholly or partly covered from other sources or there are further funds available, the University shall have discretion to apply the Fund to support the Postholder’s research.
(3) If there are any surplus funds available in the Fund after the provision of the Post for any year, such funds shall be carried forward for expenditure in subsequent years.
8. The University shall have power to pay out of the income of the Fund all costs of and incidental to the creation of the Fund and the management and administration of the Fund.
9. The University may exercise any of its corporate powers in the management and administration of the Fund in so far as those powers are not inconsistent with these regulations.
10. Regulations 1–12 shall be deemed to be Trust Regulations under the provisions of Part D of Statute XVI.
11. Subject to regulation 12, Council may amend, repeal or add to these regulations in accordance with Part D of Statute XVI, but no amendment is valid if it would cause the Fund to:
(1) cease to be exclusively charitable according to the law of England and Wales; or
(2) be outside the objects of the University; or
(3) be outside the objects of SFOU.
12. Any amendment to regulation 4 is an amendment to the main objects of the Fund for the purposes of Part D of Statute XVI and must be approved both by Congregation of the University and subsequently by Her Majesty in Council.