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The Associated Students Legislative Council shot down a proposal to invest $4,000 in technology stocks and voiced its opposition to any UC-wide fee hikes during their last meeting of the quarter last night.
The council voted down a proposed investment in Apple stocks by a 12-5 vote with 3 abstentions — a two-thirds vote is required to approve funds. Additionally, the council made a statement condemning the eight percent tuition increase expected to be approved by the Board of Regents tomorrow.
Investment Advisory Committee President Nick Caledonia said the committee discussed multiple pitches before recommending an investment in Apple.
“Apple has great business practices,” Caledonia said. “A major positive is they are about to offer the iPhone to Verizon and they’ve had a ton of requests from Chinese retailers.”
Caledonia said the committee proposed an investment of about $4,000 worth of shares in Apple — roughly 13 shares in the company. Their typical investments range from $3,000 to $4,000.
Off-Campus Representative Duncan Kenney said he didn’t think the investment would be sustainable.
“There is no way of knowing if these stocks will be on the rise still in a few months,” Kenney said.
Additionally, University-Owned Off-Campus Housing Representative Alfredo Del Cid said the committee needs to look into Apple’s labor contracts before voting on the investment.
“I’m not sure if this is still going on, but I know there were conflicts with labor practices in China for Apple,” Del Cid said. “There were people being paid $50 a month and working 15 hours a day.”
After A.S. Executive Director Marisela Marquez said these practices could conflict with the A.S. Legal Code, Caledonia said he and the committee would research the legality of the investment more extensively.
Marquez said she is working on a plan to fill expected vacancies within her staff during Winter Quarter. Three staff members, including the student government advisor and financial policy liaison, will go on leave starting in December.
“The plan entails creating a new category of staff that we haven’t had before, and is modeled after the housing department. The plan would employ staff for six months to a year with the option to rehire,” Marquez said. “I haven’t sought or received the exception [for the current hiring freeze on UCSB’s campus], but as soon as the vice chancellor of student affairs approves it, we can move on with it.”
Marquez is hoping the positions will be filled by UCSB students who are graduating this quarter.
“There are a lot of students graduating in the winter that I want to invite to apply,” Marquez said. “Students apply to graduate schools or law schools and they won’t know for six months, so this is a good first job opportunity for them.”
Finally, External Vice President of Local Affairs Cori Lantz said her coordinators have been working with A.S. groups to create a community center in I.V. for students.
“Each of my coordinators have gone and talked to BCCs about spaces for offices in this proposed community center,” Lantz said. “We know it’s a pretty big deal and we want it to be an inclusive A.S. project.”
Lantz said the building would be open 24 hours a day and include study spaces for students, a computer lab with about 10 computers and a tutoring center.
“I think it’s really convenient for students to have a space in I.V. where they can study all night and not have to go all the way across campus to the library,” Lantz said.
Lantz said rent for the building would be $1 per square foot, but renovation, security and staffing costs are still unknown.
Lantz also said two surveys have been posted online for students to anonymously submit accounts of police-related incidents over Halloween weekend. The surveys will be available until Nov. 26.
“We want students to report their stories or friends’ stories about any brutality during Halloween,” Lantz said. “We’re going to present the results back to Lieutenant Ray Vuillemainroy to let them know, because we know this happens every year.”