Universities and colleges tend not to disclose their investment holdings and proxy records to the public, and not even to their students, according to a survey by the Sustainable Endowments Institute. The study found that 67% of the 216 participants reveal their holdings only to trustees and senior administrators, while 22% will share that information with the public, and 12% make this information available just to students and the college community in general. Those that do not disclose their voting and investment information argue that to do so would compromise a competitive advantage, but the survey found that a full two-thirds of respondents, with $65 billion in endowment assets among them, do share this information without fear of losing their advantage. According to the study, only 5% of those polled – including heavy hitters Harvard University, Yale University, Stanford University, Columbia University, the University of Pennsylvania, Dartmouth College, Brown University, Williams College, Pomona College and Swarthmore College – have shareholder responsibility committees to assist in vote proxies.