Two Recent Legal Decisions in Delaware Have the Potential...
In mid-July, the Delaware Senate passed a bill which, among other things, amends the code related to decedents' estates, fiduciary relations and property with a new provision that states that when making an investment decision a fiduciary may take into account the needs of the beneficiaries "as well as the beneficiaries’ personal values, including the beneficiaries’ desire to engage in sustainable investing strategies that align with the beneficiaries’ social, environmental, governance or other values or beliefs of the beneficiaries." Additionally, the Delaware Certification of Adoption of Transparency and Sustainability Standards Act was signed by the Governor at the end of June and will become effective October 1, 2018. This piece from Harvard Law School describes the act that makes it possible for companies...
Perspectives on Exxon Mobil Exiting Lobbying Group ALEC
Written By: Tim Smith, Walden Asset Management To Colleagues involved in Shareholder Advocacy on Exxon and Alec And Lobbying:Some of you may have seen the news released yesterday that ExxonMobil had decided to withdraw from ALEC. I enclose three stories below capturing the key points. There are many investors who have chosen to avoid ownership of energy or oil company stocks like Exxon. Others have chosen to use their shares to put pressure on companies on climate change. All of us are deeply concerned about the power of fossil fuel companies on public policy. One of the focus points is how companies lobby directly or through trade associations on climate-related legislation. There have been ten years of lobbying disclosure resolutions including...
Gender Lens Investing Landscape: Barriers & Opportunities
Nearly four decades before they were even allowed to vote, women in the U.S. were placing their bets within the financial markets. In 1880 Mary Gage opened the first stock exchange in Manhattan for women – prior to this, women depended on men to invest in public equities on their behalf. Fast forward to the 21st century, the financial markets and companies more broadly only recently started to realize the value of female representation. The gender lens discussion was further fueled by the United Nations in late 2015, when it listed gender equality among its 17 Sustainable Development Goals. Nevertheless, some market practitioners have long understood the importance of gender lens investing, and in particular, its impact to the bottom line....
What We're Reading: Barron's Special Report on Sustainabl...
This week, Barron's released a Special Report on Sustainable Investing containing 8 articles on topics ranging from how to get started in sustainable investing, the 20 most influential people in ESG investing, and a cover story on BlackRock's work in the space, highlighting CEO Larry Fink's 2018 annual letter to companies emphasizing 'positive contribution[s] to society.' “Short-termism has been captured by the tick-tock of reporting, that’s why I’m trying to create a louder dialogue about long-termism, or the idea that a long-term Warren Buffett-like process will lead to greater sustainable returns,” Fink reports in the article. “ESG risks are going to be a formidable component of investing over a sustained period of time. We want ESG risk management to be a...
The Crane Institute of Sustainability - Home of the Inten...
We are pleased to announce that the Intentional Endowments Network (IEN) has broadened its executive team with the addition of two new members to the Board of Directors of The Crane Institute of Sustainability (Crane), IEN's organizational home. Both Sandra Urie, chairman emeritus of investment advisory firm Cambridge Associates, LLC, and Anthony Rust, chairman of the investment committee at the Warren Wilson College, joined Crane’s Board in June. Collectively they bring nearly six decades of investment management experience and deep experience working with endowments on sustainability, impact, and mission-related investing. “We are delighted that Sandy and Anthony have joined the Board” said Georges Dyer, co-founder and executive director of Crane and IEN. “Both bring extensive expertise and first-hand experience in helping endowments...
IEN’s Community Impact Investing Roundtable
Community impact investing can be a powerful tool to redirect capital into our own backyard. Reinvesting in our communities can generate many benefits especially for anchor institutions such as foundations and endowments, including the creation of prosperous and thriving neighborhoods in which they work and the development of relationships with local communities. IEN’s half-day roundtable on Community Impact Investing on June 11, 2018 at the Boston Foundation convened more than 70 endowment and foundation decision-makers along with other stakeholders interested in working closer with their local communities. The interactive structure of the roundtable allowed participants to learn not only from distinguished panelists but also from others in the room with years of experience in this field. Program Agenda | Event...
Perspectives on DOL Field Assitance Bulletin
By: Keith L. Johnson, Heads of Institutional Investor Legal Services, Reinhart Boerner Van Deuren s.c., Member of the IEN Executive Committee, and Chair of the IEN Fiduciary Duty & Policy Working Group April 27, 2018 Investor fiduciaries should be careful not to overreact to Employee Retirement Income Security Act (ERISA) Field Assistance Bulletin 2018-01 on the exercise of shareholder rights and consideration of Environmental, Social and Governance (ESG) factors, which was issued by the Department of Labor (DOL) on April 23, 2018.[1] Some are reading it as backtracking on assurance about consideration of material ESG factors and related company engagement practices contained in interpretive bulletins that were issued in 2015 and 2016. Tone of the Bulletin is definitely harsher....
Intentionally Designed Endowment Case Studies and Article...
This March The Intentional Endowments Network published an article on 'Investing With Purpose' as well as two institution case studies: 'A Cooperative Path Toward Divestment' featuring IEN Member Lewis & Clark College, and 'Matching Investments to Mission' featuring IEN Member Becker College. This article and case studies show that smaller institutions are equally equipped to assume a more intentional investment strategy that aligns with institution mission and values. And, they prove that active engagement with stakeholders across the entire campus can help expedite the time required to move boldly in this direction. Follow the links below to read each article. Investing With Purpose l By: Anthony Cortese, Co-Founder and Principal, Intentional Endowments Network A Cooperative Path Toward Divestment l By: Carl Vance, CIO, Lewis and...
Perspectives on the 2018 Higher Education Climate Leaders...
By: Anthony Cortese, Co-Founder and Principal of the Intentional Endowments Network, Georges Dyer, Co-Founder and Principal of the Intentional Endowments Network and Tim Carter, President, Second Nature Second Nature and the Intentional Endowments Network (IEN) held the 2018 Higher Education Climate Leadership Summit February 4-6 in Tempe, Arizona. It was the year’s largest gathering of higher education presidents, chancellors, trustees, and other senior leaders committed to accelerating climate solutions with over 275 participants. It came at a critical time as society deals with the ongoing and worsening impacts of climate disruption. Working together with business, state and local leaders, the higher education sector can and must shape the future of America’s global climate leadership. After the U.S. Administration’s announcement to withdraw from the international Paris...
Intentionally Designed Endowments in 2017
As we reflect on 2017, we are again overcome with a profound sense of hope and gratitude; gratitude for all of the support and engagement from participants in the Intentional Endowments Network, and hope for accelerating progress toward the tipping point for a sustainable future. When we talk about hope, we often quote author and Oberlin professor, David Orr who is fond of pointing out that “hope is a verb with its sleeves rolled up.” Recently our newest team member at Crane, Kristian Nammack introduced us to a similar observation on hope from author Rebecca Solnit: “Hope is not a lottery ticket you sit on the sofa and clutch. Hope is an axe you use to break down doors in...
Intentionally Designed Endowments in 2017
As we reflect on 2017, we are again overcome with a profound sense of hope and gratitude; gratitude for all of the support and engagement from participants in the Intentional Endowments Network, and hope for accelerating progress toward the tipping point for a sustainable future. When we talk about hope, we often quote author and Oberlin professor, David Orr who is fond of pointing out that “hope is a verb with its sleeves rolled up.” Recently our newest team member at Crane, Kristian Nammack introduced us to a similar observation on hope from author Rebecca Solnit: “Hope is not a lottery ticket you sit on the sofa and clutch. Hope is an axe you use to break down doors in...
Perspectives on the 2018 Higher Education Climate Leaders...
By: Anthony Cortese, Co-Founder and Principal of the Intentional Endowments Network, Georges Dyer, Co-Founder and Principal of the Intentional Endowments Network and Tim Carter, President, Second Nature Second Nature and the Intentional Endowments Network (IEN) held the 2018 Higher Education Climate Leadership Summit February 4-6 in Tempe, Arizona. It was the year’s largest gathering of higher education presidents, chancellors, trustees, and other senior leaders committed to accelerating climate solutions with over 275 participants. It came at a critical time as society deals with the ongoing and worsening impacts of climate disruption. Working together with business, state and local leaders, the higher education sector can and must shape the future of America’s global climate leadership. After the U.S. Administration’s announcement to withdraw from the international Paris...
Intentionally Designed Endowment Case Studies and Article...
This March The Intentional Endowments Network published an article on 'Investing With Purpose' as well as two institution case studies: 'A Cooperative Path Toward Divestment' featuring IEN Member Lewis & Clark College, and 'Matching Investments to Mission' featuring IEN Member Becker College. This article and case studies show that smaller institutions are equally equipped to assume a more intentional investment strategy that aligns with institution mission and values. And, they prove that active engagement with stakeholders across the entire campus can help expedite the time required to move boldly in this direction. Follow the links below to read each article. Investing With Purpose l By: Anthony Cortese, Co-Founder and Principal, Intentional Endowments Network A Cooperative Path Toward Divestment l By: Carl Vance, CIO, Lewis and...
Perspectives on DOL Field Assitance Bulletin
By: Keith L. Johnson, Heads of Institutional Investor Legal Services, Reinhart Boerner Van Deuren s.c., Member of the IEN Executive Committee, and Chair of the IEN Fiduciary Duty & Policy Working Group April 27, 2018 Investor fiduciaries should be careful not to overreact to Employee Retirement Income Security Act (ERISA) Field Assistance Bulletin 2018-01 on the exercise of shareholder rights and consideration of Environmental, Social and Governance (ESG) factors, which was issued by the Department of Labor (DOL) on April 23, 2018.[1] Some are reading it as backtracking on assurance about consideration of material ESG factors and related company engagement practices contained in interpretive bulletins that were issued in 2015 and 2016. Tone of the Bulletin is definitely harsher....
IEN’s Community Impact Investing Roundtable
Community impact investing can be a powerful tool to redirect capital into our own backyard. Reinvesting in our communities can generate many benefits especially for anchor institutions such as foundations and endowments, including the creation of prosperous and thriving neighborhoods in which they work and the development of relationships with local communities. IEN’s half-day roundtable on Community Impact Investing on June 11, 2018 at the Boston Foundation convened more than 70 endowment and foundation decision-makers along with other stakeholders interested in working closer with their local communities. The interactive structure of the roundtable allowed participants to learn not only from distinguished panelists but also from others in the room with years of experience in this field. Program Agenda | Event...
The Crane Institute of Sustainability - Home of the Inten...
We are pleased to announce that the Intentional Endowments Network (IEN) has broadened its executive team with the addition of two new members to the Board of Directors of The Crane Institute of Sustainability (Crane), IEN's organizational home. Both Sandra Urie, chairman emeritus of investment advisory firm Cambridge Associates, LLC, and Anthony Rust, chairman of the investment committee at the Warren Wilson College, joined Crane’s Board in June. Collectively they bring nearly six decades of investment management experience and deep experience working with endowments on sustainability, impact, and mission-related investing. “We are delighted that Sandy and Anthony have joined the Board” said Georges Dyer, co-founder and executive director of Crane and IEN. “Both bring extensive expertise and first-hand experience in helping endowments...
What We're Reading: Barron's Special Report on Sustainabl...
This week, Barron's released a Special Report on Sustainable Investing containing 8 articles on topics ranging from how to get started in sustainable investing, the 20 most influential people in ESG investing, and a cover story on BlackRock's work in the space, highlighting CEO Larry Fink's 2018 annual letter to companies emphasizing 'positive contribution[s] to society.' “Short-termism has been captured by the tick-tock of reporting, that’s why I’m trying to create a louder dialogue about long-termism, or the idea that a long-term Warren Buffett-like process will lead to greater sustainable returns,” Fink reports in the article. “ESG risks are going to be a formidable component of investing over a sustained period of time. We want ESG risk management to be a...
Gender Lens Investing Landscape: Barriers & Opportunities
Nearly four decades before they were even allowed to vote, women in the U.S. were placing their bets within the financial markets. In 1880 Mary Gage opened the first stock exchange in Manhattan for women – prior to this, women depended on men to invest in public equities on their behalf. Fast forward to the 21st century, the financial markets and companies more broadly only recently started to realize the value of female representation. The gender lens discussion was further fueled by the United Nations in late 2015, when it listed gender equality among its 17 Sustainable Development Goals. Nevertheless, some market practitioners have long understood the importance of gender lens investing, and in particular, its impact to the bottom line....
Perspectives on Exxon Mobil Exiting Lobbying Group ALEC
Written By: Tim Smith, Walden Asset Management To Colleagues involved in Shareholder Advocacy on Exxon and Alec And Lobbying:Some of you may have seen the news released yesterday that ExxonMobil had decided to withdraw from ALEC. I enclose three stories below capturing the key points. There are many investors who have chosen to avoid ownership of energy or oil company stocks like Exxon. Others have chosen to use their shares to put pressure on companies on climate change. All of us are deeply concerned about the power of fossil fuel companies on public policy. One of the focus points is how companies lobby directly or through trade associations on climate-related legislation. There have been ten years of lobbying disclosure resolutions including...
Two Recent Legal Decisions in Delaware Have the Potential...
In mid-July, the Delaware Senate passed a bill which, among other things, amends the code related to decedents' estates, fiduciary relations and property with a new provision that states that when making an investment decision a fiduciary may take into account the needs of the beneficiaries "as well as the beneficiaries’ personal values, including the beneficiaries’ desire to engage in sustainable investing strategies that align with the beneficiaries’ social, environmental, governance or other values or beliefs of the beneficiaries." Additionally, the Delaware Certification of Adoption of Transparency and Sustainability Standards Act was signed by the Governor at the end of June and will become effective October 1, 2018. This piece from Harvard Law School describes the act that makes it possible for companies...
Gender Lens Investing Landscape: Barriers & Opportunities
Nearly four decades before they were even allowed to vote, women in the U.S. were placing their bets within the financial markets. In 1880 Mary Gage opened the first stock exchange in Manhattan for women – prior to this, women depended on men to invest in public equities on their behalf. Fast forward to the 21st century, the financial markets and companies more broadly only recently started to realize the value of female representation. The gender lens discussion was further fueled by the United Nations in late 2015, when it listed gender equality among its 17 Sustainable Development Goals. Nevertheless, some market practitioners have long understood the importance of gender lens investing, and in particular, its impact to the bottom line....
IEN’s Community Impact Investing Roundtable
Community impact investing can be a powerful tool to redirect capital into our own backyard. Reinvesting in our communities can generate many benefits especially for anchor institutions such as foundations and endowments, including the creation of prosperous and thriving neighborhoods in which they work and the development of relationships with local communities. IEN’s half-day roundtable on Community Impact Investing on June 11, 2018 at the Boston Foundation convened more than 70 endowment and foundation decision-makers along with other stakeholders interested in working closer with their local communities. The interactive structure of the roundtable allowed participants to learn not only from distinguished panelists but also from others in the room with years of experience in this field. Program Agenda | Event...
Intentionally Designed Endowment Case Studies and Article...
This March The Intentional Endowments Network published an article on 'Investing With Purpose' as well as two institution case studies: 'A Cooperative Path Toward Divestment' featuring IEN Member Lewis & Clark College, and 'Matching Investments to Mission' featuring IEN Member Becker College. This article and case studies show that smaller institutions are equally equipped to assume a more intentional investment strategy that aligns with institution mission and values. And, they prove that active engagement with stakeholders across the entire campus can help expedite the time required to move boldly in this direction. Follow the links below to read each article. Investing With Purpose l By: Anthony Cortese, Co-Founder and Principal, Intentional Endowments Network A Cooperative Path Toward Divestment l By: Carl Vance, CIO, Lewis and...
Intentionally Designed Endowments in 2017
As we reflect on 2017, we are again overcome with a profound sense of hope and gratitude; gratitude for all of the support and engagement from participants in the Intentional Endowments Network, and hope for accelerating progress toward the tipping point for a sustainable future. When we talk about hope, we often quote author and Oberlin professor, David Orr who is fond of pointing out that “hope is a verb with its sleeves rolled up.” Recently our newest team member at Crane, Kristian Nammack introduced us to a similar observation on hope from author Rebecca Solnit: “Hope is not a lottery ticket you sit on the sofa and clutch. Hope is an axe you use to break down doors in...
Perspectives on DOL Field Assitance Bulletin
By: Keith L. Johnson, Heads of Institutional Investor Legal Services, Reinhart Boerner Van Deuren s.c., Member of the IEN Executive Committee, and Chair of the IEN Fiduciary Duty & Policy Working Group April 27, 2018 Investor fiduciaries should be careful not to overreact to Employee Retirement Income Security Act (ERISA) Field Assistance Bulletin 2018-01 on the exercise of shareholder rights and consideration of Environmental, Social and Governance (ESG) factors, which was issued by the Department of Labor (DOL) on April 23, 2018.[1] Some are reading it as backtracking on assurance about consideration of material ESG factors and related company engagement practices contained in interpretive bulletins that were issued in 2015 and 2016. Tone of the Bulletin is definitely harsher....
Perspectives on Exxon Mobil Exiting Lobbying Group ALEC
Written By: Tim Smith, Walden Asset Management To Colleagues involved in Shareholder Advocacy on Exxon and Alec And Lobbying:Some of you may have seen the news released yesterday that ExxonMobil had decided to withdraw from ALEC. I enclose three stories below capturing the key points. There are many investors who have chosen to avoid ownership of energy or oil company stocks like Exxon. Others have chosen to use their shares to put pressure on companies on climate change. All of us are deeply concerned about the power of fossil fuel companies on public policy. One of the focus points is how companies lobby directly or through trade associations on climate-related legislation. There have been ten years of lobbying disclosure resolutions including...
Perspectives on the 2018 Higher Education Climate Leaders...
By: Anthony Cortese, Co-Founder and Principal of the Intentional Endowments Network, Georges Dyer, Co-Founder and Principal of the Intentional Endowments Network and Tim Carter, President, Second Nature Second Nature and the Intentional Endowments Network (IEN) held the 2018 Higher Education Climate Leadership Summit February 4-6 in Tempe, Arizona. It was the year’s largest gathering of higher education presidents, chancellors, trustees, and other senior leaders committed to accelerating climate solutions with over 275 participants. It came at a critical time as society deals with the ongoing and worsening impacts of climate disruption. Working together with business, state and local leaders, the higher education sector can and must shape the future of America’s global climate leadership. After the U.S. Administration’s announcement to withdraw from the international Paris...
The Crane Institute of Sustainability - Home of the Inten...
We are pleased to announce that the Intentional Endowments Network (IEN) has broadened its executive team with the addition of two new members to the Board of Directors of The Crane Institute of Sustainability (Crane), IEN's organizational home. Both Sandra Urie, chairman emeritus of investment advisory firm Cambridge Associates, LLC, and Anthony Rust, chairman of the investment committee at the Warren Wilson College, joined Crane’s Board in June. Collectively they bring nearly six decades of investment management experience and deep experience working with endowments on sustainability, impact, and mission-related investing. “We are delighted that Sandy and Anthony have joined the Board” said Georges Dyer, co-founder and executive director of Crane and IEN. “Both bring extensive expertise and first-hand experience in helping endowments...
Two Recent Legal Decisions in Delaware Have the Potential...
In mid-July, the Delaware Senate passed a bill which, among other things, amends the code related to decedents' estates, fiduciary relations and property with a new provision that states that when making an investment decision a fiduciary may take into account the needs of the beneficiaries "as well as the beneficiaries’ personal values, including the beneficiaries’ desire to engage in sustainable investing strategies that align with the beneficiaries’ social, environmental, governance or other values or beliefs of the beneficiaries." Additionally, the Delaware Certification of Adoption of Transparency and Sustainability Standards Act was signed by the Governor at the end of June and will become effective October 1, 2018. This piece from Harvard Law School describes the act that makes it possible for companies...
What We're Reading: Barron's Special Report on Sustainabl...
This week, Barron's released a Special Report on Sustainable Investing containing 8 articles on topics ranging from how to get started in sustainable investing, the 20 most influential people in ESG investing, and a cover story on BlackRock's work in the space, highlighting CEO Larry Fink's 2018 annual letter to companies emphasizing 'positive contribution[s] to society.' “Short-termism has been captured by the tick-tock of reporting, that’s why I’m trying to create a louder dialogue about long-termism, or the idea that a long-term Warren Buffett-like process will lead to greater sustainable returns,” Fink reports in the article. “ESG risks are going to be a formidable component of investing over a sustained period of time. We want ESG risk management to be a...