Monticello Associates is an independent asset management consulting firm providing non-discretionary investment advisory services to foundations, endowments and family offices.  The firm is headquartered in Denver, CO with additional offices in Cleveland, OH and Boston, MA. 

www.monticelloassociates.com

2022

UVIMCO expanded its commitment to responsible and sustainable investing and created its Investor Responsibility Framework.

Carleton University updated its responsible investment policies to include a commitment to divest its endowment from fossil fuel and put in place a strategy to achieve significant decarbonization of its portfolios by 2030.

Rice University committed to carbon neutrality by 2030.

Bentley University committed to carbon neutrality by 2030.

Ben Gurion University announced its decision to divest its portfolio of oil and coal. 

Williams University announced its full commitment to end indirect fossil fuel holdings after having previously ended its direct holdings.

The University of Maine System will divest its direct fossil fuel holdings by the end of May 2022 and will end investments in mutual or comingled funds with fossil fuel exposure by 2030.

Previous Years: 

2020

2021

Investing for a Thriving & Sustainable Economy

The Climate Action Pursuit was a year long virtual convening led by Second Nature and IEN to support the process of learning, planning and acting on climate and justice on our campuses, in our communities, and across our society and economy. We brought people together during four milestones in February, June, October and December for flexible virtual programming to equip participants with the tools and resources necessary to help them move forward over the year on their climate goals.

2021 Climate Action Pursuit Experience

The Pursuit brought people together during four milestones for flexible virtual programming (see engagement opportunities below) that equipped participants with the tools and resources necessary to help them move forward during 2021 with their climate goals. Milestone check-ins took place at four points in the year. During each milestone, a compelling agenda of virtual programming – a mix of live and recorded/on-demand – and networking was scheduled over 2-3 days per milestones over the course of the year.

Dates:
February 24-26, 2021 | June 10-11, 2021 | October 7-8, 2021 | December 9-10, 2021

Recorded Sessions from the Pursuit                                           

Keynotes 

• Using Your Institutional Power to Achieve Climate Justice

• Keynote Conversation: NAACP & Climate Justice
• Keynote: The Truth About the Roots of the Climate Crisis and the Path Forward
• Shifting Power Dynamics to Center Grassroots Movements in Decision Making
• Keynote Conversation: Leah Stokes and Nikayla Jefferson

Endowments & Net Zero Sessions

• What the New Administration Means for Higher Ed, Climate Action, and Sustainable Investing
• Active Ownership in the Endowment: 
• Warren Wilson College
  
• Carbon Neutrality: Maximum Ambition for Aligning Campus, Endowment, and Community Commitments
• Pursuing Climate Justice Through Climate Action: Perspectives across North American Universities

• COP26 Recap & Reflections for the Higher Education Sector
• Avoiding Greenwashing: Identifying True Integration in Environmental, Social, Governance (ESG) Investing

 DEIJ, Sustainable Retirement and Student Engagement Sessions

• Racial Equity Investing - Creating Your Own Best Practices
• Racial Equity Investing 101: No Justice, No Peace Without Prison
   Free Portfolios
• A New Social Contract between Students and Higher Ed Institutions
• What Do Retirement Plan Sponsors Need to Know About Sustainability?
• How Students Can Impact Corporate Behavior Through Engagement
• Community Investing through CDFIs

See all pursuit sessions recordings here

Climation Action Pursuit speakers 

Over 800 professionals across our networks – in higher education, finance, climate solutions, nonprofits, and government – responded together to build more inclusive, sustainable, and thriving campuses and communities.

                                                                                                February Milestone Speakers                                                                                                                            

See full February Speaker here     

June Milestone Speakers 

 See full June Speakers here 

   October Milestone Speakers   

See full October speakers here

December Milestone Speakers

   See full speakers here

Milestone Recaps

February milestone: recap and session recordings

June milestone: recap and session recordings

October milestone: recap and session recordings 

December milestone: recap and session recordings

More information about the Pursuit available on Second Nature's page. 

Pursue Neutrality: Hear from University of California President Michael Drake, Chief Investment Officer Jagdeep Bachher, and other leaders about the next generation of carbon neutrality commitments

Some key takeaways from this session:
​

• Covid has shown us that we must address climate and inequality in an integrated fashion - and that we must all get comfortable with change. Don’t wait for policy changes from government or Board committees, start by making change from within today
• In order to make substantial change endowments must make intentional decisions to pursue sustainable investing; it is also a way to do well while doing good.  Fossil free strategies have performed very well, and there has been a seachange amongst third party investment managers to embrace ESG investing in the last 5 years. 
• For funding campus climate action - reinvest savings from energy efficiency into further emissions reductions - but funding for large-scale infrastructure remains a challenge.

The UC Davis Foundation is a nonprofit organization that plays an essential role in sustaining and enhancing the excellence of UC Davis by highlighting the impacts of philanthropy and stewarding private donations to the university. It is governed by a distinguished volunteer Board of Trustees.

https://giving.ucdavis.edu/foundation

University of Pennsylvania
University of Pennsylvania announced that is does not hold, and would not expect to hold going forward, any direct investments in coal and tar sands. 

Georgetown 
The Georgetown University Board of Directors adopted a policy on fossil fuel and impact investments that is part of the university’s broad commitment to sustainability. Under the new policy, the university will continue to make investments in renewable energy, energy efficiency and related areas while freezing new endowment investments in companies or funds whose primary business is the exploration or extraction of fossil fuels. Georgetown will divest from public securities of fossil fuel companies within the next five years and divest from existing private investments in those companies over the next 10 years.

Wesleyan University
Wesleyan University trustees have agreed the institution should stop investing in fossil fuels.The University plans to be divested from direct fossil fuel investments by the end of the decade. 

Brown University
Nearly two years ago, the university decided to sell its entire exposure to fossil fuels and to date, 90% of investments in companies that extract fossil fuels have been sold, and the remainder is being liquidated as it becomes possible to do so. No new investments are being made in this area.

University of California
In a report to the California State Legislature on the Office of the Chief Investment Officer Diversity, the university described the progress that UC Investments has made in 2019 to further diversity and inclusion as one of the eight pillars of UC Investments’ Framework for Sustainable Investing, which was adopted in 2015. Beginning in 2020, UC Investments will prepare an annual report on their diversity and inclusion (“D&I”) strategy and progress and share it with the University of California Board of Regents and interested members of the public. 

Harvard University
Harvard University is setting a goal to have the endowment reflect “net-zero” greenhouse gas emissions by 2050. Harvard Management Company (HMC), which administers the endowment, plans to reach that goal through a process involving collaboration with faculty and other experts to calculate emissions, and careful work with asset managers to examine their portfolio’s transparency and emission levels.

University of New Hampshire
In honor of the 50th anniversary of Earth Day, President James Dean has joined 26 colleges and universities in signing the Intentional Endowments Network (IEN) and Second Nature's Call to Action for Higher Education Leadership which aims to accelerate climate solutions in higher education institutions.

University of Oxford
The University of Oxford has agreed to divest from fossil fuels and commit to a net-zero investment strategy following extensive student-led campaigns and protests. In addition to divestment, Oxford University Endowment Management (OUem) will engage with fund managers to request evidence of net zero carbon business plans across their portfolios and there will also be a new member of the Investment Committee, with experience of both endowment management, but with an additional focus on climate-conscious investment.

American University
American University has fully divested all of its public fossil fuel investments from the endowment. The  Board of Trustees has sold off the final $12.9 million of fossil fuel exposure within the University’s public endowment portfolio. This was done by selling $350 million in commingled and index funds, where the indirect investments were located, and using the proceeds to invest in non-fossil fuel holdings. 

U of Illinois System 
The University of Illinois System has invested nearly $160 million of the system endowment into its commitment to sustainability, becoming the first investor in a new environmentally and socially focused strategy launched by BlackRock. 

University of California 
The University of California Office of the Chief Investment Officer of the Regents announced in May that its investment portfolios are fossil free after the sale of more than $1 billion in assets from its pension, endowment and working capital pools. At the same time, the office has surpassed its five-year goal of investing $1 billion in promising clean energy projects.

Cornell University
The Board’s Investment Committee made the decision in early May to institute a moratorium on new private investments focused on fossil fuels and grow investments in alternative and renewable energy. However, the new policy does not apply to indexed and other public equity mandates, such as the S&P 500. The committee’s vote came after reviewing Cornell’s $6.9 billion endowment — in which it also considered the future of the coal, oil and gas industries and the threat of climate change, according to the resolution approved by trustees.

University of Manchester
The University of Manchester has announced that it will end investments in fossil fuel reserve and extraction companies by 2022, and ‘decarbonize’ all investments by 2038. The changes to the University’s Socially Responsible Investment Policy go further than other fossil fuel divestment programs as they include a commitment to reduce the carbon intensity of the overall investment portfolio by 30% by 2022, and then to move as quickly as possible to net zero by, at latest, 2038.

Stanford University 
Stanford’s active investment holdings in fossil fuels have declined more than 90% to now represent less than 1.5% of the university’s Merged Pool, the Board reported as it outlined further efforts in support of the clean-energy transition.

George Washington University
The George Washington University Board of Trustees pledged to not make any new investments in businesses that derive the majority of their revenue from the extraction of fossil fuels and agreed to eliminate 100 percent of all such investments from its endowment over the next five years.

McGill and Other Canadian Universities 
A group of 15 leading universities across Canada, spearheaded by McGill University and the University of Toronto, are uniting to tackle the global challenge of climate change by pledging to follow responsible investment practices.

University of Vermont
The university will immediately end new direct investment in fossil fuels, will fully divest from public investments in fossil fuels by July 2023 and will allow pre-existing multi-year private investments, which it stopped acquiring in 2017, to lapse without renewal. UVM will continue investing in opportunities that focus on sustainability, climate change mitigation, and other Environmental, Social and Governance, or ESG, issues. And it will accelerate an engagement campaign with managers of its commingled funds, asking that they factor the financial risks of climate change into their investment decision-making process and share their framework for doing so with UVM.

David Rockefeller Fund
The David Rockefeller Fund Joins the Net-Zero Asset Owner Alliance

University of Reading
The University of Reading is selling all its remaining investments in fossil fuels and putting its money behind green schemes following the appointment of fund manager Cazenove Capital. The Reading University Students’ Union (RUSU) helped the tender process.

University of Michigan - Ann Arbor
The University of Michigan Board of Regents announced Feb. 20 it will pause new direct fossil fuel investments while considering adjustments to the university’s policies on how it invests endowment funds.

Queen's University (Canada)
The Board of Trustees unanimously approved the recommendations of the Climate Change Action Task Force, including a pledge to reduce the carbon intensity of the University’s investments.

Santa Monica College
Santa Monica College (SMC) announced a new endowment named in honor of George Floyd, the black man killed by police in Minneapolis last month. 

Cambridge University
The University of Cambridge aims to divest from all direct and indirect investments in fossil fuels by 2030 as part of the University’s plan to cut its greenhouse gas emissions to zero by 2038, more than a decade before the date set by the UK Government.

Yale University
Yale’s Chief Investment Officer David Swensen has publicly instructed the firms who manage the University’s endowment to diversify their ranks — or risk Yale pulling its money from them.

University of Toronto
University Of Toronto Asset Management Corporation is one of the three finalists for Canadian Investment Review’s first Pension Leadership Awards in the category of Sustainable Investing.

Inquiry into the Use of Diverse Asset Managers by College and University Endowments, and Related Diversity and Inclusion Practices
Congress members send inquiries to 25 colleges and universities asking for information regarding the participation of women and minority-owned asset management firms in the administration of endowment assets. Responses from the universities to the inquiry are available here. 

Church of England
It’s pension board is now fully divested from the oil giant for not meeting key climate criteria.

University Of Toronto Asset Management Corporation
The UTAM decided to embed responsible investing across the organization and has implemented a comprehensive approach to evaluating managers, which includes a relevant section in its investment due diligence memos.

Divestment Update: Four Colleges Announce Partial Divestment From Fossil Fuels
Newnham, Robinson, St. John’s and Fitzwilliam have all publicly announced, for the first time, that they are partially divested from fossil fuels.

University Of Oxford
Lombard Odier and the University of Oxford announced the launch of a new multi-year partnership to foster research and teaching on sustainable finance and investment, with a particular focus on climate change, circular economy and nature.

World Resources Institute
This summer, the World Resources Institute’s investment committee approved a new Climate Change Investment Statement (CCIS) with a goal to align WRI’s endowment with the Paris Agreement. To advance this goal, WRI has committed to transition the portfolio to net-zero GHG emissions by 2050 and to prioritize investments that support a just and resilient transition.

Georgetown University
Georgetown University released a report in in July of 2020 detailing the demography of their external managers. 

Warren Wilson College 
Warren Wilson College released a case study detailing its journey in exploring active ownership as a way to expand the positive societal and environmental impact of its investments. 

Oxford University
Oxford University is pushing ahead with its pledge to divest from fossil fuels with the creation of a specific index in collaboration with asset management giant BlackRock. The arrangement is part of the Oxford University Endowment Management’s (OUem) efforts to develop an equity investment vehicle that fits with its aim of removing fossil fuels from its investment portfolios.

Yale University
Yale provided an update on the university's approach to climate change and investing

George Washington University  
The Board of Trustees Task Force on Environmental, Social and Governance (ESG) Responsibility published a report stating the university’s commitment to taking swift and decisive action to reverse the trends of climate change and of inequity in our institutions and society.

Lakehead University
Lakehead University's Board of Governors approved a motion that will see the institution divest from its fossil fuel holdings by the end of the University’s current Strategic Plan in 2023.

University of Illinois

The updated Climate Action Plan has encourages divestment from fossil fuels by the University of Illinois Foundation, which manages the endowment with an independent board. The university has already divested its direct investments in coal, and under the new goal, by fiscal 2025, it would divest from other fossil-fuel companies, which currently make up less than 1 percent of its portfolio. The plan, developed by the UI’s Institute for Sustainability, Energy, and Environment and Facilities & Services, also calls on the university to commit to a sustainable investing policy by fiscal 2024.

University of Guelph

The University of Guelph passed a motion to divest from fossil fuels, but a last minute amendment leaves the door open for investment in green projects put forth by oil and gas companies.

University of Vermont

The university will immediately end new direct investment in fossil fuels, will fully divest from public investments in fossil fuels by July 2023 and will allow pre-existing multi-year private investments, which it stopped acquiring in 2017, to lapse without renewal. UVM will continue investing in opportunities that focus on sustainability, climate change mitigation, and other Environmental, Social and Governance, or ESG, issues. And it will accelerate an engagement campaign with managers of its commingled funds, asking that they factor the financial risks of climate change into their investment decision-making process and share their framework for doing so with UVM.

University of Pittsburgh

The board of trustees’ Ad-Hoc Committee on Fossil Fuels appointed six committee members as well as a team of liaisons last week. The committee is charged with studying whether the University should divest its $4.3-billion endowment of fossil fuel investments.

Rutgers

Rutgers announced it will further consider a request to divest the university’s endowment from fossil fuel assets. The Joint Committee on Investments of the Board of Governors and Board of Trustees will appoint an ad hoc committee to evaluate divesting from fossil fuel assets, which represent about 6 percent of the nearly $1.4 billion endowment portfolio.

The American Sustainable Business Council (ASBC) partners with business organizations and companies to advocate for solutions and policies that support an equitable, sustainable, stakeholder economy. We are a multi-issue, business organization advocating on behalf of all sectors, sizes, and geographies of industry. ASBC and our association members collectively represent over 250,000 businesses across our networks.

We are coalition-focused in our approach to solving the pervasive and systemic issues of climate and energy, infrastructure, circular economy, and creating an inclusive stakeholder economy, all seen through the lens of racial equity and justice. We are changing the rules by which business is done so it is better for all people and the environment.

ww.svcimpact.org

www.asbcouncil.org

As a Managing Director at Silver Leaf Partners in the ESG Practice Group, Marc represents a range of managers and companies seeking institutional capital, primarily in alternative asset classes, whose strategies, operations, and products integrate ESG standards, impact metrics, and sustainability. Marc integrates advisory consulting with raising capital for these managers and companies.

Marc has served in a range of financial, entrepreneurial, and leadership roles over the last two decades, including over 10 years in commercial banking at BB&T. Prior to joining Silver Leaf Partners, Marc completed his MPA in 2019 in International Finance and Economic Policy, with an additional focus on ESG and Impact Investing, at Columbia University’s School of International and Public Affairs. At Columbia, Marc led several ESG / Impact Investing projects, incorporating SDG goals and a range of ESG ratings metrics, and cultivated partnerships within the industry. Marc has significant experience and training in multi-stakeholder impact program development and management, including strategy and theory of change implementation. Marc earned his MBA in 2005. He is a SASB FSA Credential Holder and holds FINRA Series 7 and 63 registrations.

Learning the Basics: 

Net Zero Portfolios are an effective and powerful way for investors to reduce risks associated with climate change and the transition to a low-carbon economy.  They also accelerate corporate climate action to reduce systemic risk for all investors and to protect current and future generations from climate impacts. 

A commitment to Net Zero means committing to transition the investment portfolio to net-zero GHG emissions by 2050 consistent with a maximum temperature rise of 1.5°C above pre-industrial temperatures, taking into account the best available scientific knowledge including the findings of the IPCC, and regularly reporting on progress, including establishing intermediate targets every five years in line with Paris Agreement Article 4.9. 

Social equity is central to the need to address the climate crisis.  PublicationiMarginalized communities, disproportionately Communities of Color, are often the most vulnerable to climate impacts.  To ensure an equitable and just transition, climate solutions must be viewed from a holistic perspective to ensure all communities are protected and have opportunities to benefit from the wealth generated in creating a new economy.   

IEN Curated Resources: 

Partner Resources: 

• Equity Investing in Climate Solutions | NZAOA, Cambridge Associates, Clean Energy Ventures, Essex Investment Management (May 5, 2021)

• The Energy Transition: What, How, and Why It Matters | FFI Solutions, Carbon Tracker (April 20, 2021)

• Brown Bag Session: Investor Journey to Net-Zero: Understanding your Portfolio | MSCI (April 19, 2021)

• Choose Your Own Climate Future: En-ROADS Climate Simulator Workshop for Investors | MIT Sloan (March 2021)

• The Net Zero Asset Owners Alliance | NZ Asset Owners Alliance, Zurich Insurance (October 2020) 

• Roundtable conversation on Harvard’s Net Zero Commitment with endowments totaling over $95 billion in assets (held under Chatham House Rule, no recording available) (July 2020)

• Investing for a Net-Zero World: A Guide for Investors | Cambridge Associates (July 2021)

• Net Zero Endowments to Address the Climate Crises and Lead a Just Transition (Briefing Paper) | IEN (July 2021)

• The Investor Climate Action Plans (ICAPs) Expectations Ladder and Guidance | The Investor Agenda (May 2021)

• Inaugural 2025 Target Setting Protocol | Net Zero Asset Owners Alliance (Apr. 2021) 

• The Investor Guide to Climate Collaboration: from COP26 to Net Zero | PRI (Mar. 2021) includes a list of initiatives, tools and resources related to net zero portfolios

• Net Zero Investment Framework | Paris Aligned Investment Initiative (Mar. 2021)

• NZAOA Frequently Asked Questions 

• Mainstreaming the Transition to a Net-Zero Economy | G30 (Oct. 2020, press release)

• Financing a Net-Zero Economy: Measuring and Addressing Climate Risk for Banks | Ceres (Oct. 2020)

• Climate Transition in a Portfolio Context: What Matters and What to Measure | Morgan Stanley (July 2020)

Learn how to take concrete steps to advance social equity 

Jump to: Learn | Build Consensus | Update Your IPS | Invest & Engage | Iterate & Share 

Learn: 

Explore key concepts

Read through a quick guide to some fundamental concepts in investing for social equity: 

• IEN Report: Racial Equity Investing: A Primer for College and University Endowments | August 2020
• IEN Report: Gender Lens Investing: A Primer for College and University Endowments l  March 2019
• IEN Report: Gender Lens Investing Landscape: Barriers & Opportunities l  July 2018
• IEN Report: Gender Lens Investing: The Business Case, Opportunities, and Action | February 2017
• IEN Webinars: Investing in Social Equity 
• IEN Blogs: Member posts on diversity equity and inclusion 
• Addressing Systemic Social Risk: A roadmap for Financial System Action | The Investment Integration Project (TIIP), 2020
• Why and How Investors Can Respond to Income Inequality | PRI
• How Investments Drive Injustice and What Investors Can Do About It | Transform Finance 
• Investing to Advance Racial Equity | Cornerstone Capital
• Racial Equity & Impact Investing | Mission Investors Exchange's Resource Library
• Racial Equity Investing | Glenmede
• Racial Equity Investing: The Time Is Now | Cambridge Associates
• Connecting the Dots: The Intersection of Economic Equality, Racial Justice, and Sustainable Investing | Community Capital Management

Learn from peer examples

• Visit our “What are my peers doing?” page for a comprehensive guide 
  

Commit to discussing racial equity at investment committee meetings to have conversations necessary to explore how racial, gender and social equity considerations are key to meeting your fiduciary duty requirements 

• Sign on to Confluence Philanthropy's Belonging Pledge with committing to " discussing racial equity at our next investment committee meeting. We will move our agenda forward on this. We will share our next steps and results (perhaps privately), so that we can help to identify industry-wide barriers and the technical resources required to advance the practice of investing with a racial equity lens.” 
• Be a mindful fiduciary by understanding ways in which racial, social and gender equity considerations are central to your institutional mission. Learn more about how this meets fiduciary requirements of care and diligence. 

Build Consensus:

Investors should build consensus about which investment strategies are most aligned with their unique goals or mission

Developing consensus for investment decision-making is a collaborative process that can be challenging. As perceptions of race can inform both business and investment operations through hiring and retention, manager selection and risk assessment, investors should consider conducting bias training and diversifying the Board and the Investment Committee to bring in new insights, spur new approaches and expand networks. Consultants who are leading in this work include: 

• Vernetta Walker & Associates Consulting -Specializes in boardroom consulting, training, and strengthening nonprofit organizations across the globe.
• BoardSource - Specializes in nonprofit board leadership and supports, trains, and educates nonprofit leaders from across the country and throughout the world. BoardSource provides leaders with an extensive range of tools, resources, and research data to increase board effectiveness and strengthen organizational impact. 
• Venn Diagram Partners - Specializes in the intersection between leadership development, diversity, equity &inclusion and executive coaching for leading organizations who value the power of leveraging differences. 
• ReadySet - Consulting and strategy firm that helps companies build more human-centric, inclusive cultures, teams and products. Clients span industries from tech, to nonprofits, to social change organizations each starting at a unique point in their DEI journey.
• Frontline Solutions - Black-owned consulting firm that serves the philanthropic and nonprofit sectors, working with their clients to build tools, models, and ventures that create far-reaching impact. 

Please visit our Consensus Building page for examples of how your peers have approached this process. 

Update & Evaluate: 

Update your Investment Policy Statement to reflect your social equity priorities

• Draw relevant concepts and language from examples of policy statements that incorporate social equity priorities and factors in the investment process 

Invest & Engage: 

Engage with consultants and ask your asset managers about their approach to internal diversity and inclusion and how race and social identity is factored into the investment processes and economic projections

• Review questions to consider when hiring or working with an investment consultant
• Review sample manager due diligence questionnaires 

Allocate to racially diverse consultants and asset management firms to diversify talent and deal flow and improve the investment’s risk and return profile

• Find diverse owned investment consultants
• Find diverse owned asset managers

Allocate to funds with a social equity investment thesis or businesses that produce products and services that address key issues for communities of color

• Transform Finance's resource outlines how investors can consider exposure to racial injustice by asset class and assess potential strategies for action. 
• The Investment Integration Project created a roadmap for how investors can address systemic social risk in their portfolios (page 26) 
• Integrate environmental, social and governance (ESG) factors across the portfolio with an explicit focus on diversity, equity and inclusion 
• Invest in Community Development Financial Institutions that offer stable cash or fixed income like investment returns while providing financial services to help low-income, low-wealth, and other disadvantaged people in their communities.
• As You Sow's free online tools tracks companies that exacerbate inequality, including those involved in mass incarceration, weapons of war, forced labor and gender inequality. 
• As You Sow examined companies in the S&P250 to assess their corporate policies and practices on social justice across key performance indicators (KPIs) 
• As You Sow's Executive Compensation initiative has an annual list of "The 100 Most Overpaid CEOs" 
• Investors for Livable Wages list of public traded companies that pay a subminimum wage  
• Adasina's Racial Justice Impact Dataset lists companies that exacerbate racial inequities

Engage with companies as a shareholder on issues that relate directly to social equity. If you invest in commingled funds, require transparency from your external managers as to how they engage with companies on these issues.

• Become an active owner to engage companies you own about their strategies and directions on climate change and social inequality 

Use investor voice in partnership with organizations focused on social justice through investor statements, pledges and public comments to spur collective action

• Check out current investor sign on opportunities 

Offer internships in the Investment Office for underrepresented students to aid in diversifying the field, or create a student-managed fund focused on diversity of the team as well as a social equity investment strategy

Iterate & Share

Disclose information on your strategy and progress to encourage transparency and accountability

• Communicate progress to your stakeholders to encourage transparency in the finance industry and advance the field of sustainable investing 

Learning the Basics: 

Read through a quick guide to some fundamental concepts in investing for gender lens investing: 

IEN Curated Resources: 

Partner Resources: 

Invest to make progress on racial equity 

Jump to: Learn | Build Consensus | Update Your IPS | Invest & Engage | Iterate & Share 

Learn: 

Explore key concepts

Read through a quick guide to some fundamental concepts in investing for racial equity: 

• IEN Report: Racial Equity Investing: A Primer for College and University Endowments | August 2020
• IEN Report: Gender Lens Investing: A Primer for College and University Endowments l  March 2019
• IEN Webinars: Investing in Racial Equity 
• IEN Blogs: Member posts racial equity 
• How Investments Drive Injustice and What Investors Can Do About It | Transform Finance 
• Investing to Advance Racial Equity | Cornerstone Capital
• Racial Equity & Impact Investing | Mission Investors Exchange's Resource Library
• Racial Equity Investing | Glenmede
• Racial Equity Investing: The Time Is Now | Cambridge Associates
• Connecting the Dots: The Intersection of Economic Equality, Racial Justice, and Sustainable Investing | Community Capital Management

Learn from peer examples

• Visit our “What are my peers doing?” page for a comprehensive guide 
  

Commit to discussing racial equity at investment committee meetings to have conversations necessary to explore how racial, gender and social equity considerations are key to meeting your fiduciary duty requirements 

• Sign on to Confluence Philanthropy's Belonging Pledge with committing to " discussing racial equity at our next investment committee meeting. We will move our agenda forward on this. We will share our next steps and results (perhaps privately), so that we can help to identify industry-wide barriers and the technical resources required to advance the practice of investing with a racial equity lens.” 
• Be a mindful fiduciary by understanding ways in which racial, social and gender equity considerations are central to your institutional mission. Learn more about how this meets fiduciary requirements of care and diligence. 

Build Consensus:

Investors should build consensus about which investment strategies are most aligned with their unique goals or mission

Developing consensus for investment decision-making is a collaborative process that can be challenging. As perceptions of race can inform both business and investment operations through hiring and retention, manager selection and risk assessment, investors should consider conducting bias training and diversifying the Board and the Investment Committee to bring in new insights, spur new approaches and expand networks. Consultants who are leading in this work include: 

• Vernetta Walker & Associates Consulting -Specializes in boardroom consulting, training, and strengthening nonprofit organizations across the globe.
• BoardSource - Specializes in nonprofit board leadership and supports, trains, and educates nonprofit leaders from across the country and throughout the world. BoardSource provides leaders with an extensive range of tools, resources, and research data to increase board effectiveness and strengthen organizational impact. 
• Venn Diagram Partners - Specializes in the intersection between leadership development, diversity, equity &inclusion and executive coaching for leading organizations who value the power of leveraging differences. 
• ReadySet - Consulting and strategy firm that helps companies build more human-centric, inclusive cultures, teams and products. Clients span industries from tech, to nonprofits, to social change organizations each starting at a unique point in their DEI journey.
• Frontline Solutions - Black-owned consulting firm that serves the philanthropic and nonprofit sectors, working with their clients to build tools, models, and ventures that create far-reaching impact. 

Please visit our Consensus Building page for examples of how your peers have approached this process. 

Update & Evaluate: 

Update your Investment Policy Statement to reflect your racial equity priorities

• Draw relevant concepts and language from examples of policy statements that incorporate racial equity priorities and factors in the investment process 

Invest & Engage: 

Engage with consultants and ask your asset managers about their approach to internal diversity and inclusion and how race and social identity is factored into the investment processes and economic projections

• Review questions to consider when hiring or working with an investment consultant
• Review sample manager due diligence questionnaires 

Allocate to racially diverse consultants and asset management firms to diversify talent and deal flow and improve the investment’s risk and return profile

• Find diverse owned investment consultants
• Find diverse owned asset managers

Allocate to funds with a racial equity investment thesis or businesses that produce products and services that address key issues for communities of color

• Transform Finance's resource outlines how investors can consider exposure to racial injustice by asset class and assess potential strategies for action. 
• The Investment Integration Project created a roadmap for how investors can address systemic social risk in their portfolios (page 26) 
• Integrate environmental, social and governance (ESG) factors across the portfolio with an explicit focus on racial equity
• Invest in Community Development Financial Institutions that offer stable cash or fixed income like investment returns while providing financial services to help low-income, low-wealth, and other disadvantaged people in their communities.
• As You Sow's free online tools tracks companies that exacerbate inequality, including those involved in mass incarceration, weapons of war, forced labor and gender inequality. 
• As You Sow examined companies in the S&P250 to assess their corporate policies and practices on social justice across key performance indicators (KPIs) 
• As You Sow's Executive Compensation initiative has an annual list of "The 100 Most Overpaid CEOs" 
• Investors for Livable Wages list of public traded companies that pay a subminimum wage  
• Adasina's Racial Justice Impact Dataset lists companies that exacerbate racial inequities

Engage with companies as a shareholder on issues that relate directly to racial equity. If you invest in commingled funds, require transparency from your external managers as to how they engage with companies on these issues.

• Become an active owner to engage companies you own about their strategies and directions on climate change and racial inequality 

Use investor voice in partnership with organizations focused on racial justice through investor statements, pledges and public comments to spur collective action

• Check out current investor sign on opportunities 

Offer internships in the Investment Office for underrepresented students to aid in diversifying the field, or create a student-managed fund focused on diversity of the team as well as a racial equity investment strategy

Iterate & Share

Disclose information on your strategy and progress to encourage transparency and accountability

• Communicate progress to your stakeholders to encourage transparency in the finance industry and advance the field of racial equity investing 

Learning the Basics: 

Read through a quick guide to some fundamental concepts in investing for racial equity: 

IEN Curated Resources: 

Act for Impact:

EIRIS Conflict Risk Network, EIRIS Conflict Risk Network, an EIRIS Foundation initiative, is a U.S.-based organization whose purpose is to help investors and companies ensure that they are not exacerbating conflict but actively taking steps to support peace and stability.

EIRIS CRN seeks to empower institutional investors, financial service providers, and other engaged stakeholders by providing them with the tools needed to not only detect exposure to areas affected by conflict but also to work with companies to reduce risks relating to conflict through responsible corporate practices that support peace and stability. By operating as an intermediary between companies and concerned investors, EIRIS CRN is in a unique position to harnesses the collective weight of trillions of dollars in assets to incentivize companies with operations in areas affected by conflict to act upon their duties under respected international standards and ensure they are actively taking steps needed to ensure their operations support peace and stability. Though ambitious, through our work, and with the constant support of our engaged subscribers, we aim to reduce the devastating impact that war can have on local communities.

Moreover, bolstered by its recent transfer to the EIRIS Foundation, a UK-registered charity with over 30 years of experience working to increase the impact of responsible investment, EIRIS CRN is in a stronger position than ever to leverage the combined research experience of both units to analyze and advocate responsible, conflict-sensitive company policy globally.

GSSG Solar, founded in 2013, is committed to being the world’s premier solar-only investment firm, and we understand that achieving this goal is rooted in generating trust and alignment with, and ultimately superior returns for our investors, project partners and local communities.

Our world-class team have spent over a decade together evaluating and investing in solar PV projects. We have applied fundamental analysis, structural optimization, creativity, determination, and oversight to each project.

We manage three funds that invest in solar projects to generate long-term capital appreciation on behalf of a blue-chip group of investors.

Since inception, we have invested in over 500MW of solar projects located in Japan, Taiwan and the U.S.

www.gssgsolar.com

Date: May 13, 2021, 1-2pm ET 

How can investors be part of a solution to racial equality? Come join us for an introduction to Natixis AIA Racial Equity Portfolios, developed in partnership with JUST Capital and Anthony Rust, Consultant and IEN Board Member, aiming to avoid or divest from companies that cause, contribute to, exploit or profit from racial injustice.

Investors have a key role to play to bring about racial equity by steering capital towards companies that embrace diversity, equity and inclusion (DEI). A growing body of evidence also points to how companies that are leaders in DEI outperform their peers. Natixis will speak to how they relied on the expertise of NGOs and advocacy organizations to align themselves to the realities of our changing society and identified opportunities that came with this broadened scope of analysis that’s overlooked by many investors.

Through this webinar, participants will come away with an understanding of:

• Why investing in companies that incorporate DEI and away from companies with business models that perpetuate racial inequities make financial sense
• What an approach that focuses on investing in companies that factor in the economic power of underrepresented populations looks like in practice
• How you can be a more socially conscious investor too

Speakers:

• Victor Howell, Vice President, Natixis Investment Managers
• Lorraine Spradley Wilson, Managing Director, Investment Products, JUST Capital
• Anthony Rust, Consultant / IEN Board Member

Recording:

Resources:

• Natixis Investment Managers Announces AIA Racial Equity Portfolios
• Customized Equity Portfolios Invest for Racial Equality
• A CEO Blueprint for Racial Equity
• Corporate Insights into the CEO Blueprint for Racial Equity
• The Corporate Racial Equity Tracker

Transform Finance envisions a world where capital is aligned with social justice values and is accessible to activists and community leaders as a tool for transformative social change. We empower community leaders to shape how capital flows affect them – both in terms of holding capital accountable and having a say in its deployment – by demystifying finance and building capacity for community-centered initiatives, support investors committed to deepening their impact investment practice to adopt transformative approaches and demonstrate the viability of the approach via education, concrete tools and strategies, and overall guidance, and foster a new discourse and collaboration between the two.

http://transformfinance.org/

Resources: 

• New report - Grassroots Community Engaged Investment
• Briefing - Addressing Capital's Effects on Racial Injustice

Thursday, April 22, 2021, 10 AM-12 PM (Hosted in partnership with Philanthropy New York)

We know that racial disparities exist in a multitude of areas (e.g., homeownership, workplace advancement, health, and education, etc.), as well as the degree to which these disparities pose a risk to our economy and society. Addressing race equity and justice in philanthropy can – and must – take many forms, from our grantmaking portfolios, to our application and reporting requirements, to how we evaluate ourselves and our grantees. The manner in which our endowments are invested is another critical lens through which philanthropy should consider its commitment to race equity. The field of mission-aligned, or ESG (environmental, social and governance), investing has matured tremendously in recent years. A growing number of foundations are making the commitment to 100% mission- and values-aligned investing as part of their overall commitment to address race inequity and injustice. Join both funders and investment managers for a discussion on how we can get started in investing with a more racially equitable lens.

Explore

• Findings from Intentional Endowments Network's recent report, Investing in Racial Equity: A Primer for University & College Endowments, which can be a blueprint for philanthropy

• The impact of racial inequality to the long-term sustainability of our economy

• What practical steps asset managers can take to invest in racial equity

• The variety of resources and partners available to support this work

• Case studies of funders who have started on this journey

Speakers

Opening Remarks

• Kathryn O'Neal-Dunham, CEO, Philanthropy New York

Panel

• Jochebed Bogunjoko, Founder and Racial Equity Strategist, J Aduke Consulting 
• Tamara Larsen, Executive Director, Agility; Investment Committee Member, David Rockefeller Fund
• Kate Sinding Daly, Executive Director, NorthLight Foundation
• Kaede Kawauchi (Moderator), Program Manager, Intentional Endowments Network

What to expect: presentation followed by breakout discussions.

Registration

If you are an IEN endowment or foundation member interested in joining this session, please contact Kaede at [email protected]. 

Date:  November 14, 2018, 11:45 a.m. ET

This webinar will be a high level overview on how investors can incorporate diversity, equity, and inclusion (DEI) factors at various levels of the investment process. Panelists introduced the basics of DEI, why DEI consideration is important, and the various ways an institutional investor can consider DEI issues. 

Presenters:

• Anthony Rust, Chair of the Investment Committee, Warren Wilson College; Impact Fund Manager, BEI Business Equity Fund
• Justin Wilson, Director, Diverse Asset Managers Initiative
• Julianne Zimmerman, Managing Director, Reinventure Capital
• Moderator: Kaede Kawauchi, Program Manager, Intentional Endowments Network