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Nicole Torrico published 26.4 Billion Higher Education Endowment Dollars Assessed and Rated by New Framework for Sustainable and Impact Investing in IEN Press Releases 2024-04-18 14:13:10 -0400
26.4 Billion Higher Education Endowment Dollars Assessed and Rated by New Framework for Sustainable and Impact Investing
The Intentional Endowments Network (IEN) announces the positive results of a pilot to test a new assessment, rating, and benchmarking framework that enables endowments to earn recognition for their commitment to sustainable and impact investing - the Endowment Impact Benchmark (EIB). The benchmark is now open to all endowments and foundations.
BOSTON, MASSACHUSETTS (April 18, 2024) – As the global impact investing market is projected to reach $4.5 trillion by the end of 2030, new impact measurement tools are required. The IEN announced today the launch of a new Endowment Impact Benchmark (EIB), designed specifically for institutional asset owners to accelerate sustainable and impact investing progress.
“The benchmark is a powerful tool for transforming impact investing now and into the future,” said Georges Dyer, Executive Director of The Intentional Endowments Network. “It offers the opportunity to shift norms, not just among endowments and foundations, but also in the financial industry at large. It finally allows these investors to get credit for walking the walk, affording unprecedented levels of transparency and accountability, and the ability to benchmark against peers and increase the ambition level for aligning investments with positive impact.”
In total, five leading endowments representing public and private colleges and universities, with assets under management ranging from $50 million to over $20 billion, showcased their pioneering institutional leadership, by piloting the Endowment Impact Benchmark:
- Arizona State University Foundation
- California State University Foundation
- Lewis & Clark College
- University of California
- University of Toronto
The pilot was immensely successful. Participating endowments expressed that they found the standard to have integrity, the verification process to be effective (and not overly burdensome to participate in), and the resulting feedback and recommendations to be of great value. All endowments that participated in the pilot were awarded a rating of Participant, Bronze, Silver, Gold, or Platinum. The results can be viewed in this report.
“Participation in the pilot of the Endowment Impact Benchmark was a valuable experience for the California State University Foundation. It allowed us to identify areas where we are a leader in setting best practices nationally as well as opportunities for future growth,” said Aaron Moore, CFO of the California State University Foundation. “ The opportunity to provide in-depth feedback as the EIB was being developed was particularly rewarding as we believe this will be an important industry benchmarking tool going forward."
“Earning a Platinum rating, the highest of any of the institutions participating in the Endowment Impact Benchmark pilot program, is a gratifying validation of Lewis & Clark College’s dedication to sustainability and principled action in our investing approach,” said Andrea Dooley, Lewis & Clark College's Chief Financial Officer and VP of Operations. “We were early to adopt a divestment policy and continue to build on that commitment through our Net Zero strategy, which targets real-world impact. We are grateful to the Intentional Endowment Network for spearheading this pilot program and for the opportunity to be recognized as a leader in sustainable investing."
The Endowment Impact Benchmark accelerates the action of institutional asset owners across the investment value chain and reduces social and environmental harm, by providing a mechanism for endowments to report on, and get credit for, their positive activities. Specifically, participation in the EIB offers unique benefits where participants will:
- Manage Risk and Return: Hone investment strategies to deliver reduced risk, and potentially enhanced returns.
- Evaluate Performance: Learn where they are on their sustainable investing journey, relative to best-practices.
- Accelerate Progress: Receive high-value feedback (through a third party verifier) and recommendations, on improving sustainable investing policies.
- Measure Change: Benchmark their progress over time, see their progress in comparison with peers, and access aggregated data of participating endowments.
- Drive Transparency: Tool allows greater reporting transparency within participants’ own organizations, and as part of the broader impact investing community.
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Gain Recognition: Participants, based on their progress, earn a rating of Participant, Bronze, Silver, Gold, or Platinum.
- Participants also have the option to participate anonymously to realize the benefits of the benchmarking and advisory feedback, without being required to make their participation or rating public.
IEN has 15 spots available for endowments and foundations to participate in the second EIB cohort in 2024.
The 2023 Pilot was funded and made possible by The Tipping Point Fund on Impact Investing and The Sorenson Impact Foundation.
The EIB results are verified by an independent third party, Blue Mark.
About the Intentional Endowments Network:
The Intentional Endowments Network (IEN) supports higher education institutions to adopt investment strategies that create an equitable, low-carbon, and regenerative economy. IEN connects endowments, asset managers, investment consultants, nonprofit partners, and individuals, to advance the field of mission-aligned, sustainable investing. IEN is housed at the Crane Institute of Sustainability (“Crane”), a 501(c)(3) nonprofit organization. Learn more at www.intentionalendowments.org
About BlueMark:
BlueMark is a leading provider of impact verification services for investors and companies. Founded in 2020, BlueMark's mission is to "strengthen trust in impact investing." BlueMark's verification methodologies draw on a range of industry standards, frameworks, and regulations, including the Impact Management Project, the Operating Principles for Impact Management, the Principles for Responsible Investment, SDG Impact, and the Sustainable Finance Disclosure Regulation. Learn more at www.bluemark.co
Contact:
Georges Dyer, Co-founder & Executive Director, Intentional Endowments Network & The Crane Institute of Sustainability
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Nicole Torrico published Warren Wilson College: 2023 Shareholder Engagement Impact Review in Blog 2023-10-26 08:05:29 -0400
Warren Wilson College: 2023 Shareholder Engagement Impact Review
The Intentional Endowments Network (IEN) is proud to announce the release of the Warren Wilson College 2023 Shareholder Engagement Briefing Paper.
Read more
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Nicole Torrico published 2023 Briefing Paper: Warren Wilson College in Resources from IEN 2023-10-24 13:25:31 -0400
2023 Briefing Paper: Warren Wilson College
The Warren Wilson College 2023 Shareholder Engagement Briefing Paper details the work of Warren Wilson College to increase financial returns by shifting corporate behavior through shareholder advocacy and proxy voting.
Warren Wilson College (WWC) is a liberal arts college in North Carolina and a leader in environmental and social sustainability. In the past 6 years, WWC has focused on applying environmental and social equity lenses to the management of its endowment, including publicly committing to divest from fossil fuels and integrating environmental, social, and governance (ESG) factors into the investment process.
In 2019, WWC began exploring active ownership as a way to expand the positive societal and environmental impact of its investments, while also reducing risks and maximizing returns in its endowment portfolio. You can read a background on WWC’s work implementing sustainable investing strategies, with a focus on shareholder engagement, in IEN’s 2020 resource: Active Ownership in the Endowment: Warren Wilson College Case Study.
Warren Wilson College has partnered with the Intentional Endowments Network (IEN) and As You Sow to engage with their investment companies, and as a result, can point to real change addressing the college’s two mission-driven focus areas: climate change and racial justice.
Read the Briefing Paper Across the 2022-2023 engagement season (July 1, 2022 through June 30, 2023), Warren Wilson College has signed 58 letters of authorization for engagement. Of these 58 signed letters of authorization, a satisfactory agreement was reached without filing for 10 of the engagements, and 6 more resolutions were filed and subsequently withdrawn as an agreement was reached. There were also 5 filed resolutions that went to a vote and 2 more currently in dialogue.
This engagement season, WWC has continued to use, As You Vote, As You Sow’s ESG aligned proxy voting service, to vote 1,090 proxy ballot line items at 1,067 companies, including many shareholder proposed ballot items.
Colleges and universities across the country can learn valuable insights from the process WWC has developed and followed to engage with the companies in their endowment investment portfolio through proxy voting and shareholder resolutions.
Read the full briefing paper to learn more (pdf).
Acknowledgements
Warren Wilson College’s engagement work is a collective effort made possible through partnerships with the Intentional Endowments Network and As You Sow. The following people have played critical roles in both the implementation of the work outlined in this briefing paper, and the writing and review of this document:
Gail Follansbee, Shareholder Relations Manager, As You Sow
Rachel Lowy, Shareholder Relations Coordinator, As You Sow
Anthony Rust, Investment Committee Chair, Warren Wilson College
Nicole Torrico, Managing Director, Intentional Endowments Network
Julianna Trimboli, Sustainable Investing Intern, Intentional Endowments Network
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Nicole Torrico published Press Coverage: 2023 Student Corporate Engagement Challenge in Press Coverage 2023 2023-05-18 15:54:03 -0400
Press Coverage: 2023 Student Corporate Engagement Challenge
CWU Business Students Win National Corporate Engagement Competition | CWU News, June 5, 2023
GreenFin Weekly l May 10, 2023
Berkeley Haas Sustainable & Impact Finance: May 2023 Newsletter l May 10, 2023
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Nicole Torrico published press release 2023 challenge winners in IEN Press Releases 2023-05-03 13:52:43 -0400
PRESIDIO GRADUATE SCHOOL & CENTRAL WASHINGTON UNIVERSITY WIN THE 2023 IEN STUDENT CORPORATE ENGAGEMENT CHALLENGE
Proposed Investments in First Solar and Starbucks, paired with engagement strategies to increase diversity, equity, and inclusion in company leadership and prevent sexual harassment and gender discrimination, highlight importance of ESG issues to the next generation of sustainable investors.
BOSTON, MA (MAY 3RD, 2023) – The Intentional Endowments Network announced today that student teams from Presidio Graduate School and Central Washington University were named the winners of the Student Corporate Engagement Challenge in the Graduate and Undergraduate category, respectively.
Presidio Graduate School students, winners in the Graduate category, recommended an investment in First Solar, and proposed an engagement strategy to increase diversity, equity and inclusion in company leadership.
Central Washington University students, winners in the Undergraduate Category, recommended an investment in Starbucks, and proposed an engagement strategy to prevent sexual harassment and gender discrimination.
The winners competed against six finalist teams for top honors. The Runner-up in the Graduate category was the team from University of California, Berkeley, Haas School of Business, and in the Undergraduate category was Virginia Wesleyan University.
The Challenge asks students to pitch an investment in a publicly-traded company, and include in that recommendation a shareholder engagement strategy focused on addressing an environmental, social, or governance issue where the company could improve in ways that would both enhance the value of the investment and drive positive impacts for society.
“Study upon study has shown that increased diversity leads to increased financial success and better shareholder returns,” said Claire Nevels, an MBA Candidate at Presidio Graduate School. “Most importantly, greater racial and gender diversity is associated with enhanced creativity and innovation, better decision making, and improved social and environmental outcomes, which is critical to allow First Solar to continue to be a leader in addressing the complex and interconnected challenges facing our planet and society. This is not only crucial for First Solar’s bottom line, but also for creating a more sustainable and just future for all.”
"Our decision to focus on sexual harassment, assault, and discrimination in the workplace as part of our engagement strategy was instigated by our first-hand observations and experiences in the food services industry, where instances of sexual harassment are far too common," said Betty Mittelstaedt, student at Central Washington University.
The remaining Finalist teams were, in the Graduate Category, Columbia University and University of California, Berkeley Haas School of Business, and in the Undergraduate Category, LeHigh University and Virginia Wesleyan University.
IEN’s Corporate Engagement Challenge is a semester-long program that includes education, mentorship, and hands-on investment and engagement strategy development for undergraduate and graduate students.
“We’re proud to support the next generation of sustainable investors as they learn more about the positive and negative impacts of their investment decisions and how those relate to financial performance,” said Georges Dyer, Co-Founder and Executive Director at The Intentional Endowments Network. “Over $30 trillion is set to transfer to millennial stewardship in the coming years, and it’s more important than even to support millennial and GenZ investors in turning their interest in sustainable investing into a strong skill set.”
As more investors see the need for thoughtful analysis of ESG risks and opportunities, investment management firms are increasingly looking to recruit talented graduates who understand both sustainability and fundamental investment practices. The Challenge gives students the opportunity to demonstrate their strengths in both areas, and show how interrelated they are.
"The Challenge not only provided us with a challenging experience, but also sparked our interest in pursuing opportunities within the field of shareholder engagement, consulting, and ESG analysis,” said Jaap Donker, student at Central Washington University.
“The IEN Student Corporate Engagement Challenge provided us with the valuable opportunity to develop a comprehensive understanding of investment analysis and the investor engagement process. Getting hands on experience has demystified the process and empowered us to engage with investments beyond the numbers,” said Steph Motta, an MBA Candidate at Presidio Graduate School.
Active engagement with portfolio companies on material ESG issues is an increasingly important aspect of investing and good fiduciary practice. According to the annual shareholder engagement report, Proxy Preview, “2023 is another record-breaking year, with more than 542 shareholder resolutions filed on environmental, social, and sustainable governance (ESG) issues. Hundreds of these resolutions are heading for votes at spring and summer corporate annual general meetings.”
“Publicly traded corporations hold immense power over our lives, our communities, and the environment, and changing how these corporations operate can transform our economy and society,” said Nicole Torrico, Program Director at The Intentional Endowments Network. “Engaging with corporations as shareholders is a powerful tool to address material risk factors relevant to long term financial performance, and to advocate for change and hold corporations accountable for meeting their commitments to address the biggest challenges of our time: racial inequity and the interrelated climate crisis.”
A panel of judges selected the winners based on their presentations, fundamental financial analysis and ESG analysis, and the creativity and efficacy of the shareholder engagement strategy to both improve company financial performance and make a meaningful positive social or environmental impact.
MEDIA CONTACT
See highlights from the winning team’s final presentations and here more about the Challenge by watching this video: https://www.youtube.com/watch?v=eDzx-vkWZ2Y
To receive a copy of the winning team’s presentations, or interview any of the participating teams and/or members of the IEN Team, contact Nicole Torrico, (207) 812 1589, [email protected]
ABOUT IEN
The Intentional Endowments Network (IEN) supports higher education institutions in learning about and adopting investment strategies that create an equitable, low- carbon, and regenerative economy. IEN connects endowments, asset managers, investment consultants, nonprofit partners, and individuals, including a community of over 200 active members, to connect with peers, stay up to date on the latest best practices, develop partnerships, and advance the field of mission-aligned, sustainable investing.
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2024 Higher Education Climate Leadership Summit
Building Solidarity for Equitable Climate Action
The annual Higher Education Climate Leadership Summit was hosted by the Intentional Endowments Network and Second Nature hosted their annual Higher Education Climate Leadership Summit in Long Beach, CA from February 11-13th, 2024.
Over 450 changemakers dedicated to advancing sustainability through higher education gathered to learn and exchange ideas over the course of this three-day conference. University presidents, sustainability directors, students, endowment decision makers, were among those engaged in the Summit’s 35 total sessions and numerous networking opportunities. Below is a summary of the critical conversations facilitated at the Summit with a community of attendees advancing a just transition to a regenerative economy and sustainable world.
Attendees Connected with 450+ Peers
Attendees included Higher Education Leaders in the following roles:
- Presidents & Trustees,
- Chief Investment Officers & Investment Committee members,
- Sustainability Directors and other sustainability office staff,
- Diversity, equity, and inclusion and community engagement office staff,
- Investment consultants, asset managers, and other investment firms,
- Climate solution providers.
10 Ways We Centered Justice
Advancing climate justice by holding space for important conversations, connections and plans to take place -- inspiring and facilitating actions in support of justice, equity, diversity, and inclusion, is a deeply valued and shared mission between IEN and Second Nature.
Learn more about how we centered justice throughout the 2024 Summit in Long Beach, CA here.
Thank You to Our Partners & Sponsors
We deeply appreciate the partners and sponsors of the 2024 Higher Education Climate Leadership Summit for their support, helping to drive the adoption of new strategies to reduce direct climate impacts of higher education institutions and inform endowment investing strategies that accelerate a just transition to a carbon-neutral economy.
Thank you for your climate leadership and support of the critical movement-building efforts of IEN and Second Nature.
Co-hosts
Major Strategic Partners
Convening Level Sponsor
Gold Level Sponsors
Silver Level Sponsors
Bronze Level Sponsors
Supporting Level Sponsors
Organizational Partners
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Nicole Torrico published 10 Student Teams Enter the 2023 Corporate Engagement Challenge! in Blog 2023-01-19 11:52:18 -0500
10 Student Teams Enter 2023 Corporate Engagement Challenge!
We're pleased to announce that 10 students teams from universities across the U.S.have entered the Intentional Endowments Network‘s (IEN) Student Corporate Engagement Challenge. Teams of three to five undergraduate and graduate students will showcase their skills in sustainable investing and shareholder advocacy throughout the Challenge.
Read more
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Nicole Torrico published 2023 Summit Partners in 2023 Higher Education Climate Leadership Summit 2022-10-13 10:24:47 -0400
Thank You to the Sponsors of the 2023 Higher Education Climate Leadership Summit
Partners of the 2023 Summit will help drive the adoption of new strategies to reduce direct climate impacts of colleges and universities and inform endowment investing strategies that accelerate a just transition to a carbon-neutral economy. As a partner, you also demonstrate your climate leadership and help support the critical movement building efforts of the Intentional Endowments Network and Second Nature.
Gold Level Sponsors
Silver Level Sponsors
Bronze Level Sponsors
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Nicole Torrico published V-Square Quantitative Management in Organizations 2022-09-08 15:09:29 -0400
V-Square Quantitative Management
V-Square Quantitative Management is a global asset management firm and a sustainability analytics platform. They provide efficient investment portfolios integrating sustainability at every step of the investment process. They specialize in financial engineering, development and management of quantitative portfolios and processing of sustainability big data. V-Square's mission is be to a new vector of change in the way they generate investment returns for investors in alternative asset classes and core equity and fixed income.
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Nicole Torrico published Wespath Benefits and Investments in Organizations 2022-09-08 14:59:20 -0400
Wespath Benefits and Investments
Wespath Benefits and Investments (Wespath) has been serving The United Methodist Church for over 100 years. Wespath and its subsidiaries maintain one of the largest faith-based pension funds in the world, serving more than 100,000 active and retired clergy and lay employees of the Church. As a sustainable investor, Wespath incorporates consideration of environmental, social, and governance (ESG) factors in our investment decision-making and aspires to make a positive impact on the environment and society.
Resources from Wespath:
- Wespath Assets
- 2015-2016 Sustainable Investment Report: Global Investor, Sustainable Investor (2017)
- Shareholder Engagement: Identifying Human Rights Risks (2016)
- Wespath's Strategic Approach to Climate Change: Avoid, Engage, Invest (2016)
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Agenda
Intentional Endowments Network Roundtable
at the Nest Summit Campus, Javits Center, New York City, Part of Climate Week NYC
Date: September 22, 2022
Time: 1:30-6:30pm ET
12:30-1:30 Registration & Networking
1:30-1:40 Welcome
- Georges Dyer, Executive Director, IEN
1:40-2:10 Keynote
- Derrick Johnson, President & CEO, NAACP
2:10-2:20 Dialogue: Brief introductions - who are you and what organization are you representing? What do you hope to get out of today?
2:20-2:45 Panel: San Francisco State University — new IPS + renewed commitments to ESG
- Angela Outlaw-Matheny, Director of Investment Staff & Diverse Manager Equity, Crewcial Partners (moderator)
- Neda Nobari, Board Chair, San Francisco State University Foundation
- Jeff Jackanicz, CEO, San Francisco State University Foundation
- Mike Pearce, Managing Director, Cambridge Associates
2:45-3:10 Panel: Climate Justice & Net Zero Portfolios — Driving the Just Transition
- Pedro Henriques da Silva, Associate, Global Endowment Management (moderator)
- Miguel CuUnjieng, Associate Director for EOS, Federated Hermes
- Mark Campanale, Founder and Executive Chairman, Carbon Tracker
- Kirsten Spalding, Senior Program Director, Investor Network, Ceres
3:10-3:35 Dialogue: How is your organization (or your clients) thinking about integrating a Net Zero portfolio and JEDI goals in your Investment Policy Statement? How are you thinking about a climate justice lens? What barriers do you face, what tools or solutions might be most helpful?
3:35-3:45 Break
3:50-4:50 Next Level Conversations
- Shareholder advocacy and engagement: a college case-study of Bard -- Taun Toay, CFO, Bard College
- Building an Impact-Driven, Diverse Emerging Manager Ecosystem -- Bahiyah Robinson, VC Include
- Taking the Politics out of ESG: risks and opportunities from political attacks on ESG -- Jeff Gitterman, Gitterman Wealth Management
- Diverse & Emerging Managers -- Dorien Nunez, Omni Research & IEN
- Sustainable ETFs -- Marvin Owens, Impact Shares
- Sustainable Investing & Federal Policy -- Bob Van Heuvelen, Vogel Group
- Climate Positive Investing and DEI in climate investing -- Moya Connelly & Ian Monroe, Etho Capital
- ESG Data & Greenwashing -- Dinah Koehler, Ecolumix
- Net Zero Portfolios and Fixed Income, Cara Early, Breckinridge
4:50-5:15 Panel: ESG in Retirement Plans — the Sustainable Retirements Pledge
- Lazaro Tiant, Investment Director – Sustainability, Schroders (moderator)
- David Finegold, President, Chatham University
- Roberta Lobo, Director, Nuveen, a TIAA company
- Max Messervy, Head of Sustainable Investment, Americas, Mercer
5:15-5:30 Closing Dialogue: What are your big takeaways from the day? What next steps will you take at your organization? Who will you follow-up with from today's event to move this work forward? Where should the Intentional Endowments Network be focusing to best support your progress?
5:30-6:30 Rooftop Reception Orchard Terrace at the Javits Center, Nest Summit Campus
7:00 Sponsored & self-organized dinners in the city (by invitation or self-organized)
- Georges Dyer, Executive Director, IEN
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Nicole Torrico published New Report: Warren Wilson College Announces 80% Success Rate at Shifting Corporate Behavior by Activating Investment Portfolio in Blog 2022-08-17 11:12:16 -0400
New Report: Warren Wilson College Announces 80% Success Rate at Shifting Corporate Behavior by Activating Investment Portfolio
We're excited to share our newest resource: Warren Wilson College: Impacting How Companies Do Business!
This briefing paper details how Warren Wilson College has influenced companies’ actions to compel real, positive change in corporate policies and practices.
Read more
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Nicole Torrico published Briefing Paper: Warren Wilson College in Resources from IEN 2022-08-17 10:18:47 -0400
2022 Briefing Paper: Warren Wilson College
Warren Wilson College Finds Success Shifting Corporate Behavior by Filing Shareholder Resolutions and Voting Proxies
This Briefing Paper: Warren Wilson College, Impacting How Companies Do Business , details how Warren Wilson College has influenced companies’ actions to compel real, positive change in corporate policies and practices.
Warren Wilson College (WWC) is a liberal arts college in North Carolina and a leader in environmental and social sustainability. In the past 5 years, WWC has focused on applying environmental and social equity lenses to the management of its endowment, including publicly committing to divest from fossil fuels and beginning to fully integrate environmental, social, and governance (ESG) factors into the investment process.
In 2019, WWC began exploring active ownership as a way to expand the positive societal and environmental impact of its investments, while also reducing risks and maximizing returns in its endowment portfolio. You can read a background on WWC’s work implementing sustainable investing strategies, with a focus on shareholder engagement, in IEN’s 2020 resource: Active Ownership in the Endowment: Warren Wilson College Case Study.
Through partnerships with As You Sow and the Intentional Endowments Network (IEN), WWC has made an impact by actively engaging the companies the endowment invests in, and as a result, can point to real change addressing the college’s two mission-driven focus areas: climate change and racial justice.
During the 2021-2022 engagement season (fall of 2021 through end of June of 2022), Warren Wilson College signed 32 letters of authorization allowing As You Sow to enter into dialogue and submit shareholder resolutions to companies WWC invested in. Of those 32 signed letters of authorization to engage, As You Sow did not file 14 of the resolutions, as dialogue with each company prior to filing led to an agreement. As You Sow did file resolutions with 14 of the 32 authorized companies, and dialogue with 12 of the 14 companies where resolutions were filed led to impactful agreements that addressed the resolution request sufficiently for all outcomes at companies where WWC authorized engagements.
WWC has also influenced the actions of companies through proxy voting. From March 2021 through January 2022, 13,000 proxy ballot line items were voted on WWC’s behalf at approximately 1,200 companies, including 420 shareholder proposed ballot items.
Colleges and universities across the country can learn valuable insights from the process WWC has developed and followed to engage with the companies in their endowment investment portfolio through proxy voting and shareholder resolutions.
Read the full briefing paper to learn more (pdf).
Acknowledgements
Warren Wilson College’s engagement work is a collective effort made possible through partnerships with the Intentional Endowments Network and As You Sow. The following people have played critical roles in both the implementation of the work outlined in this briefing paper, and the writing and review of this document:Alice DonnaSelva, Former Senior Advisor on Shareholder Engagement, Intentional Endowments Network
Gail Follansbee, Shareholder Relations Manager, As You Sow
Ben Linthicum, ESG Advisory Committee Chair, Warren Wilson College
Rachel Lowy, Shareholder Relations Coordinator, As You Sow
Anthony Rust, Investment Committee Chair, Warren Wilson College
Nicole Torrico, Program Director, Intentional Endowments Network
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Nicole Torrico published 2023 Higher Education Climate Leadership Summit in Past Events 2022-05-19 11:32:43 -0400
2023 Higher Education Climate Leadership Summit
University of Miami l Miami, FL
February 5 - 7th, 2023IEN and Second Nature’s annual Higher Education Climate Leadership Summit was hosted at the University of Miami, and took place February 5-7, 2023. The 300+ attendees included college and university presidents, trustees, endowment stakeholders, sustainability staff, and businesses and firms supporting sustainable investing, procurement, and operations.
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Make an impact by voting your proxies in line with your endowment's ESG mandates using As You Vote -- a new ESG aligned proxy voting service.
As You Sow, Broadridge, The Intentional Endowments Network (IEN), and Confluence Philanthropy are partnering to offer this service -- which simplifies proxy voting and empowers endowments and other institutional investors to vote their proxies in line with their ESG mandates, using a time and cost efficient platform with optional customization.
All shareholders have the right to vote their proxies, but it is an underutilized process among higher education endowments. Proxy voting is an important tool that endowments can utilize to make an impact, influencing corporate policy on issues like climate change, racial justice, political spending, gender equality, and toxins in the food system. Influencing these corporations has immense impact, as corporate decisions influence policy, supply chains, livelihoods, cultures, and markets on a global scale.
As You Vote is a rules-based ESG proxy voting system hosted on Broadridge’s ProxyEdge platform. After you sign up, your proxy statement is auto-filled by As You Sow and submitted via ProxyEdge. Nothing else is required, but subscribers can easily change any ballot item prior to auto-submission, and a voting report will indicate whether the ballot was customized.
Using As You Vote costs $15 per equity, with a $1,500 minimum. These fees are efficient and competitive with other services, and profits are split between As You Sow, IEN, and Confluence Philanthropy -- funding ESG peer-learning and implementation.
For more information, watch the videos below, and reach out to [email protected] with any questions.
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Nicole Torrico published Shareholder Engagement Working Group in Shareholder Engagement Initiative 2022-05-10 10:57:25 -0400
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Nicole Torrico published Justice, Equity, Diversity & Inclusion (JEDI) Working Group in Join an IEN Initiative 2022-05-10 10:26:46 -0400
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Nicole Torrico published BARD & VIRGINIA WESLEYAN WIN TOP HONORS IN NATIONAL COLLEGIATE INVESTMENT COMPETITION in IEN Press Releases 2022-05-03 14:53:57 -0400
BARD & VIRGINIA WESLEYAN WIN TOP HONORS IN NATIONAL COLLEGIATE INVESTMENT COMPETITION
Leading Shareholder Advocacy and ESG Groups Crown Champions in Sustainable Investing Contest’s Undergraduate and Graduate Divisions.
NEW YORK – MAY 3, 2022 – The Corporate Engagement Competition, a semester-long investing tournament that saw student teams from 10 universities across the U.S. and Canada compete head-to-head, has new champions. Bard College in upstate New York and Virginia Wesleyan University in Norfolk are the 2022 graduate and undergraduate division winners, respectively. The contest was hosted by the Intentional Endowments Network (IEN) and focused on sustainable investing and environmental, social and governance (ESG) shareholder advocacy.
Connor Merk, a junior at Virginia Wesleyan University, said: “We had a great experience with the IEN Student Corporate Engagement Competition. We did not come into this competition as experts in investing, ESG factors, or corporate engagement, but through tutorials presented by IEN, communication with our mentor, and collaboration with the group members, we were able to grow our knowledge in each of those areas.”
Lindsey Moreau, an MBA Candidate at Bard College, said: “As Bard College MBA students, we see an opportunity to drive systemic environmental and social change by leveraging the influence of capital markets. The IEN Corporate Engagement Competition allowed us to demonstrate the value of creating an investment recommendation and engagement strategy that is 1) backed by risk mitigation, market opportunity and long-term returns, 2) seeks to catalyze a more equitable and sustainable economy, and 3) is underscored by a clear financial case for investment.”
Last week, student teams from Bard College in New York and Presidio Graduate School in San Francisco advanced to the finals in the graduate division, with Bard edging out Presidio to receive top honors for their shareholder proposal addressing human rights risks in the renewable energy supply chain of a major U.S. energy firm. In the undergraduate division, the student team from Virginia Wesleyan University won the final round of competition for its endowment investment proposal focusing on Ford Motor Company with Central Washington University securing second place honors.
Moreau continued: “We built our strategy to inspire system-level thinking in future corporate engagements. We focused on the energy utilities sector because of its critical role in decarbonizing the global economy, and industry leader NextEra energy because of its potential to influence industry expectations and impacts on workers in global renewable energy supply chains. Participating in this competition gave us the opportunity to work alongside faculty, industry professionals and colleagues, and we are grateful and empowered by their support to take our learnings into our professional careers.”
Merk added: “We chose to study Ford Motor Company, specifically because of their commitment to Electric Vehicle production, changes to U.S.-based manufacturing, commitment to reduce waste and emissions made it a worthy consideration for investment, and its status of being a globally recognized brand. For the engagement strategy, our proposal included the development of EV-Lithium-Ion battery recycling program through Ford's factories and dealerships.”
Universities from across the country and Canada participated in the competition as a real-world introduction to sustainable investing and shareholder advocacy. Sponsored by Federated Hermes and TIAA, the competition focused on the responsibility of shareholders to directly engage company management on the risks and opportunities they see to improve company financial performance, as well as social and environmental impact.
Nicole Torrico, Program Director at the Intentional Endowments Network, said: “The investment recommendations and engagement strategies proposed by the winners of this year's Student Corporate Engagement Competition exemplified the power investors have to hold corporations accountable through shareholder advocacy. Their inspiring strategies showcase how to integrate active stewardship into investment decision making -- an essential skill for the next generation of ESG leaders.”
A member of the judging panel, Miguel CuUnjieng, Associate Director, Engagement, EOS at Federated Hermes, said: “It was impressive to see the robustness of the ESG investment analysis performed by this year’s student teams, at both the graduate and undergraduate levels. Following the experience, I am left with greater confidence in the emphasis on ESG in higher education, and awareness of ESG issues by the next generation of professionals. I greatly appreciate case competitions, like the IEN’s in particular, for inspiring and empowering the next generation of leaders to translate passion into profession.”
A member of the judging panel, Megan Fielding, Senior Director, Responsible Investing, at Nuveen, a TIAA Company, said: “TIAA is delighted to support the IEN Student Corporate Engagement Competition this year. At Nuveen, the TIAA asset manager, responsible investing is an integral part of our work and has been for over 5 decades; the Competition offered us the opportunity to see up close the next generation of experts dedicated to ESG principles for our communities and our world, all of whom show strong passion, insight and intellect and left us very inspired!”
The ten colleges participating in the competition were: Arizona State University, Bard College, Central Washington University, New York University: Stern School of Business, Presidio Graduate School, Ryerson University, University of California Berkeley: Haas School of Business, University of Minnesota, and Virginia Wesleyan University.
Each student team worked throughout the spring 2022 semester to produce both a written investment recommendation for a publicly-traded company listed on any major exchange and a proposed shareholder engagement strategy that aligned with IEN’s Social Equity and Climate Goals. Along the way, the students received sustainable investing and shareholder advocacy coaching and training from members of IEN and As You Sow, an in-kind sponsor and educational partner.
A panel of judges selected the winners based on their presentations, provided evidence, scale of embedded ESG analysis, and the creativity and efficacy of the shareholder engagement strategy to both improve company financial performance and make a meaningful positive social or environmental impact.
MEDIA CONTACT: To receive a copy of the investment competition final presentations or interview any of the participating teams and/or sponsors, contact Alex Frank, (703) 276-3264 or [email protected].
ABOUT IEN
The Intentional Endowments Network (IEN) is a peer learning network of colleges, universities, and other mission-driven institutional investors working together to achieve their risk and return objectives through investment actions that create a thriving, sustainable economy. IEN has more than 200 network members including endowments, asset managers, investment consultants, nonprofit partners, and individuals.