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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.
• 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

[email protected]

The Intentional Endowments Network (IEN) is proud to announce the release of the Warren Wilson College 2023 Shareholder Engagement Briefing Paper.  

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.

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

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.

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. 

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

       
   

   
   

Supporting Level Sponsors
    

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.

https://www.vsqm.com/

http://www.wespath.com

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 

1. Shareholder advocacy and engagement: a college case-study of Bard -- Taun Toay, CFO, Bard College
2. Building an Impact-Driven, Diverse Emerging Manager Ecosystem -- Bahiyah Robinson, VC Include
3. Taking the Politics out of ESG: risks and opportunities from political attacks on ESG -- Jeff Gitterman, Gitterman Wealth Management
4. Diverse & Emerging Managers -- Dorien Nunez, Omni Research & IEN 
5. Sustainable ETFs -- Marvin Owens, Impact Shares
6. Sustainable Investing & Federal Policy -- Bob Van Heuvelen, Vogel Group
7. Climate Positive Investing and DEI in climate investing -- Moya Connelly & Ian Monroe, Etho Capital
8. ESG Data & Greenwashing -- Dinah Koehler, Ecolumix
9. 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) 

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.

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

Dorien Nuñez (He/Him)

Senior Fellow

 2023 Higher Education Climate Leadership Summit

University of Miami l Miami, FL
February 5 - 7th, 2023

IEN 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.

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.