Pages tagged "Sustainable Investment Policy"

Georgetown University

Posted on Endowment Snapshots by · December 22, 2015 11:36 AM

Georgetown University 

Endowment Value: $2.59 billion (2021)

Georgetown University is a private college located in Washington, D.C. Georgetown’s strong Catholic and Jesuit identity mandates that the University has an ethical responsibility to pursue an investment strategy that is consistent with its founding values of social justice, protection of human life and dignity, stewardship for the planet and promotion of the common good. The University’s current socially responsible investing (SRI) policy was approved by the Board in 2017. Georgetown also has a Committee on Investments and Social Responsibility (CISR) that is charged with making recommendations regarding the University’s voting of shareholder proxies and advising the Subcommittee on Investments of the Committee on Finance and Administration. 

In 2015, the Board of Directors officially approved the decision to divest from direct investments in companies whose principal business is the mining of coal for use in energy production. This decision was based on proposals and petitions submitted by Georgetown University Fossil Free, a student group advocating for fossil fuel divestment. In 2018, the University elected to divest from companies whose primary business is the extraction of tar sands, an industry with a detrimental effect on the environment and the public health of communities living near extraction sites.   

In 2020, the Georgetown Board of Trustees adopted a new policy on impact investments that included a commitment to total fossil fuel divestment by 2030. The new policy stated that Georgetown will divest from all public fossil fuel securities within five years and will divest from all private investments in fossil fuel companies within ten years.

Initiatives & Commitments: 

  • AASHE STARS: No
  • ACUPCC: No
  • Billion Dollar Green Challenge: No
  • CDP: No
  • Committee on Investor Responsibility: Yes, Committee on Investments and Social Responsibility
  • Divestment Goal: Yes, divestment of fossil fuels by 2030
  • INCR: No
  • Montreal Carbon Pledge: No
  • Sustainable Investment Fund: No
  • Sustainable Investment Policy: Yes
  • Principles for Responsible Investment: No 

Other Sustainable Investing Practices:


The University of Edinburgh

Posted on Endowment Snapshots by · December 18, 2015 10:59 AM

University of Edinburgh 

Endowment Value: £565.2 million GBP (2021)

The University of Edinburgh is a public university located in Edinburgh, Scotland and founded in 1582. UE has approximately 33,000 students across its five campuses and has helped earn Edinburgh its nickname of ‘Athens of the North’ due to the university’s legacy in thought leadership and strong academic research programs. The University Court oversees the endowment.

Since the publishing of its Social Responsibility and Sustainability Strategy 2010–20, The University of Edinburgh has been at the forefront in sustainable action among European higher education institutions. After releasing this strategy, the University took significant steps to align its sustainability goals with its investment strategies. In January of 2013, Edinburgh became the first university in Europe to become a signatory to the UN-backed Principles for Responsible Investment. Since 2010, it has also invested more than £150 million in low carbon technology, climate-related research, and businesses that directly benefit the environment.

In 2016, the University Court committed to carbon neutrality by 2040. Prior to this decision, in 2015, the University of Edinburgh committed to divesting from the most polluting coal and tar sands companies, in addition to preexisting negative screenings against coal and tar sands companies. In February of 2018, the university announced that it will divest from all fossil fuels by 2021, making Edinburgh the largest university endowment in the UK to divest from fossil fuels.

The University of Edinburgh is a participant or member of the following Initiatives & Commitments: 

  • AASHE STARS: No
  • ACUPCC: No
  • Billion Dollar Green Challenge: No
  • CDP: Yes 
  • Committee for Investor Responsibility: Yes
  • Divestment Goal: Yes, full
  • INCR: No
  • Montreal Carbon Pledge: No
  • Sustainable Investment Fund: Yes
  • Sustainable Investment Policy: Yes
  • Principles for Responsible Investment: Yes

 Other Sustainable Investing Practices:

Middlebury College

Posted on Endowment Snapshots by · July 30, 2015 5:17 PM

Middlebury College

Endowment Value: $1.518 billion (2021)

Middlebury College is a private liberal arts college in Middlebury, Vermont. The Investment Committee of the Board of Trustees and College Administration oversees the endowment. In 2005, management of Middlebury’s endowment was outsourced to Investure, an investment office specializing in managing endowments and foundations. In 2010, the college established the Sustainable Investments Initiative, a fund dedicated solely to investments that meet the college’s sustainability guidelines.

The Advisory Committee on Socially Responsible Investment was founded in 2011 to promote the socially responsible investment of Middlebury’s endowment through making recommendations to the trustees based on voting proxies and shareholder engagement, positive screening and impact investing, and negative screening and divestment. 

In 2014, Middlebury’s president Ron Liebowitz announced that $25 million of Middlebury’s endowment would be devoted to impact investing, directed towards “investments focused on sustainability business such as clean energy, water, climate science, and green building projects.” He also announced that $150,000 of the endowment would be placed under the management of the Socially Responsible Investment Club, a student group devoted to socially responsible investing. As of 2016, the student-run SRI Club is working to develop ESG frameworks to be utilized in Middlebury’s endowment investment decisions, as well as pushing for more transparency in Middlebury’s investments.

In January of 2019, Middlebury announced its Energy2028 plan, an ambitious, whole-institution initiative to address climate change. Under this plan, the College’s endowment and sustainable investment policy will integrate fossil fuel divestment goals that include a commitment to not invest new dollars in fossil fuels beginning in mid-2019 and a phaseout of direct fossil fuel investments over a 15-year timeline. Learn more about Middlebury’s Energy2028 plan and its divestment strategy by checking out IEN’s blog.

Middlebury College is a participant or member of the following Initiatives & Commitments:  

  • IEN Founding Member (2016)
  • AASHE STARS: Yes, Gold
  • ACUPCC: Yes, Carbon Neutral by 2016
  • Billion Dollar Green Challenge: No
  • CDP: No
  • Committee for Investor Responsibility: Yes
  • Divestment Goal: Yes, full
  • INCR: No
  • Montreal Carbon Pledge: No
  • Sustainable Investment Fund: Yes
  • Sustainable Investment Policy: Yes
  • Principles for Responsible Investment: No

Other Sustainable Investing Practices:



Williams College

Posted on Endowment Snapshots by · July 29, 2015 2:55 PM

Williams College

Endowment Value: $4.23 billion (2021)

Williams College is a private college located in Williamstown, Massachusetts. With about 2,100 students, every student is encouraged to support and help the sustainable initiatives on campus. The Chief Investment Officer and Board of Trustees oversee the endowment.

At Williams College, the Advisory Committee on Shareholder Responsibility (ACSR) is a non-standing committee composed of faculty, students, and alumni that advises the Investment Committee of the BoT on matters relating to ESG investing. The ACSR recognizes the importance of combining strong financial performance with social and environmental commitment. 

In 2015, the Investment Committee published "A Proposal for Divestment" and presented the proposal to the Board of Trustees. Although the President and Board rejected the proposal, it was decided that Williams would make significant investments in clean energy projects, practices, and companies.

It is also important to note that as of July 1, 2015, the college had no direct holdings of shares in any of the 200 companies identified in the divestment proposal, nor does it have plans to acquire any. Williams also aims to achieve carbon neutrality by the end of 2020.

Williams College currently has several sustainable investment funds. The social choice fund has existed for endowment donors since 2002 and has three primary aspects: “voting on companies’ shareholder resolutions that deal with social, ethical, or environmental issues; screening from portfolio companies thought to do harm; seeking investments in companies and organizations believed to produce social good.” In addition, Williams College created a fossil fuel-free investment fund as well as a low-carbon fund within the College’s employee retirement plan.

In June 2020, Williams College partnered with Smith College, Amherst College, and Hampshire College to create the Community Climate Fund, a portfolio of local projects that aim to reduce carbon emissions. Williams provided $100,000 to the fund for initial investments. 

Williams College is a participant or member of the following Initiatives & Commitments: 

  • AASHE STARS: Yes, Silver
  • ACUPCC: No
  • Billion Dollar Green Challenge: No
  • CDP: No
  • Committee on Investor Responsibility: Yes
  • Divestment Goal: No
  • INCR: No
  • Montreal Carbon Pledge: No
  • Sustainable Investment Fund: Yes
  • Sustainable Investment Policy: Yes (page 6)
  • Principles for Responsible Investment: No

 

Other Sustainable Investing Practices and News:

Unity Environmental University

Posted on Endowment Snapshots by · July 29, 2015 1:20 PM

Unity College

Endowment Value: $18.5 million (November 2021)

Unity College is a private college with a student body of 2,800 located in multiple locations throughout Maine. The Spinnaker Trust and an Investment Committee, composed of three members of the board of Trustees, manages the endowment. Unity College is known as “America’s Environmental College” and is a founding member of the Intentional Endowments Network.

In 2012, the Unity College Board of Trustees voted unanimously to fully divest from fossil fuels, making them the first institution of higher learning in the United States to do so. A report released by UC’s finance officials showed that the college’s investment portfolio had exceeded performance expectations following the decision to divest. “This has been a great decision for Unity College as well as the environment. Since divesting, our portfolio has outperformed many indexes,” said Unity College President Dr. Melik Peter Khoury. 

“Unity College is proud to have been the first institution of higher education to divest from fossil fuel. It was our goal to be the roadmap that showed other colleges this is possible. Now that institutions like Harvard and Dartmouth, with their massive endowments have followed our lead, we believe it’s only a matter of time before fossil fuel divestment becomes the norm,” said Dr. Khoury.

In 2020, Unity College was featured in the Intentional Endowment Network’s case study on ESG investing. The study revealed that schools employing ESG investing practices saw the same or better returns as schools employing a traditional approach to investing. Read the full study here.

Unity College is a participant or member of the following Initiatives & Commitments: 

Other Sustainable Investing Practices and Resources:

The New School

Posted on Endowment Snapshots by · July 28, 2015 1:42 PM

The New School

Endowment Value: $393.5 million (2020)

The New School is a private research university located in New York City, New York. The endowment is managed by the New School’s Office of Investment, Treasury Operations, and Risk Management.

In 2009, the board of trustees established the Advisory Committee on Investor Responsibility (ACIR). The role of the ACIR is to advise the board of trustees on ESG issues related to The New School’s endowment and to develop ESG investing principles related to human rights, labor practices, environmental protection, equity, diversity, discrimination, and corporate disclosure. In 2012, The New School adopted the Sustainability Proxy Voting Guidelines, which established standards against which the Investment Committee could evaluate its investments.

In 2015, The New School not only became one of the largest universities to divest from fossil fuels, but it also has plans to reshape its entire curriculum to focus more on climate change and sustainability through a multi-pronged approach to issues related to university facilities, curriculum, food services, and other areas.

The New School is a participant or member of the following Initiatives & Commitments: 

  • AASHE STARS: Yes, Silver
  • ACUPCC: Yes, Climate Neutral by 2040
  • Billion Dollar Green Challenge: No
  • CDP: Yes
  • Committee on Investor Responsibility: Yes
  • Divestment Goal: Yes, full
  • INCR: No
  • Montreal Carbon Pledge: No
  • Sustainable Investment Fund: No
  • Sustainable Investment Policy: Yes
  • Principles for Responsible Investment: No

Other Sustainable Investing Practices and Resources:

 

Duke University

Posted on Endowment Snapshots by · July 28, 2015 1:41 PM

Duke University 

Endowment Value: $12.7 billion (2021)

Duke University is a private college located in Durham, North Carolina. Duke's endowment is managed by the Duke University Management Company (DUMAC). In 2004, the Duke Board of Trustees approved a set of SRI guidelines and the establishment of two committees, the President’s Special Committee on Investment Responsibility (PSC) and the Advisory Committee on Investment Responsibility (ACIR), to advise the Board of Trustees on investment-related issues and proposals. The Board of Trustees also instructs DUMAN to exercise shareholder rights to support sustainable policy changes of companies the university is a shareholder of. Duke has taken action to support sustainability initiatives across campus.

According to a 2016 report, DUMAC relies upon positive and best-in-class screening as well as ESG factor analysis to drive investment decisions. As a result, the endowment portfolio encompasses several environmental technologies and renewable energy companies. In 2013, Duke established its Social Choice Fund as an alternative fund within the endowment for donors interested in SRI. The Social Choice Fund is managed by a third party. 

In November 2019, a student-run organization called Duke Impact Investing Group was awarded $100,000 from the university to invest for positive change. The group aims to educate students about impact investing while providing them with hands-on experience with ESG investing.

Duke University is a participant or member of the following Initiatives & Commitments: 

  • AASHE STARS: No
  • ACUPCC: Yes, Carbon Neutral by 2024
  • Billion Dollar Green Challenge: No
  • CDP: No
  • Committee on Investor Responsibility: Yes
  • Divestment Goal: No
  • INCR: No
  • Montreal Carbon Pledge: No
  • Sustainable Investment Fund: No
  • Sustainable Investment Policy: Yes
  • Principles for Responsible Investment: No

Other Sustainable Investing Practices:

 

Hampshire College

Posted on Endowment Snapshots by · July 14, 2015 12:26 AM
Hampshire College

Endowment Value: $48.5 million (2021)

Hampshire College is a private liberal arts college located in Amherst, Massachusetts. The college's endowment, of which is 80% donor-restricted,is managed by the Trustees of Hampshire College.

Hampshire College was among the first colleges to adopt SRI policies in the 1970s, and it was the first to divest from South Africa to protest apartheid. In 2011, Hampshire began incorporating ESG principles into its investment strategy by adopting an investment policy that emphasized positive screening and active investment in companies that aligned with Hampshire’s mission. This new policy led Hampshire College to become the first college to divest from fossil fuels.

Hampshire College’s Policy on Environmental, Social, and Governance Investing acknowledges that because of the long-term risks certain business practices pose, consideration of ESG principles is part of the college’s fiduciary duties. Read the full policy here.

In January 2019, College President Miriam Nelson announced the College’s intention to find a long-term strategic partner to merge with and ensure a “thriving and sustainable future”, citing both financial and enrollment hardships as a small, under-endowed liberal arts college.

In 2020, Hampshire College was featured in the Intentional Endowment Network’s case study on ESG investing. The study revealed that schools employing ESG investing practices saw the same or better returns as schools employing a traditional approach to investing. Read the full study here.

Hampshire College is a participant or member of the following Initiatives & Commitments: 

Other Sustainable Investing Practices and News:


University of Vermont

Posted on Endowment Snapshots by · July 02, 2015 2:14 PM

University of Vermont

Endowment Value: $730 million (2021)

The University of Vermont is a public university located in Burlington, Vermont. The endowment is managed by the University of Vermont Foundation (UVF) and is overseen by the Investment Subcommittee (ISC) of the Board of Trustees.

The endowment is separated into several pools. The Green Fund is a pool that uses negative screening to invest responsibly. Another pool, the Student-Managed Pool, is managed by students and provides a learning opportunity for students interested in sustainable investment.    

According to its Statement of Investment Objectives and Policies, the Board considers moral, ethical, and social criteria in selecting investments or participates in shareholder resolutions that address moral, ethical, or social issues. The University does not invest in tobacco companies or uranium landmine companies.

The University of Vermont currently has an SRI Advisory Council that conducts research on issues related to proxy voting, shareholder initiatives, screening, and monitoring the University’s investment portfolio for indications of social harm. For example, in 2018, after research and extensive conversations on the options available to the University, the SRI Advisory Council recommended moving forward on a green bond strategy to improve the ESG metrics of a portion of UVM’s operating reserves.

In October 2019, UVM pledged to invest an extra $10 million in green bonds. This move followed sustained pressure from student activists advocating for fossil fuel divestment. SGA President Jillian Scannell said “Students want divestment, and the administration knows that. Divestment is determined by the board [of trustees], so I feel like this is the administration’s effort to say, ‘We hear you, and we’re trying to be responsive to your call.’”

In July 2020, the university announced its decision to divest from fossil fuels. No new direct investments in fossil fuels will be made, and the university aims to divest entirely by 2023.

The University of Vermont is a participant or member of the following Initiatives & Commitments:

  • AASHE STARs: Yes, Gold
  • ACUPCC: Yes, Climate Neutral by 2022
  • Billion Dollar Green Challenge: Yes
  • CDP: No
  • Committee for Investor Responsibility: Yes
  • Divestment Goal: Yes
  • INCR: No
  • Montreal Carbon Pledge: No
  • Sustainable Investment Fund: Yes
  • Sustainable Investment Policy: Yes
  • Principles for Responsible Investment: No

Other Sustainable Investing Practices and Resources:

University of California

Posted on Endowment Snapshots by · July 01, 2015 4:29 PM

University of California System

Endowment Value: $29.9 billion (2021)

The University of California is a public university system in California. It has 10 campuses located in Berkeley, Davis, Irvine, Los Angeles, Merced, Riverside, San Diego, San Francisco, Santa Barbara, and Santa Cruz. The Office of the Chief Investment Officer of the Regents manages the UC system’s endowment.

In September of 2014, the Office of the Chief Investment Officer (OCIO) developed and adopted a framework on sustainable investing. The framework, developed with input from the UC Board of Regents, UC students, faculty, staff, and other stakeholders, requires the OCIO to consider ESG factors when making investment decisions. In 2017, UC adopted an additional policy to strengthen its ESG framework. The OCIO applies a handful of negative screens to its investments, including companies doing business in Sudan and those involved in thermal coal or oil sands, tobacco, firearms, and private prisons.

The UC has made significant investments in various sustainable companies, funds, and initiatives and is an active member in several climate-related investor groups. In 2015, the UC founded the Aligned Intermediary, an investment advisory group that helps long-term investors identify climate infrastructure projects in clean energy, water infrastructure, and waste-to-value that they can invest in. In 2017 the UC endowment made a $50 million sustainable agriculture investment through the AI platform. That same year, the UC became the first and only institutional investor to sign on to the Bill Gates Breakthrough Energy Coalition. In 2018, UC announced a commitment to invest $1 billion over five years in climate change solutions.

In July 2019, UC’s Academic Senate announced the passage of a Memorial calling on the UC Board of Regents to divest from the top 200 fossil fuel companies. The memorial was voted on by faculty at all 10 campuses of the university system and received a combined vote of 77% in favor. 

In September of 2019, the University of California announced its plans to divest from all fossil fuel securities. Between UC’s endowment and its pension fund, the University divested over $80 billion from fossil fuels, making it the single largest act of fossil fuel divestment in the movement’s history. “We believe hanging onto fossil fuels is a financial risk,” said chief investments officer Jagdeep Singh Bachher of the University’s divestment decision. By May 2020, the University announced it had completed its divestment process. UC sold over $1 billion in fossil fuel assets.

In 2020, the University of California was featured in the Intentional Endowment Network’s case study on ESG investing. The study revealed that schools employing ESG investing practices saw the same or better returns as schools employing a traditional approach to investing. Read the full study here.

The UC System and/or Individual Campuses are a participant or member of the following Initiatives & Commitments: 

Other Sustainable Investing Practices: 

 

Additional Resources:

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