Simon Fraser University

Simon Fraser University
Endowment Value: CA$605 million (2021)
Simon Fraser University is a Canadian public university with campuses located in Burnaby, Surrey, and Vancouver, British Columbia. SFU’s endowment is managed by the SFU Community Trust.
In 2014, SFU became the second Canadian university to become a signatory of the United Nations Principles for Responsible Investment (UNPRI). As a signatory, SFU has pledged to be an active shareholder by taking actions including but not limited to proxy voting, direct engagement, encouraging research on responsible investment, and reporting through UNPRI.
SFU’s Responsible Investment Committee (RIC) is responsible for reviewing ESG issues at SFU, including those raised by University community members. For example, SFU’s Board of Governors approved a recommendation initiated by the RIC to measure the carbon footprint of the public equity portion of its investment portfolio and to commit to reducing the carbon footprint of its investment portfolio by at least 30% by 2030. According to its 2018 report for AASHE STARS (a self-reporting framework for colleges and universities to measure their sustainability performance), SFU's sustainable investment holdings are balanced across global private equity clean technology funds, global sustainable equity funds as well as fossil fuel-free global and US equity managers.
In March 2020, SFU released a new five-year sustainability plan. The plan was developed with the intention of meeting multiple sustainability-related goals, including reducing the university’s investment portfolio’s carbon footprint by 45%. The SFU Sustainability Office is going to oversee the implementation of the five-year plan.
In June 2020, SFU joined fifteen other Canadian universities in signing a charter committing to increased efforts to address the climate crisis. Signatories of the charter pledge to adopt an SRI investing policy, regularly calculate the carbon footprint of their investment portfolios, publicly share progress and results in achieving sustainability goals, and evaluate fund managers based on their compliance with the guidelines set forth in the charter.
Simon Fraser University is a participant or member of the following Initiatives & Commitments:
- AASHE STARS: Yes, Gold
- ACUPCC: No
- Billion Dollar Green Challenge: No
- CDP: No
- Committee for Investor Responsibility: Yes
- Divestment Goal: Yes, divestment from fossil fuels by half
- INCR: No
- Montreal Carbon Pledge: No
- Sustainable Investment Fund: Yes
- Sustainable Investment Policy: Yes
- Principles for Responsible Investment: Yes
Other Sustainable Investing Practices and Resources:
Dickinson College

Dickinson College
Endowment Value: $558 million (2021)
Dickinson College is a private college located in Carlisle, Pennsylvania. In 2006, Dickinson joined the Investure consortium, an outsourced chief investment office that serves the needs of a select group of prestigious colleges and foundations. In 2010, Investure created a Sustainable Series within its Global Equity Fund in response to requests made by clients. A joint effort with Investure produced a set of proxy voting principles so that Dickinson College can participate in shareholder engagement.
In addition to its relationship with Investure, the Dickinson Sustainability Investment Group (DSIG) advises the endowment board on ESG strategies and is responsible for providing a forum for the Dickinson community to raise and discuss questions regarding ESG investing practices. The most recent forum was held in October 2018 to discuss the college’s endowment structure and approach to sustainable investing.
In April 2020, Dickinson College became one of the first colleges in the country to achieve carbon neutrality. To achieve this goal, Dickinson reduced its carbon emissions by 25% from its 2008 levels and purchased carbon offsets. In addition, 65% of Dickinson’s electricity is provided by solar power.
Dickinson College is a participant or member of the following Initiatives & Commitments:
- AASHE STARS: Yes, Gold
- ACUPCC: Yes, Carbon Neutral by 2020
- Billion Dollar Green Challenge: No
- CDP: No
- Divestment Goal: No
- Committee on Investor Responsibility: Yes: The Dickinson Sustainable Investment Group
- 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:
- Sustainable Investments Task Force Recommendations
- Dickinson Initiatives in Sustainable Investing
- Recommended Proxy Voting Principles (Investure, LLC)
- Dickinson Sustainability
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Sustainable Investments Funds:
- Green Revolving Fund - a revolving loan fund established in 2014 to finance climate action plan projects
- Sustainability Global Equity Fund - $8 million of our endowment is committed to this sustainability fund, which is managed for use by Investure.
Pitzer College

Pitzer College
Endowment Value: $144.3 million (2021)
Pitzer College is a private college located in Claremont, California with a student population of about 1,000. From innovative, green buildings to food waste initiatives, Pitzer College is a model of sustainability in the modern era. Such initiatives have earned it a second place rank in the 2018 Princeton Review Guide of 399 Green Colleges.
In 2014, Pitzer adopted several responsible investment practices such as considering ESG factors in portfolio manager selection and monitoring, establishing a sustainability fund as a subset of its endowment holdings, and divesting from fossil fuels (making Pitzer the first college in Southern California to divest from fossil fuels). Don Gould, trustee and chair of the investment committee at Pitzer College, published an article in the Chronicle of Higher Education outlining their rationale for divesting from fossil fuels. In this article, he shares responses to some of the most common concerns regarding divestment, including fiduciary duty, financial performance, the impact on fossil fuel companies, the hypocrisy of continuing to use fossil fuels after divesting, sacrificing returns, and politicizing the endowment.
In 2017, Pitzer College became the founding investor to the first-ever global equity index that is both ESG-focused and fossil fuel-free. According to the press release, “the fund is designed to help endowments, foundations and other nonprofit organizations meet their Responsible Investment goals.”
Pitzer College is a participant or member of the following Initiatives & Commitments:
- IEN Member (2017)
- AASHE STARS: Yes, Silver
- ACUPCC: Yes, Carbon Neutral by 2050
- Billion Dollar Green Challenge: No
- CDP: No
- Committee for Investor Responsibility: Yes
- Divestment Goal: Yes, divestment from fossil fuels
- INCR: No
- Montreal Carbon Pledge: No
- Sustainable Investment Fund: Yes
- Sustainable Investment Policy: Yes
- Principles for Responsible Investment: No
Other Sustainable Investing Practices:
- Passive ESG Strategies Webinar (November 2017)
- Fireside Chat: The Pitzer College Story - IEN Bay Area Roundtable (September 2017)
- Pitzer College and BlackRock Launch First Ever ESG-Focused, Fossil Fuel-Free Global Equity Index Fund (September 2017)
- Pitzer to Divest 99% of Endowment (April 2014)
- Sustainability at Pitzer
San Francisco State University

San Francisco State University
Endowment Value: $140.8 million (2021)
San Francisco State University is a public university located in San Francisco, California. It is a part of the California State University system. The endowment is managed by the San Francisco State University Foundation, an organization dedicated solely to philanthropy.
In 2013, after working with student activists, the SF State Foundation voted unanimously to divest from all coal and tar sands companies, becoming the first public university and the first school on the west coast to do so. It also committed to researching the possibility of divestment from all fossil fuel companies.
In 2015, the SFSU Board was in the process of allocating $5 million to establish a green fund, as well as establishing a $500,000 student-managed investment fund. The goal of the student-managed fund is to expose students of different academic backgrounds to SRI investing. The SF State Foundation also calculated the carbon footprint of its portfolio and will measure the change in its footprint over time.
In 2016, SFSU partnered with IEN to host the Intentionally Designed Endowment Forum to promote conversation on endowment investing by bringing together campus decision-makers such as presidents, trustees, CFOs, CIOs, and others from campuses in California and the region.
San Francisco State University is a participant or member of the following Initiatives & Commitments:
- IEN Founding Member (2016)
- AASHE STARS: Yes, Silver
- ACUPCC: No
- Billion Dollar Green Challenge: No
- CDP: No
- Committee for Investor Responsibility: Yes
- Divestment Goal: Yes, divestment from coal and tar sands
- INCR: No
- Montreal Carbon Pledge: No
- Sustainable Investment Fund: Yes
- Sustainable Investment Policy: Yes
- Principles for Responsible Investment: No
Other Sustainable Investing Practices:
- Agenda for Forum on Intentionally Designed Endowment at SFSU, co-hosted by IEN, August 2016
- "SF State Strengthens its Commitment to the Environment" April 2014
- San Francisco State University Sustainability
Resources from SFSU:
Harvard University

Endowment Value: $53.2 billion (2021)
Harvard University is a private research university located in Cambridge, Massachusetts. The Harvard Management Company (HMC) manages the endowment, the largest college endowment in the world.
In 1972, Harvard established the Advisory Committee on Shareholder Responsibility (ACSR) and the Corporation Committee on Shareholder Responsibility(CCSR). The ACSR considers shareholder resolutions and makes recommendations to the CCSR, which makes decisions on how Harvard should vote on those resolutions.
In 2013, Harvard established the Social Alternative Fund, managed separately from Harvard’s endowment and invested with special consideration given to social responsibility issues. In the same year, the Harvard Management Company created the position of Vice President of Sustainable Investing, who works to integrate sustainability principles into Harvard’s investment policy and acts as the liaison between the Management Company and other ESG-related organizations at Harvard. Kate Murtagh is the current Managing Director of Sustainable Investing and the Chief Compliance Officer of HMC.
In 2014, Harvard became the first organization in the United States to be a signatory of both the Carbon Disclosure Project and the United Nations Principles for Responsible Investment. The Harvard Management Company’s sustainable investment approach outlines three methods of investing more sustainably, to read the full policy click here. The student body and campus organizations such as Harvard Undergraduates for Environmental Justice and Divest Harvard remain active in maintaining a dialogue on divestment from fossil fuels and unethical land usage such as the deforestation of indigenous lands in Brazil and overdrafting water in drought-stricken California.
In November of 2019, Harvard released an update to the school’s sustainable investment strategy. The update summarized Harvard’s work in recent years to further integrate sustainable investment into HMC’s investment strategy, including highlighting Harvard’s status as a signatory to the Ceres Investor Network, Climate Action 100+, and Principles for Responsible Investment.
In April of 2020, Harvard announced its plan for its endowment to go carbon-neutral by 2050, in accordance with goals set by the Paris Agreement. The commitment is the first of its kind made by an American university.
Harvard University is a participant or member of the following Initiatives & Commitments:
- AASHE STARS: No
- ACUPCC: No
- Billion Dollar Green Challenge: Yes
- CDP: Yes
- Divestment Goal: No
- Committee for Investor Responsibility: Yes: The Advisory Committee on Shareholder Responsibility
- INCR: Yes
- Montreal Carbon Pledge: No
- Sustainable Investment Fund: Yes
- Sustainable Investment Policy: Yes
- Principles for Responsible Investment: Yes
Other Sustainable Investing Practices:
- Harvard Joins Climate Action 100+ (September 2019)
- Harvard Social Alternative Fund (2013)
- Harvard Sustainability
- Endowment Synopsis Video
- Harvard Shareholder Responsibility Committee
Colorado State University

Colorado State University
Endowment Value: $558 million (2021)
Colorado State University is a public university located in Fort Collins, Colorado. The CSU Foundation manages the endowment. The University’s strong commitment to sustainability has earned it the highest rank in the Sustainability Tracking, Assessment & Rating System (STARS).
In 2016, the CSU Foundation published the sustainability strategic plan for the purpose of establishing a set of goals and timelines. The plan includes an effort to increase sustainable investments. The Committee on Investor Responsibility, composed of students, faculty, foundation board members, and other stakeholders, is “explicitly charged with developing and supporting initiatives in sustainable investment as outlined by the Socially Responsible Investment Policy.” According to its most recent STARS report, The CSU Foundation has invested into three different funds that focus on supporting Colorado technology and on improving social and environmental conditions in Colorado. The CSU Foundation continues to pursue other socially responsible investment opportunities that preserve the endowment.
Colorado State University is a participant or member of the following Initiatives & Commitments:
- AASHE STARS: Yes, Platinum
- ACUPCC: No
- Billion Dollar Green Challenge: No
- CDP: No
- Committee for Investor Responsibility: Yes
- Divestment Goal: No
- 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 from Columbia University:
Stanford University

Stanford University
Endowment Value: $37.8 billion (Aug. 2021)
Stanford University is a private university located in Stanford, California with approximately 17,000 students. The Stanford Management Company (SMC) and Board of Trustees oversee the endowment.
Stanford is currently one of only six higher education institutions to earn the highest rank in the Sustainability Tracking, Assessment & Rating System (STARS), due to its significant efforts to integrate social and environmental awareness into its curriculum, operations, and investments.
Since its adoption of a statement on investor responsibility in 1971, Stanford has recognized its responsibility as an investor and has periodically outlined and updated policies to guide its commitment to responsible investment in a contemporary context. The SMC’s Ethical Investment Framework was adopted in 2018 to govern and complement Stanford’s existing statement. According to the framework, investment decisions are guided based on the understanding that businesses are far more likely to endure and generate sustainable returns on investor capital when they behave with due regard for the welfare of their stakeholders and the communities in which they operate. Stanford currently has a Special Committee on Investment Responsibility (SCIR) of the Board of Trustees as well as Investment Responsibility and Stakeholder Relations (IRSR) office to review proposals submitted by the community and function as an ad-hoc, issue-based fact-finding committee responsible for research and campus engagement where needed.
As such, Stanford’s efforts to address environmental, social, and governance issues through investment has manifested in adopting a climate change proxy voting guideline to support resolutions for companies to analyze levels of greenhouse gas emissions and develop plans to reduce and/or eliminate them. Stanford has adopted policies that preclude owning specific companies with operations implicated in Sudanese human rights abuses, the tobacco industry, and companies whose principal business is coal mining for electricity.
In 2018, Stanford committed $10 million over a 10-year period to develop an expanded platform of educational and research opportunities for students and faculty with interests in responsible investing and governance.
In June 2020, the Stanford Board of Trustees reported a major reduction in the university’s fossil fuel investments. Less than 1.5% of the university’s endowment is now exposed to the fossil fuel industry and the university’s endowment has no direct holdings in the top 100 oil and gas companies. In addition, the Board of Trustees stated that the university would be accelerating its transition to efficient energy sources in hopes of achieving carbon neutrality by 2050.
Stanford University is a participant or member of the following Initiatives & Commitments:
- AASHE STARS: Yes, Platinum
- ACUPCC: No
- Billion Dollar Green Challenge: No
- CDP: No
- Committee for Investor Responsibility: Yes
- Divestment Goal: Yes, coal only
- 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:
- Commitment to at least Net Zero GHG emissions in the endowment by 2050 (June 2020)
- Letter to the university community from Board of Trustees Chair Jeff Raikes on investment responsibility (December 4, 2018)
- Frequently asked questions on investment responsibility
- Statement on Investment Responsibility (Adopted 1971, as amended through 2018)
- Stanford Management Company: Ethical Investment Framework
- Investment Responsibility Stakeholder Relations (IRSR)
- Sustainable Stanford
Yale University
Yale University
Endowment Value: $42.3 billion (June 2021)
Yale University is a private research university located in New Haven, Connecticut. Founded in 1701, Yale is the third-oldest higher education institution in the United States and has a total student body of more than 12,000. Its endowment is managed by the Investments Office under the guidance of Yale’s Investment Committee and led by Chief Investment Officer David F. Swenson.
Yale was one of the first institutions to formally address the ethical responsibilities of institutional investors. In the 1970s, Yale established the Advisory Committee on Investor Responsibility (ACIR) and the Corporation Committee on Investor Responsibility (CCIR) to address issues of socially responsible investing. The ACIR and CCIR recommend policy to the Yale Corporation, the university’s governing body, and implement approved policy.
In 2014, in response to pressure from the student group Fossil Free Yale, the CCIR and ACIR explored the possibility of fossil fuel divestment. As a result of this discussion, the CCIR adopted a proxy voting guideline on climate change, instructing managers to support “shareholder resolutions seeking company disclosure of greenhouse gas emissions, analyses of the impact of climate change on a company’s business activities, strategies designed to reduce the company’s long-term impact on the global climate, and company support of sound and effective governmental policies on climate change."
Climate change was officially announced as a consideration in Yale’s investment strategy in April 2016. In a letter to the ACIR, CIO David Swensen wrote, “the Investments Office approaches the climate change issue more broadly by considering any exposure with risk related to climate change and potential regulations aimed at reducing emissions.” Swensen also reported that after months of talking with Yale’s external investment managers about the potential risks associated with investments in coal and oil, around $10 million of the endowment has been removed from two publicly-traded fossil fuel producers.
Yale currently has a robust student-managed socially responsible investment fund. Established in 2016 and initially seeded with $50,000 from the Dwight Hall organization endowment, the fund’s main goal is to outperform standard investment benchmarks and maximize financial return while positively contributing to social impact areas including the environment, education, and employment.
Yale University is a participant or member of the following Initiatives & Commitments:
- AASHE STARS: Yes, Gold
- ACUPCC: No
- Billion Dollar Green Challenge: No
- CDP: No
- Committee for Investor Responsibility: Yes
- Divestment Goal: Yes, partial
- 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:
- Dwight Hall Student-Managed SRI Fund
- David Swenson's letter to the Yale Community: "Impacts of Investments Office Climate Change Letter" (April 2016)
- David Swenson's (Chief Investment Officer) letter to Investment Managers (August 2014)
- Student-led Dwight Hall SRI Fund files shareholder resolution with ExxonMobil (January 2016)
- Ethical Investment Policy - Yale Investments Office
- Yale Sustainability
- Yale Statement Regarding Endowment Investment Policy (August 2018)
- Update on Yale's Approach to CLimate Change and Investing | February 20, 2020
Swarthmore College
Swarthmore College
Endowment Value: $2.90 billion (2021)
Swarthmore College is a private liberal arts college located in Swarthmore, Pennsylvania. The college's Finance and Investment offices manage the endowment. The Board of Managers oversees the endowment.
Swarthmore students are among the first to establish a campus fossil fuel divestment campaign. In 2010, students established Swarthmore Mountain Justice to call on the administration to divest after witnessing mountaintop removal mining in West Virginia.
Although it has yet to fully divest from fossil fuels, Swarthmore does consider ESG factors, including making it a criterion in manager selection, engaging in dialogue with existing managers, and divestment from coal companies. Furthermore, Swarthmore has pledged to expand the environmental studies curriculum and improve on-campus energy efficiency. Its Committee on Investor Responsibility provides proxy voting recommendations on shareholder resolutions addressing social issues.
In 2015, the Board established a fossil-fuel free fund for donors that wish to contribute to Swarthmore’s endowment. Swarthmore currently has several environmental sustainability funds designated for green project grants, environmental studies scholarships, and internships.
In 2019, Swarthmore College was awarded an Excellence in Sustainability Award by the National Association of College and University Business Officers (NACUBO). NACUBO commended Swarthmore’s commitment to carbon neutrality by 2035 and its Carbon Charge Program, which creates an internal price on carbon emissions.
Swarthmore College is a participant or member of the following Initiatives & Commitments:
- AASHE STARs: Yes, Silver
- ACUPCC: Yes, Climate Neutral by 2035
- Billion Dollar Green Challenge: No
- CDP: No
- Committee for Investor Responsibility: Yes
- Divestment Goal: No
- INCR: No
- Montreal Carbon Pledge: No
- Sustainable Investment Fund: Yes
- Sustainable Investment Policy: No
- Principles for Responsible Investment: No
Other Sustainable Investing Practices and Resources:
- NACUBO Awards Excellence in Higher Education Finance, Sustainability (July 2019)
- Swarthmore College Sustainability
- Swarthmore Environmental Sustainability Commitments
Humboldt State University

Humboldt State University
Endowment Value: $32.1 million (2020)
Humboldt State University is a part of the California State University System located in Arcata, California. The Humboldt State University Advancement Foundation (HSUAF) oversees the endowment and uses negative screening to reduce its investments in harmful industries.
In 2013, students approached the HSUAF at an associated students meeting to advocate for divestment from fossil fuels. In response, the HSUAF took many steps to advance its tradition of environmental sustainability. The Social and Environmentally Responsible Offset Policy (SEROP) was adopted in April of 2014, making HSU the first state University in the US to commit to full fossil fuel divestment. That same year, the HSUAF decided to direct 10% of its portfolio to green funds and explored creating a “Green Challenge,” allowing for another 10% of the portfolio to be shifted to green funds for every $500,000 donated to the endowment.
In 2016, the HSU Office of Sustainability published a comprehensive Climate Action Plan that outlines more than 50 action items to achieve its goal of becoming carbon neutral by 2050. HSU also became a Charter Signatory for the Campus Climate Commitment, which encompasses the goals of achieving both carbon neutrality as well as improving community resilience.
Humboldt State University is a participant or member of the following Initiatives & Commitments:
- IEN Founding Member (2016)
- AASHE STARS: No
- ACUPCC: Yes, Carbon Neutral By 2050
- Billion Dollar Green Challenge: No
- CDP: No
- Committee for Investor Responsibility: Yes
- Divestment Goal: Yes, fossil free divestment
- INCR: No
- Montreal Carbon Pledge: No
- Sustainable Investment Fund: Yes
- Sustainable Investment Policy: Yes
- Principles for Responsible Investment: Yes
Other Sustainable Investing Practices: