Bates College
PA-9: Committee on Investor Responsibility
| Status | Score | Responsible Party |
|---|---|---|
|
1.00 / 2.00 |
Tom
Twist Sustainability Manager Facilities |
"---"
indicates that no data was submitted for this field
Does the institution have a formally established and active committee on investor responsibility (CIR) or equivalent body?:
Yes
The charter or mission statement of the CIR or other body which reflects social and environmental concerns or a brief description of how the CIR is tasked to address social and environmental concerns:
Policy on Environmental, Social and Governance Considerations
The Endowment’s strategic asset allocation is constructed to properly balance the need for liquidity,
growth and/or preservation of purchasing power, and tolerance for risk. The primary criterion for the
selection of the Endowment investment is to maximize return within defined risk parameters, which in
turn, maximizes the financial support for the College. In addition, Bates is committed to balancing the
financial objectives of the Endowment with the social and environmental priorities of the broader Bates
community. The Investment Committee and CIO will consider social, environmental and governance
impacts when selecting Investment Managers across all asset classes. The Investment Committee and
CIO welcome input from student or faculty groups in assessing the priorities of the Bates community
with regard to environmental, social and governance issues.
There is to be a sub-committee which shall determine if, and when, sufficient evidence is presented to
challenge the operative assumption that acquisitions and holdings in the portfolio conform to the
guidelines.
The Endowment’s strategic asset allocation is constructed to properly balance the need for liquidity,
growth and/or preservation of purchasing power, and tolerance for risk. The primary criterion for the
selection of the Endowment investment is to maximize return within defined risk parameters, which in
turn, maximizes the financial support for the College. In addition, Bates is committed to balancing the
financial objectives of the Endowment with the social and environmental priorities of the broader Bates
community. The Investment Committee and CIO will consider social, environmental and governance
impacts when selecting Investment Managers across all asset classes. The Investment Committee and
CIO welcome input from student or faculty groups in assessing the priorities of the Bates community
with regard to environmental, social and governance issues.
There is to be a sub-committee which shall determine if, and when, sufficient evidence is presented to
challenge the operative assumption that acquisitions and holdings in the portfolio conform to the
guidelines.
Does the CIR include academic staff representation?:
Yes
Does the CIR include non-academic staff representation?:
Yes
Does the CIR include student representation?:
No
Members of the CIR, including affiliations and role:
Members of the CIR are taken from our board investment committee -
Ava Clayton Spencer, J.D., President; ex officio
Lewiston, Maine
Michael Weston Bonney, B.A.; Chair
Boston, Massachusetts
Mary Henderson Pressman, B.A.; Vice Chair
New York, New York
Lisa Brennan Barry, M.S.; Secretary
Chevy Chase, Maryland
Stuart Bradley Abelson, M.B.A.
Gloucester, Massachusetts
Chris Gerard Barbin, B.A.
Winnetka, Illinois
H. Scott Bierman, Ph.D.
Beloit, Wisconsin
Andrea Conklin Bueschel, Ph.D.
Chicago, Illinois
Ann Elizabeth Bushmiller, J.D.
Washington, District of Columbia
William Charles Carey, B.A.
Lincoln, Massachusetts
Darrell William Crate, M.B.A.
South Hamilton, Massachusetts
Gregory Albert Ehret, M.B.A.
Boston, Massachusetts
Geraldine Meeks FitzGerald, B.A.
New York, New York
Scott David Freeman, M.B.A.
Needham, Massachusetts
Marjorie Northrop Friedman, J.D.
Park City, Utah
Stephen Mark Fuller, M.B.A.
Freeport, Maine
John Davies Gillespie, M.B.A.
Guilford, Connecticut
Christopher Joseph Gorayeb, J.D.
New York, New York
Erik Ola Jarnryd, M.B.A.
Concord, Massachusetts
David William Longdon III, B.A.
Brooklyn, New York
Mark David Mandel, M.B.A.
Dover, Massachusetts
Paul Marks, B.A.
Shanghai, China
Dervilla Mairin McCann, M.D.
Winthrop, Maine
Jamie Peter Merisotis, B.A.
Indianapolis, Indiana
Judith Burns Miller, B.A.
Old Greenwich, Connecticut
John Prescott Murchison III, M.S.
Los Angeles, California
Carol Lind Rattray, M.B.A.
New York, New York
John T. Rossello Jr., B.B.A.
Holliston, Massachusetts
Jeremy Michael Sclar, B.A.
Brookline, Massachusetts
Richard L. Smith, Ph.D.
Lexington, Massachusetts
Emma Alden Sprague, B.A.
Washington, District of Columbia
William Floyd Sweat, M.B.A.
Dundee, Oregon
Garth A.L. Timoll, M.B.A.
San Francisco, California
Quoc Kinh Tran, M.B.A.
Kentfield, California
Lisa Marie Utzschneider, M.P.A.
New York, New York
Jean Patricia Wilson, M.S.
Falmouth, Maine
Ava Clayton Spencer, J.D., President; ex officio
Lewiston, Maine
Michael Weston Bonney, B.A.; Chair
Boston, Massachusetts
Mary Henderson Pressman, B.A.; Vice Chair
New York, New York
Lisa Brennan Barry, M.S.; Secretary
Chevy Chase, Maryland
Stuart Bradley Abelson, M.B.A.
Gloucester, Massachusetts
Chris Gerard Barbin, B.A.
Winnetka, Illinois
H. Scott Bierman, Ph.D.
Beloit, Wisconsin
Andrea Conklin Bueschel, Ph.D.
Chicago, Illinois
Ann Elizabeth Bushmiller, J.D.
Washington, District of Columbia
William Charles Carey, B.A.
Lincoln, Massachusetts
Darrell William Crate, M.B.A.
South Hamilton, Massachusetts
Gregory Albert Ehret, M.B.A.
Boston, Massachusetts
Geraldine Meeks FitzGerald, B.A.
New York, New York
Scott David Freeman, M.B.A.
Needham, Massachusetts
Marjorie Northrop Friedman, J.D.
Park City, Utah
Stephen Mark Fuller, M.B.A.
Freeport, Maine
John Davies Gillespie, M.B.A.
Guilford, Connecticut
Christopher Joseph Gorayeb, J.D.
New York, New York
Erik Ola Jarnryd, M.B.A.
Concord, Massachusetts
David William Longdon III, B.A.
Brooklyn, New York
Mark David Mandel, M.B.A.
Dover, Massachusetts
Paul Marks, B.A.
Shanghai, China
Dervilla Mairin McCann, M.D.
Winthrop, Maine
Jamie Peter Merisotis, B.A.
Indianapolis, Indiana
Judith Burns Miller, B.A.
Old Greenwich, Connecticut
John Prescott Murchison III, M.S.
Los Angeles, California
Carol Lind Rattray, M.B.A.
New York, New York
John T. Rossello Jr., B.B.A.
Holliston, Massachusetts
Jeremy Michael Sclar, B.A.
Brookline, Massachusetts
Richard L. Smith, Ph.D.
Lexington, Massachusetts
Emma Alden Sprague, B.A.
Washington, District of Columbia
William Floyd Sweat, M.B.A.
Dundee, Oregon
Garth A.L. Timoll, M.B.A.
San Francisco, California
Quoc Kinh Tran, M.B.A.
Kentfield, California
Lisa Marie Utzschneider, M.P.A.
New York, New York
Jean Patricia Wilson, M.S.
Falmouth, Maine
None
Examples of CIR actions during the previous three years:
Last year, our CIR put forth a statement on divestment for Bates:
Investment
Bates believes that incorporating the long-term risks of climate change into
the fundamental work of managing the endowment leads to stronger and
more durable investment results. Consistent with the college’s principled
and pragmatic approach to sustainability efforts on campus, Bates has
similarly considered environmental principles when investing the college’s
endowment.
Since 2015, the college has halved its investment in traditional fossil
fuel-based energy companies from more than six percent to three percent
of the endowment, following a steady plan to reduce exposure over time.
We have achieved this through a number of actions, including liquidating
our public energy-focused funds, allowing our private energy partnerships
to wind down, electing to transition alternative investments into a
fossil-fuel-free share class, and screening our bond portfolio to eliminate
oil, gas and coal holdings.
Going forward, Bates has formalized efforts aimed to further reduce
endowment holdings in fossil fuel related companies. Specifically, Bates will:
• Instruct managers of separately managed equity accounts to sell all stocks
of fossil fuel companies, such as oil, gas, and coal, and to refrain from
purchasing these types of securities in the future.
• Elect “fossil fuel-free” share classes of alternative investments whenever
available.
• No longer commit to new investments in private fossil fuel extraction,
exploration, and production funds. The college’s last commitment in this
area was made in early 2017, and the college’s involvement with these
investments will end as they wind down.
• Actively seek to add renewable resource-focused investments (wind, solar,
and other green-specific investments) to the endowment.
We believe these actions are consistent with the college’s efforts to
incorporate environmental implications into our behaviors and activities on
campus. Furthermore, we believe these actions reflect our commitment to
act globally and responsibly to combat the climate crisis.
Investment
Bates believes that incorporating the long-term risks of climate change into
the fundamental work of managing the endowment leads to stronger and
more durable investment results. Consistent with the college’s principled
and pragmatic approach to sustainability efforts on campus, Bates has
similarly considered environmental principles when investing the college’s
endowment.
Since 2015, the college has halved its investment in traditional fossil
fuel-based energy companies from more than six percent to three percent
of the endowment, following a steady plan to reduce exposure over time.
We have achieved this through a number of actions, including liquidating
our public energy-focused funds, allowing our private energy partnerships
to wind down, electing to transition alternative investments into a
fossil-fuel-free share class, and screening our bond portfolio to eliminate
oil, gas and coal holdings.
Going forward, Bates has formalized efforts aimed to further reduce
endowment holdings in fossil fuel related companies. Specifically, Bates will:
• Instruct managers of separately managed equity accounts to sell all stocks
of fossil fuel companies, such as oil, gas, and coal, and to refrain from
purchasing these types of securities in the future.
• Elect “fossil fuel-free” share classes of alternative investments whenever
available.
• No longer commit to new investments in private fossil fuel extraction,
exploration, and production funds. The college’s last commitment in this
area was made in early 2017, and the college’s involvement with these
investments will end as they wind down.
• Actively seek to add renewable resource-focused investments (wind, solar,
and other green-specific investments) to the endowment.
We believe these actions are consistent with the college’s efforts to
incorporate environmental implications into our behaviors and activities on
campus. Furthermore, we believe these actions reflect our commitment to
act globally and responsibly to combat the climate crisis.
Optional Fields
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Additional documentation to support the submission:
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Data source(s) and notes about the submission:
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