| Overall Rating | Silver - expired |
|---|---|
| Overall Score | 53.74 |
| Liaison | Stephen Ellis |
| Submission Date | March 1, 2016 |
| Executive Letter | Download |
Boston University
PA-14: Sustainable Investment
| Status | Score | Responsible Party |
|---|---|---|
|
0.37 / 4.00 |
Lila
Hunnewell Chief Investment Officer Boston University Investment Office |
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Total value of the investment pool:
1,546,817,904.62
US/Canadian $
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Value of holdings in each of the following categories::
| Value of Holdings | |
| Sustainable industries (e.g. renewable energy or sustainable forestry) | 9,595,268.01 US/Canadian $ |
| Businesses selected for exemplary sustainability performance (e.g. using criteria specified in a sustainable investment policy) | 0 US/Canadian $ |
| Sustainability investment funds (e.g. a renewable energy or impact investment fund) | 0 US/Canadian $ |
| Community development financial institutions (CDFIs) or the equivalent | 0 US/Canadian $ |
| Socially responsible mutual funds with positive screens (or the equivalent) | 0 US/Canadian $ |
| Green revolving loan funds that are funded from the endowment | --- |
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A brief description of the companies, funds, and/or institutions referenced above:
The University invests the majority of its assets with third-party investment managers in funds or other collective investment vehicles. Significant commitments to these funds have yet to be called and invested by the underlying investment managers.
In addition to the investments of the endowment, the Investment Office staff were located in the University’s first geothermal building, and in the Summer of 2012 moved to a newly renovated building that is certified LEED Gold by the US Green Building Council.
The University has made investments through external investment managers actively involved in the development of "clean" technologies, alternative energy sources, emissions controls/reductions, sustainable forestry/farming techniques, and other environmentally responsible investments. The University will continue to evaluate similar investment ideas as part of the ongoing management of the endowment portfolio.
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Does the institution have a publicly available sustainable investment policy?:
No
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A copy of the sustainable investment policy:
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The sustainable investment policy:
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Does the institution use its sustainable investment policy to select and guide investment managers?:
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A brief description of how the policy is applied, including recent examples:
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Does the institution's sustainable investment policy include negative screens?:
Yes
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A brief description of the negative screens and how they have been implemented:
In December 2014, guided by its newly established principles, the Board of Trustees Executive Committee made the decision not to implement the ACRSI recommendation to divest from directly held civilian firearms manufacturers; this ended the University's interim prohibition on making new direct investments in civilian firearms manufacturers (initiated on February 15, 2013). Full text of the December 2014 recommendation and other links related to this topic can be found at http://www.bu.edu/trustees/boardoftrustees/committees/acsri/investment-issues/firearms-manufacturers/
Meeting on May 9, 2006, the Board of Trustees decided that:
The Trustees of Boston University (the "University") divest any and all direct investments in multinational companies (i) identified as having direct business ties to the Sudanese government, or (ii) whose business activities are in direct support of these companies and the activities of the government. Although the University does not currently have direct investments in such companies, this action will preclude future direct investment in these companies. The University, through the Investment Committee, will also communicate its decision to its external investment managers in the hope that they will take into consideration the University's actions and the situation in Sudan as these managers develop and implement their own investment strategies. As a result of this action, the companies identified on the attached Schedule A (which shall be reviewed and updated periodically by the Investment Committee) are currently banned for direct investment.
The foregoing principles and criteria will be applied to investment in companies doing business in other countries whose governments commit genocide or other serious human rights violations.
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Approximate percentage of the endowment that the negative screens apply to:
21
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Has the institution engaged in proxy voting, either by its CIR or other committee or through the use of guidelines, to promote sustainability during the previous three years?:
No
None
A copy of the proxy voting guidelines or proxy record:
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A brief description of how managers are adhering to proxy voting guidelines:
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Has the institution filed or co-filed one or more shareholder resolutions that address sustainability or submitted one or more letters about social or environmental responsibility to a company in which it holds investments during the previous three years?:
No
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Examples of how the institution has engaged with corporations in its portfolio about sustainability issues during the previous three years:
BU has adopted and implemented a University-wide Sudan divestment program and maintains a negative screening of its directly held investments to meet this policy.
Each external manager of securities directly held by the University has been informed of the policies and their requirements to comply. Compliance with this policy is monitored regularly and can be verified by members of the Investment Office or Office of Financial Affairs.
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Does the institution engage in policy advocacy by participating in investor networks and/or engaging in inter-organizational collaborations to share best practices?:
No
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A brief description of the investor networks and/or collaborations:
Boston University acquired technology that allows for greater transparency into our underlying funds. We have reclassified our investments in Sustainable Funds to Sustainable Industries, based on GIC codes of the underlying companies.
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The website URL where information about the institution's sustainable investment efforts is available:
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Data source(s) and notes about the submission:
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The information presented here is self-reported. While AASHE staff review portions of all STARS reports and institutions are welcome to seek additional forms of review, the data in STARS reports are not verified by AASHE. If you believe any of this information is erroneous or inconsistent with credit criteria, please review the process for inquiring about the information reported by an institution or simply email your inquiry to stars@aashe.org.