| Overall Rating | Silver |
|---|---|
| Overall Score | 55.77 |
| Liaison | Susan Kaspari |
| Submission Date | July 16, 2022 |
Central Washington University
PA-10: Sustainable Investment
| Status | Score | Responsible Party |
|---|---|---|
|
0.96 / 3.00 |
Paul
Elstone Vice President of University Advancement CWU Foundation |
"---"
indicates that no data was submitted for this field
Part 1. Positive sustainability investment
60,891,884
US/Canadian $
Value of holdings in each of the following categories:
| Value of holdings | |
| Sustainable industries (e.g., renewable energy or sustainable forestry) | 550,000 US/Canadian $ |
| Businesses selected for exemplary sustainability performance (e.g., using criteria specified in a sustainable investment policy) | 2,700,000 US/Canadian $ |
| Sustainability investment funds (e.g., a renewable energy or impact investment fund) | 2,700,000 US/Canadian $ |
| Community development financial institutions (CDFIs) or the equivalent | 0 US/Canadian $ |
| Socially responsible mutual funds with positive screens (or the equivalent) | 2,700,000 US/Canadian $ |
| Green revolving funds funded from the endowment | 0 US/Canadian $ |
If any of the above is greater than zero, provide:
The total value of the investment pool combines the CWU Foundation and CWU Endowment funds. Analysis of holdings for teh CWU Endowment funds has not been completed, but is under investigation by the Council on Investor Responsibility.
The below information for the CWU Foundation was provided by Paul Elstone (VP University of Advancement), and Richard Stice from Wells Fargo, who manages the foundation accounts. Stice provided the monetary breakdown reported above.
Sustainable industries (e.g., renewable energy or sustainable forestry)=
From Elstone: The CWU Foundation invests in Sustainable Real Estate Investments Trusts (REIT). Several have revenues derived from carbon solutions and green buildings.
From Stice: Examples include Alexandria Real Estate Equities (ticker symbol ARE) and SBI Life Insurance Company Ltd. (SBILIFE).
Businesses selected for exemplary sustainability performance (e.g., using criteria specified in a sustainable investment policy)=
From Elstone: The CWUF portfolio invests in several sustainable real estate investment trusts (REITs) through a Sustainable REIT separately managed account. Environmental, social and governance performance (sustainability performance) is a critical component of the manager’s investment decision-making process. For example, Prologis is an industrial REIT that acquires, develops and maintains the largest collection of high quality logistics real estate in the world. Prologis has embedded environmental stewardship, social responsibility and governance practices across its business for more than four decades. Prologis was ranked #1 real estate company on Fortune Magazine 2022 world’s most admired companies list. The US Green Business Council (USGBC) has chosen Prologis for its Leadership Award, which is given to those with demonstrated vision, leadership and commitment to the evolution of USGBC’s green building industry. Prologis has developed and designed LEED Buildings all over the world. It is also the first logistics real estate company to have an approved science-based target (SBT) and is enabling the net zero journey for its customers by integrating supply chain decarburization solutions and developing buildings with sustainable features. Other REITS with exemplary sustainability performance include American Tower, Avalon Bay.
From Stice: In our estimation, all of the holdings within our proprietary REIT strategy and the Calvert Emerging Markets Equity fund (CVMRX) qualify for this category. Examples include Digital Realty Trust (DLR) and Prologis (PLD).
Sustainability investment funds (e.g., a renewable energy or impact investment fund)=
From Elstone: The CWUF invests in CVMRX, a sustainability investment fund.
From Stice: Both strategies qualify for this category.
Socially responsible mutual funds with positive screens (or the equivalent)=
From Elstone: The CWUF portfolio invests in the Calvert Emerging Markets Equity Fund (CVMRX). CVMRX has positive screens (or the equivalent) and is categorized as a “LEADER,” the highest ESG commitment level assigned by Morningstar. Analysis of ESG issues (positive screens) is central to the strategy’s stock level decision making.
From Stice: We made the assumption that “mutual funds” is a catch all category that includes separately managed accounts. Therefore, both strategies qualify for this category.
The below information for the CWU Foundation was provided by Paul Elstone (VP University of Advancement), and Richard Stice from Wells Fargo, who manages the foundation accounts. Stice provided the monetary breakdown reported above.
Sustainable industries (e.g., renewable energy or sustainable forestry)=
From Elstone: The CWU Foundation invests in Sustainable Real Estate Investments Trusts (REIT). Several have revenues derived from carbon solutions and green buildings.
From Stice: Examples include Alexandria Real Estate Equities (ticker symbol ARE) and SBI Life Insurance Company Ltd. (SBILIFE).
Businesses selected for exemplary sustainability performance (e.g., using criteria specified in a sustainable investment policy)=
From Elstone: The CWUF portfolio invests in several sustainable real estate investment trusts (REITs) through a Sustainable REIT separately managed account. Environmental, social and governance performance (sustainability performance) is a critical component of the manager’s investment decision-making process. For example, Prologis is an industrial REIT that acquires, develops and maintains the largest collection of high quality logistics real estate in the world. Prologis has embedded environmental stewardship, social responsibility and governance practices across its business for more than four decades. Prologis was ranked #1 real estate company on Fortune Magazine 2022 world’s most admired companies list. The US Green Business Council (USGBC) has chosen Prologis for its Leadership Award, which is given to those with demonstrated vision, leadership and commitment to the evolution of USGBC’s green building industry. Prologis has developed and designed LEED Buildings all over the world. It is also the first logistics real estate company to have an approved science-based target (SBT) and is enabling the net zero journey for its customers by integrating supply chain decarburization solutions and developing buildings with sustainable features. Other REITS with exemplary sustainability performance include American Tower, Avalon Bay.
From Stice: In our estimation, all of the holdings within our proprietary REIT strategy and the Calvert Emerging Markets Equity fund (CVMRX) qualify for this category. Examples include Digital Realty Trust (DLR) and Prologis (PLD).
Sustainability investment funds (e.g., a renewable energy or impact investment fund)=
From Elstone: The CWUF invests in CVMRX, a sustainability investment fund.
From Stice: Both strategies qualify for this category.
Socially responsible mutual funds with positive screens (or the equivalent)=
From Elstone: The CWUF portfolio invests in the Calvert Emerging Markets Equity Fund (CVMRX). CVMRX has positive screens (or the equivalent) and is categorized as a “LEADER,” the highest ESG commitment level assigned by Morningstar. Analysis of ESG issues (positive screens) is central to the strategy’s stock level decision making.
From Stice: We made the assumption that “mutual funds” is a catch all category that includes separately managed accounts. Therefore, both strategies qualify for this category.
Percentage of the institution's investment pool in positive sustainability investments:
14.21
Part 2. Investor engagement
Sustainable investment policy
Yes
None
A copy of the sustainable investment policy:
---
None
The sustainable investment policy:
A part of the CWU Foundation investment policy outlines the approach to this issue
V. ENVIRONMENTAL, SOCIAL AND GOVERNANCE CRITERIA AND SOCIALLY RESPONSIBLE INVESTING
A. Environmental, Social and Governance criteria and Socially Responsible Investing are methods for evaluating and investing aimed towards accomplishing a social goal or promoting a particular mission (together considered "Socially Responsible Investing"). The Foundation has available a separate portfolio containing investments which are socially responsible. This portfolio is required to follow the identified investment guidelines in this policy while meeting socially responsible investment guidelines identified by the donor.
V. ENVIRONMENTAL, SOCIAL AND GOVERNANCE CRITERIA AND SOCIALLY RESPONSIBLE INVESTING
A. Environmental, Social and Governance criteria and Socially Responsible Investing are methods for evaluating and investing aimed towards accomplishing a social goal or promoting a particular mission (together considered "Socially Responsible Investing"). The Foundation has available a separate portfolio containing investments which are socially responsible. This portfolio is required to follow the identified investment guidelines in this policy while meeting socially responsible investment guidelines identified by the donor.
None
Does the institution use its sustainable investment policy to select and guide investment managers?:
No
A brief description of how the sustainable investment policy is applied:
Donors who wish to have their endowed gift funds managed according to the policy can make this request and funds are then managed accordingly.
Proxy voting
No
None
A copy of the proxy voting guidelines or proxy record:
---
None
A brief description of how managers are adhering to proxy voting guidelines:
---
Shareholder resolutions
No
Examples of how the institution has engaged with corporations in its portfolio about sustainability issues during the previous three years:
---
Divestment efforts and negative screens
No
A brief description of the divestment effort or negative screens and how they have been implemented:
CWU's Committee on Investor Responsibility is actively assessing the viability of divestment and negative screen tests. Student research and literature suggests negative screens that eliminate weapon manufactures, tobacco, and child labor bearing companies will not negatively impact the schools portfolio.
In the coming school year, students and faculty will be assessing the proper means and criteria for which divestment and reinvestment will be performed. Using case studies and quantitative analyses, faculty and students will be encouraged to develop a framework that allows CWU to properly assess the circumstantial viability of institutional divestment and reinvestment.
In the coming school year, students and faculty will be assessing the proper means and criteria for which divestment and reinvestment will be performed. Using case studies and quantitative analyses, faculty and students will be encouraged to develop a framework that allows CWU to properly assess the circumstantial viability of institutional divestment and reinvestment.
Approximate percentage of endowment that the divestment effort and/or negative screens apply to:
0
Investor networks
No
None
A brief description of the investor networks and/or collaborations:
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Optional Fields
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Additional documentation to support the submission:
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Data source(s) and notes about the submission:
The total investment pool (reported above) includes funds from the CWU Foundation (53,489,304.0 )and the CWU Endowment Fund (7,402,580). The CWU Endowment Fund is being examined by CWU's Committee on Investor Responsibility, but analysis has not been completed to break the investments down in to the categories listed at the top.
Paul Elstone provided Foundation data, and Kameron Eck (CWU student on the Committee on Investor Responsibility) and Pat Stanton provided information on the CWU endowment Fund. Susan Kaspari combined this information for STARS reporting.
Paul Elstone provided Foundation data, and Kameron Eck (CWU student on the Committee on Investor Responsibility) and Pat Stanton provided information on the CWU endowment Fund. Susan Kaspari combined this information for STARS reporting.
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.