Clarkson University
PA-9: Committee on Investor Responsibility

In the Investment and Spend Policy. Specifically: In evaluating potential investment strategies and approving manager selection conducted by investment advisors, consideration shall be placed on identifying investments and funds that align with the University’s mission and values. To that end, the endowment seeks over time to invest in funds that are expected to generate risk-adjusted returns while also incorporating environmental, social, and corporate governance (ESG) tenets into the investment decision-making. Examples of ESG tenets that are considered are: Environment: Control of emissions, consideration of climate control risks, and reduction of operational waste. In particular, the endowment will seek to avoid investment in businesses that derive significant revenue from fossil fuels including oil and gas and coal. Significant revenue’ will be defined as greater than or equal to 5% of revenue derived from the stated industry. Businesses with less than 5% revenue derived from the industry will be considered de minimus and do not need to be screened out of the endowment portfolio. and privacy; Social: Promotion of strong labor practices and customer welfare, and enforcement of data security Governance: Ensuring adequate shareholder disclosure, proper management of systemic risk, effective and diverse boards of directors, and aligned and properly incentivized management teams. The specific factors to be taken into consideration, as well as the strictness of the endowment’s adherence to these factors, will be at the discretion of the Investment Sub-committee. The optimal management of the school’s investment portfolio limits the role of the Investment sub-committee in individual security selection and aims to empower the investment advisor(s) the sub-committee has selected. The University will seek to engage with students regularly, as a matter of practice, to provide transparency and to report on progress and setbacks in the implementation of this ESG policy.

Name Position Occupation Thomas L. Kassouf ‘74 Chair of the Board Retired Anthony G. Collins President President, Clarkson University David Heacock ‘83 IC Chair Retired John S. Mengucci ‘84 IC Member President & CEO, CACI Rajan Raghavan ‘82 IC Member President & CEO, The Fabric Net Kathryn E. Campbell ’85 IC Member President & COO, CDM Smith, Inc. Robert R. Ziek ‘78 IC Member President, ZSource, Ltd. Dorr Begnal Advisor Jason Currie Advisor Stephen D. Ryan ‘87 Advisor SVP, The Ryan Group Allan Zebedee Advisor Associate Professor of Finance Ken Kline Treasurer CFO, Clarkson University

In 2020, the Investment Subcommittee hired Brown Brothers Harriman as the University’s outside investment advisor responsible for the day-to-day management of the University’s endowment. The process was an exhaustive search with over ten different investment advisors submitting proposals. The Subcommittee focused on understanding each investment advisors ability to deliver the industry’s best practices in all facets of investment management including sustainable investing. Following the hiring of Brown Brothers Harriman, the Subcommittee updated the University’s Investment and Spend Policy to include significant language surrounding corporate socially responsible investing which was approved by the full Board February 1, 2021. The Subcommittee monitors on a quarterly basis the performance and holding to ensure the day-to-day management of the Endowment is consistent with these principals. As an example of this process, in early 2022, the Subcommittee reviewed the Endowment’s exposure to Russia as the Russian-Ukrainian conflict seemed likely to escalate and working with our investment advisor took actions to divest Russian assets from our portfolio.

This information was collected and is from FY22