| Overall Rating | Gold |
|---|---|
| Overall Score | 72.00 |
| Liaison | Jessica Krejcik |
| Submission Date | Dec. 22, 2021 |
Concordia University
PA-10: Sustainable Investment
| Status | Score | Responsible Party |
|---|---|---|
|
2.31 / 3.00 |
Marc
Gauthier Director Finance and Business Operations |
Total value of the investment pool:
Value of holdings in each of the following categories:
| Value of holdings | |
| Sustainable industries (e.g., renewable energy or sustainable forestry) | 14,652,953.41 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) | 1,284,178.17 US/Canadian $ |
| Community development financial institutions (CDFIs) or the equivalent | 0 US/Canadian $ |
| Socially responsible mutual funds with positive screens (or the equivalent) | 61,695,126.75 US/Canadian $ |
| Green revolving funds funded from the endowment | 0 US/Canadian $ |
A brief description of the companies, funds, and/or institutions referenced above:
Concordia's positive sustainability investments range from thematic impact investments such as cleantech and timber and agriculture funds, to investments in companies with high environmental, social, and governance practices and considerations.
Concordia University Foundation (CUF) has designed a new investment policy to include the integration of a responsible and impact investment policy. In doing so, the CUF became a signatory of the United Nations Principles for Responsible Investment (UNPRI).
The integration included:
• The implementation of the Responsible Investment Policy through the hiring of five new portfolio managers that integrate Environmental, Social and Governance (ESG) considerations into their investment decision process;
• The conversion from an equity emerging asset allocation to a ESG factored one;
• The completion and filing of our first UNPRI report;
• The application of the Impact Investment Policy, which included sourcing and allocating five investments (50 per cent of the target allocation) from three
portfolio managers aligned with the policy themes. It currently target 12 of the 17 UN Sustainable Development Goals
Percentage of the institution's investment pool in positive sustainability investments:
Does the institution have a publicly available sustainable investment policy?:
A copy of the sustainable investment policy:
The sustainable investment policy:
Does the institution use its sustainable investment policy to select and guide investment managers?:
A brief description of how the sustainable investment policy is applied:
As part of the selection process, the Investment Managers and commingled investment vehicles are rated on their ESG capabilities and performance. Where possible, the ESG capabilities and performance will be included into CUF’s investment selection and monitoring processes. Where it is feasible to do so, CUF will seek to make investments using segregated account mandates, to facilitate the implementation of tailored ESG considerations and to target tax efficiency where appropriate.
Where investments are held through a segregated account mandate or a public equity fund in which CUF is the only investor, CUF may require the investment manager to engage with the management and boards of equity issuers on ESG considerations in order to communicate CUF’s views on ESG issues. CUF’s objective is to understand the position of the equity issuers and the actions they have taken, or intend to take, with respect to ESG issues. The ultimate goal is to achieve either preservation or enhancement of value for CUF’s investments by the mitigation of ESG risks or the incorporation of ESG-related opportunities.
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?:
A copy of the proxy voting guidelines or proxy record:
A brief description of how managers are adhering to proxy voting guidelines:
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?:
Examples of how the institution has engaged with corporations in its portfolio about sustainability issues during the previous three years:
Does the institution participate in a public divestment effort and/or have a publicly available investment policy with negative screens?:
A brief description of the divestment effort or negative screens and how they have been implemented:
The Concordia University Foundation has committed to end investments in the coal, oil and gas sectors within five years. Going one step further, it is the first university foundation in Quebec to set a target of 100 per cent sustainable investments by 2025. This move will include doubling its social or environmental impact investment.
https://www.concordia.ca/news/stories/2019/11/08/concordia-university-foundation-to-divest-and-aim-for-100-percent-sustainable-investments-by-2025.html
Approximate percentage of endowment that the divestment effort and/or negative screens apply to:
Does the institution engage in policy advocacy by participating in investor networks and/or engage in inter-organizational collaborations to share best practices?:
A brief description of the investor networks and/or collaborations:
The Concordia University Foundation is signatory of the UNPRI since 2018. The investment team members have attended many conferences as participants and speakers as well as local PRI Quebec meetings and at the Responsible Investment Association (RIA) conferences.
https://www.unpri.org/signatories/signatory-resources/signatory-directory
In 2020-21, Concordia increased resource dedicated to sustainability
matters including joining the UNIE (University Network for Investor Engagement) program along with twelve other Canadian University for a more
effective and collaborative engagement program against climate risks.
https://www.concordia.ca/cunews/main/stories/2021/02/22/canadian-universities-unite-as-investors-to-help-address-the-climate-crisis.html
Website URL where information about the institution’s sustainable investment efforts is available:
Additional documentation to support the submission:
Data source(s) and notes about the submission:
Concordia University Foundation (CUF) has designed a new investment policy to include the integration of a responsible and impact investment policy. In doing so, the CUF became a signatory of the United Nations Principles for Responsible Investment (UNPRI).
The integration included:
• The implementation of the Responsible Investment Policy through the hiring of five new portfolio managers that integrate Environmental, Social and Governance (ESG) considerations into their investment decision process;
• The conversion from an equity emerging asset allocation to a ESG factored one;
• The completion and filing of our first UNPRI report;
• The application of the Impact Investment Policy, which included sourcing and allocating five investments (50 per cent of the target allocation) from three portfolio managers aligned with the policy themes. It currently targets 12 of the 17 UN Sustainable Development Goals.
The value holdings and total value of investment pool is from December 2020.
Concordia University Foundation (CUF) has designed a new investment policy to include the integration of a responsible and impact investment policy. In doing so, the CUF became a signatory of the United Nations Principles for Responsible Investment (UNPRI).
The integration included:
• The implementation of the Responsible Investment Policy through the hiring of five new portfolio managers that integrate Environmental, Social and Governance (ESG) considerations into their investment decision process;
• The conversion from an equity emerging asset allocation to a ESG factored one;
• The completion and filing of our first UNPRI report;
• The application of the Impact Investment Policy, which included sourcing and allocating five investments (50 per cent of the target allocation) from three portfolio managers aligned with the policy themes. It currently targets 12 of the 17 UN Sustainable Development Goals.
The value holdings and total value of investment pool is from December 2020.
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.