|Submission Date||April 30, 2015|
PA-14: Sustainable Investment
Center for Sustainability Education
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)||6440000 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)||4680000 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||---|
A brief description of the companies, funds, and/or institutions referenced above:
Data reported as of 12/31/2014. Dickinson’s $357 million pooled endowment funds are managed for the college by Investure, LLC. Investure manages pooled assets of approximately $11 billion on behalf of Dickinson and 11 other academic institutions and foundations. In June 2010, Investure created the Sustainability Fund of its Global Equity Fund at the request of Dickinson and two other Investure clients. The new fund provides an investment vehicle that coincides with the triple-bottom-line philosophy of balancing social, environmental, and economic objectives. Sectors targeted for investment include renewable energy, energy storage, LEED certified real estate, water conservation, and greenhouse gas emission reduction.
in addition, $6.44 million is invested in renewable energy companies.
Also, $25.7 million of our pooled endowment is invested with fund managers that have Environmental, Social, and Governance (ESG) policies. The investments with managers with ESG policies are not included in the sustainability investments reported above, and so our reported total sustainable investments understates the actual total. The Sustainable Investment Group is investigating in spring 2015 the policies and practices of the managers with stated ESG policies to better understand them and determine if these investments, or portions of them, meet our criteria for sustainable 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 policy is applied, including recent examples:
Investure uses an investment scorecard to determine the premium that would be demanded for an investment above a typical stock return of 8%. The scorecard includes ESG concerns and benefits to rate the investment.
Does the institution's sustainable investment policy include negative screens?:
A brief description of the negative screens and how they have been implemented:
Approximate percentage of the endowment that the negative screens apply to:
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:
Investure has a proxy voting policy that includes ESG principles. Proxy voting data requested from, and being assembled by, Investure. Data are not available at this time.
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 engage in policy advocacy by participating in investor networks and/or engaging in inter-organizational collaborations to share best practices?:
A brief description of the investor networks and/or collaborations:
Dickinson College participates in a consortium with 11 other institutions that pool their endowments under the management of Investure, LLC. The consortium members and Investure personnel share best practices for endowment management, including incorporation of ESG and ethical considerations in investment decisions. Dickinson, Middlebury, and Smith Colleges have created the Sustainability Advisory Group (SAG) to Investure, which consists of Investment Committee members from the three schools. The SAG has been a catalyst for dialogue with Investure and other consortium members about sustainable investment, advocating for creation and expansion of sustainable investment options, development of an investment beliefs statement that addresses ESG concerns, exploration of metrics for assessing ESG performance, and creation of learning opportunities for students. These efforts have resulted first in creation and later expansion of the Investure Global Equity Fund Sustainability Series, adoption of an investment beliefs statement that addresses EGS and ethical considerations, adoption of a proxy voting policy that addresses ESG concerns, and regular reporting of ESG and sustainability investments.
Members of the Investure consortium include Barnard, Carnegie Endowment for International Peace, Dickinson College, The Edna McConnell Clark Foundation, Colonial Williamsburg, The Commonwealth Fund, Houston Endowment, Henry Luce Foundation, Middlebury College, Smith College, Trinity College, and The University of Tulsa.
The website URL where information about the institution's sustainable investment efforts is available:
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 and complete the Data Inquiry Form.
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 and complete the Data Inquiry Form.