| Overall Rating | Gold |
|---|---|
| Overall Score | 74.46 |
| Liaison | Ciannat Howett |
| Submission Date | Oct. 9, 2024 |
Emory University
PA-10: Sustainable Investment
| Status | Score | Responsible Party |
|---|---|---|
|
2.13 / 5.00 |
Cyrus
Bhedwar Director Office of Sustainability Initiatives |
Part 1. Positive sustainability investment
Value of holdings in each of the following categories:
| Value of holdings | |
| Sustainable industries (e.g., renewable energy or sustainable forestry) | 53,000,000 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 funds funded from the endowment | 0 US/Canadian $ |
If any of the above is greater than zero, provide:
Investments in green tech, conservation, renewable power, energy optimization, energy efficiency, alternative and renewable energy companies as well as sustainable forestry and waste management.
Percentage of the institution's investment pool in positive sustainability investments:
Part 2. Investor engagement
Sustainable investment policy
In addition to Emory's ESG Investment Framework (attached), Emory includes a statement about sustainable investment in its 2015-2025 Sustainability Vision. The relevant language is: "Emory University does not currently hold direct stock or bonds in public companies producing fossil fuels. Emory performs quarterly negative screening of its investment portfolio. Emory holds many investments in sustainable businesses and businesses with exemplary sustainability performance.”
A brief description of how the sustainable investment policy is applied:
EIM’s investment process actively incorporates ESG considerations in external managers and direct investment decisions to help achieve its goal of maximizing support for endowment stakeholders’ missions. EIM shares its mission and goals with partners, and it engages dynamically on ESG-related topics before investing, to ensure alignment of interests. EIM selects external investment managers based on investment ability, judgment, and alignment of interest with Emory University objectives. Beyond asset allocation and manager selection decisions, EIM recognizes that companies that fail to demonstrate appropriate regard for human and environmental well-being do not represent attractive long-term economic opportunities.
Proxy voting
Our SMAs are more focused on bonds, so proxy voting is not as much of an issue. However, if there are proxies to be voted on our behalf, the manager would provide a report to us on how the proxies are voted. Our SMA managers have not had to vote any proxies on our behalf in at least a year. We discussed their methodology and how they consider ESG issues when voting, so if the time comes that they need to vote proxies on our behalf, we have confidence they will consider ESG issues where applicable, while still looking to maximize shareholder value.
Shareholder resolutions
Examples of how the institution has engaged with corporations in its portfolio about sustainability issues during the previous three years:
N/A
Divestment efforts and negative screens
A brief description of the divestment effort or negative screens and how they have been implemented:
Due to the preferences and policies of Emory Investment Management, Emory has never been invested in fossil fuels or other harmful businesses, so cannot divest from them.
Emory’s 2015-2025 Sustainability Vision and Strategic Plan, an enterprise-wide document that was reviewed and approved by the administration at the time states that:
- “Emory University does not currently hold direct stock or bonds in public companies producing fossil fuels. Emory performs quarterly negative screening of its investment portfolio. Emory holds many investments in sustainable businesses and businesses with exemplary sustainability performance.”
- The negative screen is based on Fossil Free Funds “Carbon Underground 200”
The Executive Committee of the Board of Trustees chose to include language about the potential for future divestment in the ESG Framework developed in 2014 (attached in the Reporting Tool). The language states:
- “On September 24, 2014, the Executive Committee of Emory University indicated that in extraordinary circumstances, the trustees may determine that direct financial investment in particular companies that associate Emory with actions or positions that violate the university’s most deeply held values and should be avoided, regardless of potential financial return. In such instances, divestment from those particular companies may be necessary to separate the Emory community from the morally abhorrent activity of the company or companies in question. Those circumstances are:
-
- The existence of a moral evil that generates substantial social harm, such as genocide, apartheid, slavery, or systematic cruelty to children;
- The identification of a specific company or companies, rather than entire industries, as engaging in or supporting morally evil activity;
- The clear connection of the identified company or companies with the moral evil;
- The support for divestment from the identified companies by a broad consensus of the Emory community as demonstrated by an engaged and thoughtful deliberation.”
Approximate percentage of endowment that the divestment effort and/or negative screens apply to:
Investor networks
Emory Investment Management has a very close relationship with peers at similar institutions and regularly reaches out to those peers to discuss various issues, including ESG, and compare best practices.
Optional Fields
Additional documentation to support the submission:
Data source(s) and notes about the submission:
All data reported in this section are from September 2022-August 2023.
NOTE: Emory's investment pool reported is lower than the endowment because Emory's investment pool is part of the endowment, not the other way around. Other funds make up the endowment that are not part of the investment pool. These other funds include single investments and trusts that support our healthcare centers.
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.