| Overall Rating | Gold |
|---|---|
| Overall Score | 76.57 |
| Liaison | Katie Koscielak |
| Submission Date | April 11, 2023 |
Cal Poly Humboldt
PA-10: Sustainable Investment
| Status | Score | Responsible Party |
|---|---|---|
|
2.33 / 3.00 |
Frank
Whitlatch Interim Vice President University Advancement |
"---"
indicates that no data was submitted for this field
Part 1. Positive sustainability investment
44,556,356
US/Canadian $
Value of holdings in each of the following categories:
| Value of holdings | |
| Sustainable industries (e.g., renewable energy or sustainable forestry) | 0 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) | 14,088,257 US/Canadian $ |
| Green revolving funds funded from the endowment | 0 US/Canadian $ |
If any of the above is greater than zero, provide:
Supporting documentation for sustainable investments is attached below, under "Additional Documentation to Support the Submission"; figures can be accessed and viewed with the link given in the "Notes" field at bottom of this form.
Brown Adv Sust Gro Inst (BAFWX) $3,467,437.00 7.78% It invests primarily in the securities of medium and large capitalization companies that Brown Advisory LLC (the "Adviser") believes (1) have the fundamental strengths (strong financials and business models) to outperform their peers and deliver above-average earnings growth over a market cycle, (2) effectively implement Sustainable Business Advantages, and (3) have attractive valuations.
Boston Cmn ESG Imp Intl (BCAIX) $2,952,828.00 6.63% It will normally invest at least 80% of its net assets, plus borrowings for investment purposes, in the securities of non-U.S. companies that meet the Adviser's ESG criteria.
Calvert Imp:Green Bd I (CGBIX) $3,165,950.00 7.11% The Fund seeks to maximize income, to the extent consistent with preservation of capital, primarily through investment in bonds Calvert has analyzed and considers "green." The investment universe is not limited to bonds labeled as green, but rather focuses on three broad types of issuers: green projects, solutions providers, and environmental leaders.
RREEF America REIT II (CF) $4,502,042.00 10.10% Privately held; Fund holds the highest rating by real assets sustainability benchmark, GRESB; includes LEED certified, minimizing water waste.
Brown Adv Sust Gro Inst (BAFWX) $3,467,437.00 7.78% It invests primarily in the securities of medium and large capitalization companies that Brown Advisory LLC (the "Adviser") believes (1) have the fundamental strengths (strong financials and business models) to outperform their peers and deliver above-average earnings growth over a market cycle, (2) effectively implement Sustainable Business Advantages, and (3) have attractive valuations.
Boston Cmn ESG Imp Intl (BCAIX) $2,952,828.00 6.63% It will normally invest at least 80% of its net assets, plus borrowings for investment purposes, in the securities of non-U.S. companies that meet the Adviser's ESG criteria.
Calvert Imp:Green Bd I (CGBIX) $3,165,950.00 7.11% The Fund seeks to maximize income, to the extent consistent with preservation of capital, primarily through investment in bonds Calvert has analyzed and considers "green." The investment universe is not limited to bonds labeled as green, but rather focuses on three broad types of issuers: green projects, solutions providers, and environmental leaders.
RREEF America REIT II (CF) $4,502,042.00 10.10% Privately held; Fund holds the highest rating by real assets sustainability benchmark, GRESB; includes LEED certified, minimizing water waste.
Percentage of the institution's investment pool in positive sustainability investments:
31.62
Part 2. Investor engagement
Sustainable investment policy
Yes
None
A copy of the sustainable investment policy:
None
The sustainable investment policy:
The Board of Trustees of the California State University adopted a resolution urging auxiliary boards, which make corporate investments to issue statements of environmental & social responsibility and to follow those precepts in examining past and considering future investment policies. The Foundation Board of Directors recognizes and accepts its social responsibility with respect to the investment of funds and has adopted the Humboldt Socially and Environmentally Responsible Investment Offset Policy (“SEROP”) which says that the Cal Poly Humboldt Foundation will:
1. Define Socially or Environmentally Concerning Sectors (“Concerning Sectors”) in a broad, bold way so as to include:
a. Energy - extraction, distribution, refining and marketing (e.g., oil, natural gas, coal and related/supporting industries);
b. Utilities - electricity generation (e.g., utilities utilizing carbon-based fuels);
c. Aerospace/defense, alcohol, tobacco, gaming and casino industries.
Revisit definition and revise as appropriate over time.
2. Continue to abstain from any direct investment in Concerning Sectors.
3. Monitor and report on the value of indirect investments in Concerning Sectors.
4. Make reasonable attempts to reduce the size of indirect investments in Concerning Sectors provided any divestments are consistent with the Foundation’s fiduciary requirements.
5. Define Socially or Environmentally Responsible (“SER”) organizations, projects or assets initially as ones which:
a. Are environmentally friendly (e.g., reduce the levels of atmospheric greenhouse gases ) or;
b. Improve the health and well-being of our community members.
Revisit definition and revise as appropriate over time.
6. Actively seek offsetting investment opportunities in SER organizations, projects or assets.
7. Invest directly in SER organizations, projects or assets provided that:
a. Investments meet the Foundation’s fiduciary requirements and policies, and
b. Investments support the stated University mission, vision and values.
8. Monitor and report on the value of direct investments in SER assets and active investments in SER organizations or projects.
9. Monitor and report on the value of obvious indirect investments in SER organizations, projects or assets.
10. Create a socially and environmentally responsible fund and actively seek donations of funds and assets that could be used to support Humboldt’s SEROP Pledge.
1. Define Socially or Environmentally Concerning Sectors (“Concerning Sectors”) in a broad, bold way so as to include:
a. Energy - extraction, distribution, refining and marketing (e.g., oil, natural gas, coal and related/supporting industries);
b. Utilities - electricity generation (e.g., utilities utilizing carbon-based fuels);
c. Aerospace/defense, alcohol, tobacco, gaming and casino industries.
Revisit definition and revise as appropriate over time.
2. Continue to abstain from any direct investment in Concerning Sectors.
3. Monitor and report on the value of indirect investments in Concerning Sectors.
4. Make reasonable attempts to reduce the size of indirect investments in Concerning Sectors provided any divestments are consistent with the Foundation’s fiduciary requirements.
5. Define Socially or Environmentally Responsible (“SER”) organizations, projects or assets initially as ones which:
a. Are environmentally friendly (e.g., reduce the levels of atmospheric greenhouse gases ) or;
b. Improve the health and well-being of our community members.
Revisit definition and revise as appropriate over time.
6. Actively seek offsetting investment opportunities in SER organizations, projects or assets.
7. Invest directly in SER organizations, projects or assets provided that:
a. Investments meet the Foundation’s fiduciary requirements and policies, and
b. Investments support the stated University mission, vision and values.
8. Monitor and report on the value of direct investments in SER assets and active investments in SER organizations or projects.
9. Monitor and report on the value of obvious indirect investments in SER organizations, projects or assets.
10. Create a socially and environmentally responsible fund and actively seek donations of funds and assets that could be used to support Humboldt’s SEROP Pledge.
None
Does the institution use its sustainable investment policy to select and guide investment managers?:
Yes
A brief description of how the sustainable investment policy is applied:
Cal Poly Humboldt Foundation Board of Directors have a long standing record of seeking investments which support the vision of Cal Poly Humboldt and its sustainability values. RVK, Inc., the Foundation Investment Advisors seek out investment funds which do not have fossil fuels in their portfolios in which to invest as well as funds implementing positive screens. Students and the Foundation Board of Directors originally agreed to invest 10% of the Endowment assets into funds divested of fossil fuels. At the time of that decision there were few funds from which to choose. As time has passed, and other companies become more sustainably conscience the number of funds have increased. The Endowment portfolio is currently at 41% of funds which are divested from fossil fuels.
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
Yes
A brief description of the divestment effort or negative screens and how they have been implemented:
Endowment holdings are exclusively in institutional funds. The Investment consultant monitors the funds for several concerning sectors. Ownership in these sectors is measured against the US and international markets.
The relevant portion of the investment policy is as follows:
Furthermore, the Foundation Board of Directors recognizes and accepts its
social responsibility with respect to the investment of funds and has adopted the
Humboldt Socially and Environmentally Responsible Investment Offset Policy
(“SEROP”) which says that the Cal Poly Humboldt Foundation will:
1. Define Socially or Environmentally Concerning Sectors (“Concerning Sectors”)
in a broad, bold way so as to include:
a. Energy - extraction, distribution, refining and marketing (e.g., oil, natural
gas, coal and related/supporting industries);
b. Utilities - electricity generation (e.g., utilities utilizing carbon-based
fuels);
c. Aerospace/defense, alcohol, tobacco, gaming and casino industries.
Revisit definition and revise as appropriate over time.
2. Continue to abstain from any direct investment in Concerning Sectors.
3. Monitor and report on the value of indirect investments in Concerning Sectors.
4. Make reasonable attempts to reduce the size of indirect investments in
Concerning Sectors provided any divestments are consistent with the
Foundation’s fiduciary requirements.
5. Define Socially or Environmentally Responsible (“SER”) organizations, projects
or assets initially as ones which:
a. Are environmentally friendly (e.g., reduce the levels of atmospheric
greenhouse gases ) or;
b. Improve the health and well-being of our community members.
Revisit definition and revise as appropriate over time.
6. Actively seek offsetting investment opportunities in SER organizations, projects
or assets.
7. Invest directly in SER organizations, projects or assets provided that:
a. Investments meet the Foundation’s fiduciary requirements and policies,
and
b. Investments support the stated University mission, vision and values.
8. Monitor and report on the value of direct investments in SER assets and active
investments in SER organizations or projects.
9. Monitor and report on the value of obvious indirect investments in SER
organizations, projects or assets.
10. Create a socially and environmentally responsible fund and actively seek
donations of funds and assets that could be used to support Humboldt’s SEROP
Pledge.
The relevant portion of the investment policy is as follows:
Furthermore, the Foundation Board of Directors recognizes and accepts its
social responsibility with respect to the investment of funds and has adopted the
Humboldt Socially and Environmentally Responsible Investment Offset Policy
(“SEROP”) which says that the Cal Poly Humboldt Foundation will:
1. Define Socially or Environmentally Concerning Sectors (“Concerning Sectors”)
in a broad, bold way so as to include:
a. Energy - extraction, distribution, refining and marketing (e.g., oil, natural
gas, coal and related/supporting industries);
b. Utilities - electricity generation (e.g., utilities utilizing carbon-based
fuels);
c. Aerospace/defense, alcohol, tobacco, gaming and casino industries.
Revisit definition and revise as appropriate over time.
2. Continue to abstain from any direct investment in Concerning Sectors.
3. Monitor and report on the value of indirect investments in Concerning Sectors.
4. Make reasonable attempts to reduce the size of indirect investments in
Concerning Sectors provided any divestments are consistent with the
Foundation’s fiduciary requirements.
5. Define Socially or Environmentally Responsible (“SER”) organizations, projects
or assets initially as ones which:
a. Are environmentally friendly (e.g., reduce the levels of atmospheric
greenhouse gases ) or;
b. Improve the health and well-being of our community members.
Revisit definition and revise as appropriate over time.
6. Actively seek offsetting investment opportunities in SER organizations, projects
or assets.
7. Invest directly in SER organizations, projects or assets provided that:
a. Investments meet the Foundation’s fiduciary requirements and policies,
and
b. Investments support the stated University mission, vision and values.
8. Monitor and report on the value of direct investments in SER assets and active
investments in SER organizations or projects.
9. Monitor and report on the value of obvious indirect investments in SER
organizations, projects or assets.
10. Create a socially and environmentally responsible fund and actively seek
donations of funds and assets that could be used to support Humboldt’s SEROP
Pledge.
Approximate percentage of endowment that the divestment effort and/or negative screens apply to:
41
Investor networks
No
None
A brief description of the investor networks and/or collaborations:
---
Optional Fields
Additional documentation to support the submission:
Data source(s) and notes about the submission:
Asset values that support figures entered in Part 1 are taken from page 15 in the RVK Quarterly Performance Report dated July 29, 2022 for the quarter ending June 30, 2022 (Quarterly Workshop California State Polytechnic University, Humboldt Foundation July 29, 2022) which can be viewed at https://drive.google.com/file/d/11PF_OV5vY3Z642iFcyc9Sm3-Ko87zsov/view?usp=sharing.
This difference between the Endowment Size reported in PRE 4 (market value on 6/30/22 $38,642,161.30) and the value of the total investment pool reported in PA 10 Sustainable Investment (RVK Quarterly Investment Report for Cal Poly Humboldt July 29, 2022 states value to be $44,556,356.00) is that the former does not include a bundle of investments historically related to the University Center. Per correspondence with Jamie Rich (Financial Analyst for the Advancement Foundation) and Samantha Puentes (Senior Accountant), "the University Center asked that the Foundation invests on their behalf. Since the money isn't technically the Foundation's, it is reported on a separate financial statement."
This difference between the Endowment Size reported in PRE 4 (market value on 6/30/22 $38,642,161.30) and the value of the total investment pool reported in PA 10 Sustainable Investment (RVK Quarterly Investment Report for Cal Poly Humboldt July 29, 2022 states value to be $44,556,356.00) is that the former does not include a bundle of investments historically related to the University Center. Per correspondence with Jamie Rich (Financial Analyst for the Advancement Foundation) and Samantha Puentes (Senior Accountant), "the University Center asked that the Foundation invests on their behalf. Since the money isn't technically the Foundation's, it is reported on a separate financial statement."
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.