Overall Rating Silver - expired
Overall Score 51.63
Liaison Dwayne Doornbosch
Submission Date June 24, 2021

STARS v2.2

Langara College
PA-10: Sustainable Investment

Status Score Responsible Party
Complete 2.55 / 3.00 Moira Gookstetter
Executive Director
Langara College Foundation
"---" indicates that no data was submitted for this field

Part 1. Positive sustainability investment

Total value of the investment pool:
25,392,175 US/Canadian $

Value of holdings in each of the following categories:
Value of holdings
Sustainable industries (e.g., renewable energy or sustainable forestry) 7,418,088 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) 1,680,636.38 US/Canadian $
Community development financial institutions (CDFIs) or the equivalent 40,231 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:

A brief description of the companies, funds, and/or institutions referenced above:
Descriptions of each investment category referenced above are as follows:

Sustainable industries
- Sustainable forestry: We hold companies that are leaders this area such as Canfor and Interfor. Close to 99% of their revenue comes from sustainable forestry.
- Renewable energy: Companies held include Vestas Wind Systems, SMA Solar, or Tesla. These companies receive 100% of their revenue from environmentally impactful sources.
- Energy efficiency: Technology and industrial companies that create tools to reduce energy usage are part of the portfolio. This includes electrical equipment, cloud computing, and other business lines.
- Health care solutions: Companies that provide solutions to some of the largest health issues in the world are labelled as impact investments in our portfolios and are verified by MSCI ESG Research.

Sustainability investment funds
- Fossil Free Canglobe Equity Fund: This global fund is divested of oil and gas companies along with other companies in controversial industries, such as tobacco, weapons, and adult entertainment. The carbon intensity of the fund is significantly lower than the benchmark and fossil fuel reserves are zero.
- Fossil Free Dividend Equity Fund: This low beta, high yield fund is divested of oil and gas companies along with other companies in controversial industries, such as tobacco, weapons, and adult entertainment. The carbon intensity of the fund is significantly lower than the benchmark and fossil fuel reserves are zero.
- Fossil Free Corporate Bond Fund: This Canadian corporate bond fund is divested of oil and gas companies along with other companies in controversial industries, such as tobacco, weapons, and adult entertainment. It is sub-advised by Alpha Fixe, one of Canada’s top sustainable bond managers.

Community development financial institutions (CDFIs)
- The portfolio holds Intl Bank Reconstruction and Development which is a lending arm of the World Bank. They focus on lending for low and middle income countries.

Percentage of the institution's investment pool in positive sustainability investments:
35.99

Part 2. Investor engagement

Sustainable investment policy 

Does the institution have a publicly available sustainable investment policy?:
Yes

None
A copy of the sustainable investment policy:
Langara_Endowed_Investments_Policy_February_2018.pdf

None
The sustainable investment policy:
---

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:
The Finance committee of the board, who are made up of College staff and industry experts, utilizes the investment policy to guide their decision making and recommendations to the Board. The board authorizes and advises our investment managers, Genus Capital Management. The Finance Committee meets twice per year with Genus Capital Management to review the portfolio. The Board meets once per year with Genus Capital Management. College and Foundation staff work on a day-to-day basis with Genus to manage oversight.

Proxy voting 

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?:
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:
The Foundation bylaws do not allow for proxy voting.

Shareholder resolutions 

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?:
No

Examples of how the institution has engaged with corporations in its portfolio about sustainability issues during the previous three years:
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Divestment efforts and negative screens

Does the institution participate in a public divestment effort and/or have a publicly available investment policy with negative screens?:
Yes

A brief description of the divestment effort or negative screens and how they have been implemented:
The Langara College Foundation holds the endowed funds for student awards and funds established by donors. This fund is in excess of $25M. In 2016, the Langara College Foundation board voted to start to move its holdings to fossil free and sustainable investment options.

At our recent board meeting on February 24, 2021 the board voted to change our asset mix and expand our fossil free holdings from 11% currently to up to 50% with a view to look longer term to move the entire portfolio in this direction. This information was shared at the Annual General Meeting held April 14, 2021. It was also announced inside the College community through internal newsletter as well as to all donors through the Langara College Foundation April newsletter. This information will also be shared with all endowed fund holders through distribution of their annual fund reports scheduled to go out mid-May.

Approximate percentage of endowment that the divestment effort and/or negative screens apply to:
50

Investor networks 

Does the institution engage in policy advocacy by participating in investor networks and/or engage in inter-organizational collaborations to share best practices?:
No

None
A brief description of the investor networks and/or collaborations:
---

Optional Fields 

Website URL where information about the institution’s sustainable investment efforts is available:
---

Additional documentation to support the submission:
LGF_Board_Minutes_February_24_21_Divestment.pdf

Data source(s) and notes about the submission:
Langara College Foundation Board meeting minutes attached, showing the commitment to 50% divestment from fossil fuel holdings.

Value of holdings provided in this credit were provided directly by the Foundation's fund manager, Genus Capital.

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.