| Overall Rating | Platinum |
|---|---|
| Overall Score | 86.26 |
| Liaison | Karen Oberer |
| Submission Date | Jan. 17, 2024 |
McGill University
PA-9: Committee on Investor Responsibility
| Status | Score | Responsible Party |
|---|---|---|
|
2.00 / 2.00 |
Karen
Oberer Sustainability Officer McGill Office of Sustainability |
"---"
indicates that no data was submitted for this field
Does the institution have a formally established and active committee on investor responsibility (CIR) or equivalent body?:
Yes
The charter or mission statement of the CIR or other body which reflects social and environmental concerns or a brief description of how the CIR is tasked to address social and environmental concerns:
The Committee on Sustainability and Social Responsibility is one of the Board’s seven standing Committees. Its mandate involves advising the Board on matters concerning social responsibility. More specifically, the Committee, taking due regard of the mission of the University, and the fiduciary duties of the Board, advises the Board on matters concerning social responsibility related to University investments within the mandate of the Board’s Investment Committee.
From the Mandate of the Committee on Sustainability and Social Responsibility:
"3.2 With respect to Social Responsibility and Investment Policy Matters
3.2.1 Matters subject to the authority of the Board of Governors
a. Review, at least annually, questions and issues of social responsibility related to University investment policy within the mandate of the Investment Committee of the Board;
b. Report to the Board within a reasonable time frame following each meeting and make recommendations with appropriate supporting evidence and documentation, concerning the following:
i) proposed revisions to existing policy, guidelines and practices concerning endowment investments
ii) follow-up with a legal person concerning a matter which was the subject of the Committee’s review or study, including proposed changes in corporate practice
iii) support for shareholder resolutions recommending changes in a legal person’s management practice
iv) proposed alternate actions, other than divestment of holdings, as deemed appropriate by the Committee
c. Undertake studies of socially responsible investment policies and best practices;
d. Review information, data, analysis, reports and publications touching on issues of social responsibility;
e. Seek input and feedback from the University community as deemed appropriate."
Source: https://www.mcgill.ca/boardofgovernors/committees-0/board-standing-committees/social
From the Mandate of the Committee on Sustainability and Social Responsibility:
"3.2 With respect to Social Responsibility and Investment Policy Matters
3.2.1 Matters subject to the authority of the Board of Governors
a. Review, at least annually, questions and issues of social responsibility related to University investment policy within the mandate of the Investment Committee of the Board;
b. Report to the Board within a reasonable time frame following each meeting and make recommendations with appropriate supporting evidence and documentation, concerning the following:
i) proposed revisions to existing policy, guidelines and practices concerning endowment investments
ii) follow-up with a legal person concerning a matter which was the subject of the Committee’s review or study, including proposed changes in corporate practice
iii) support for shareholder resolutions recommending changes in a legal person’s management practice
iv) proposed alternate actions, other than divestment of holdings, as deemed appropriate by the Committee
c. Undertake studies of socially responsible investment policies and best practices;
d. Review information, data, analysis, reports and publications touching on issues of social responsibility;
e. Seek input and feedback from the University community as deemed appropriate."
Source: https://www.mcgill.ca/boardofgovernors/committees-0/board-standing-committees/social
Does the CIR include academic staff representation?:
Yes
Does the CIR include non-academic staff representation?:
Yes
Does the CIR include student representation?:
Yes
Members of the CIR, including affiliations and role:
From the Terms of Reference of the Committee on Sustainability and Social Responsibility:
2.2 The Committee shall consist of eight to ten members, exclusive of ex officio members, selected from the following categories:
- Board members and Governors Emeriti:
- four from among:
- At-large members of the Board (at least one)
- Alumni Association members of the Board
- Governors Emeriti.
- three from among:
- Academic Staff or Senate members of the Board
- Administrative and Support Staff members of the Board
- Student members or observers of the Board.
- A member of the Board Investment Committee.
- Members of the general public:
- up to two members of the general public with expertise in sustainability, climate, the environment, socially responsible investment or a related field.
Current membership includes the following faculty, staff, and student members:
- Student representative: Amanda Rosenberg (President of the McGill Association of Continuing Education Students). Term: June 1, 2023 - May 31, 2024
- Staff representative: Joseph Hakim (Finance Manager at the Faculty of Arts). Term: July 1, 2022- June 30, 2025
- Faculty representative: Edith Zorychta (associate professor in both the Department of Pathology and the Department of Pharmacology and Therapeutics). Term: January 1, 2016 to June 30, 2025
https://www.mcgill.ca/boardofgovernors/committees-0/board-standing-committees/social
2.2 The Committee shall consist of eight to ten members, exclusive of ex officio members, selected from the following categories:
- Board members and Governors Emeriti:
- four from among:
- At-large members of the Board (at least one)
- Alumni Association members of the Board
- Governors Emeriti.
- three from among:
- Academic Staff or Senate members of the Board
- Administrative and Support Staff members of the Board
- Student members or observers of the Board.
- A member of the Board Investment Committee.
- Members of the general public:
- up to two members of the general public with expertise in sustainability, climate, the environment, socially responsible investment or a related field.
Current membership includes the following faculty, staff, and student members:
- Student representative: Amanda Rosenberg (President of the McGill Association of Continuing Education Students). Term: June 1, 2023 - May 31, 2024
- Staff representative: Joseph Hakim (Finance Manager at the Faculty of Arts). Term: July 1, 2022- June 30, 2025
- Faculty representative: Edith Zorychta (associate professor in both the Department of Pathology and the Department of Pharmacology and Therapeutics). Term: January 1, 2016 to June 30, 2025
https://www.mcgill.ca/boardofgovernors/committees-0/board-standing-committees/social
None
Examples of CIR actions during the previous three years:
Prior to Fall 2023, the Committee on Sustainability and Committee to Advise on Matters of Social Responsibility (CAMSR) were separate.
Over the past 3 years, CAMSR oversaw the successful implementation of the eight Socially Responsible Investment (SRI) commitments approved by the Board of Governors in December 2019. These commitments are listed below, along with progress updates from the 2022 Investment Committee Report on SRI:
1. Reduce Carbon Emissions to 33% below benchmark
- Carbon emissions of the endowment equity portfolio are now 36.6% below emissions generated by companies in the public equities benchmark.
2. Increase Impact Investments to 5% of endowment
- $140 million is now dedicated to impact investments, which also generate positive social and environmental impact. This includes $30 million committed to a Private Equity Impact Fund in 2022, which brings the total to 7.8% of the endowment.
3. Increase amount invested in the Fossil-Fuel Free Fund
- In 2022, we received $4 million in new commitments, growing the overall size of the Fossil-Free fund by 45%, to a total of $12.7 million.
4. ESG Integration
- The Statement of Investment policy was amended to reflect Environmental, Social and Governance (ESG) goals and objectives, and the number of managers that have adopted an ESG Policy has been increased to 99%.
5. Investor Engagement
McGill has appointed SHARE as its shareholder engagement service provider and joined the University Network for Investor Engagement (UNIE) to amplify shareholder voices in addressing the drivers of climate change. In 2022, SHARE conducted 125 engagements with 59 companies on topics such as reducing carbon emissions and sustainable finance.
6. Report on SRI progress annually
Since the SRI strategy was adopted in 2020, a report has been presented to the Board of Governors and published annually. The third annual SRI report was presented to the Board of Governors on April 20, 2023.
7. Review SRI practices after 5 years
- The Board of Governors launched a review of the SRI strategy two years early. The Committee to Advise on Matters of Social Responsibility (CAMSR) will lead the review, and a report with recommendations will be presented to the Board by the end of 2023.
8. Institutional Leadership
- McGill worked with SHARE and 11 peer universities to develop an ESG due diligence questionnaire for investment managers. It also joined the UN-supported Principles for Responsible Investment (PRI), which is the leading global network for integrating ESG considerations into investment practices.
For more information, see: https://www.mcgill.ca/investments/files/investments/sri_report_2022.pdf
Over the past 3 years, CAMSR oversaw the successful implementation of the eight Socially Responsible Investment (SRI) commitments approved by the Board of Governors in December 2019. These commitments are listed below, along with progress updates from the 2022 Investment Committee Report on SRI:
1. Reduce Carbon Emissions to 33% below benchmark
- Carbon emissions of the endowment equity portfolio are now 36.6% below emissions generated by companies in the public equities benchmark.
2. Increase Impact Investments to 5% of endowment
- $140 million is now dedicated to impact investments, which also generate positive social and environmental impact. This includes $30 million committed to a Private Equity Impact Fund in 2022, which brings the total to 7.8% of the endowment.
3. Increase amount invested in the Fossil-Fuel Free Fund
- In 2022, we received $4 million in new commitments, growing the overall size of the Fossil-Free fund by 45%, to a total of $12.7 million.
4. ESG Integration
- The Statement of Investment policy was amended to reflect Environmental, Social and Governance (ESG) goals and objectives, and the number of managers that have adopted an ESG Policy has been increased to 99%.
5. Investor Engagement
McGill has appointed SHARE as its shareholder engagement service provider and joined the University Network for Investor Engagement (UNIE) to amplify shareholder voices in addressing the drivers of climate change. In 2022, SHARE conducted 125 engagements with 59 companies on topics such as reducing carbon emissions and sustainable finance.
6. Report on SRI progress annually
Since the SRI strategy was adopted in 2020, a report has been presented to the Board of Governors and published annually. The third annual SRI report was presented to the Board of Governors on April 20, 2023.
7. Review SRI practices after 5 years
- The Board of Governors launched a review of the SRI strategy two years early. The Committee to Advise on Matters of Social Responsibility (CAMSR) will lead the review, and a report with recommendations will be presented to the Board by the end of 2023.
8. Institutional Leadership
- McGill worked with SHARE and 11 peer universities to develop an ESG due diligence questionnaire for investment managers. It also joined the UN-supported Principles for Responsible Investment (PRI), which is the leading global network for integrating ESG considerations into investment practices.
For more information, see: https://www.mcgill.ca/investments/files/investments/sri_report_2022.pdf
Optional Fields
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Data source(s) and notes about the submission:
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