|Submission Date||May 1, 2014|
PA-14: Sustainable Investment
Director of Sustainability Integration
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)||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)||25000000 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||0 US/Canadian $|
A brief description of the companies, funds, and/or institutions referenced above:
In April 2010, the College established the “Sustainable Investments Initiative” to which donors concerned about sustainability within the endowment could contribute. Funds contributed are invested in investment vehicles that meet the College’s criteria for being sustainable. Possible options are socially responsible mutual funds, venture capital funds focused on alternative energy, or investments with an asset manager that agrees to include sustainability criteria into their investment screening process.
Does the institution have a publicly available sustainable investment policy?:
A copy of the sustainable investment policy:
The sustainable investment policy:
Middlebury is developing a social balance sheet to evaluate Middlebury's environmental, social, and governance practices and investing. This STARS report will serve as a foundational document to inform that effort. This is being done to help guide future investing and purchasing policies and practices.
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:
Middlebury works closely with our current investment managers over the years to create sustainable investment options, to develop proxy voting guidelines, and to evaluate the pros and cons of divesting from fossil fuels.
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:
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:
The Student Investment Committee worked with the Advisory Committee for Socially Responsible Investing to co-file a shareholder resolution (along with a letter) with Exxon-Mobil, a stock held in the account managed by the SIC. The resolution sought to have Exxon-Mobil produce a report about the short and long term risks of Exxon Mobil’s use of hydraulic fracturing in natural gas drilling (“fracking”).
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:
Middlebury's endowment is pooled with 12 other institutions including Barnard, Carnegie Endowment for International Peace, The Edna McConnell Clark Foundation, Colonial Williamsburg, The Commonwealth Fund, Dickinson College, Houston Endowment, Henry Luce Foundation, Rockefeller Brothers Fund, Smith College, Trinity College, and The University of Tulsa. Middlebury College and several other members of this group have played a leadership role in establishing a sustainable investing alternative to the options offered by the investment managers.
The website URL where information about the institution's sustainable investment efforts is available:
The College will be increasing its existing $25 million investment in the sustainability portion of Investure’s Global Equity Fund by an additional $25 million later this year (2014). Investure does not make the specific companies it invests in public.
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.