Overall Rating | Gold |
---|---|
Overall Score | 83.12 |
Liaison | Richard Manton |
Submission Date | Sept. 12, 2024 |
Ollscoil na Gaillimhe - University of Galway
PA-10: Sustainable Investment
Status | Score | Responsible Party |
---|---|---|
3.00 / 3.00 |
Richard
Manton Director of Sustainability Sustainability Office |
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) | 48,022,705 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:
University of Galway’s portfolios are managed by Barclays in line with University Poli QA 327 (https://www.universityofgalway.ie/media/pensionsandinvestments/QA327-Investment-Strategy_01-May-2024.pdf). Total investment is €66,570,749.
The investment aims to maximise risk-adjusted return through a portfolio of sustainable assets that are positively contributing towards environmental and social considerations. The portfolio applies a three-stage sustainability assessment process: a negative exclusionary screen uses MSCI ESG Business Involvement Screening to avoid direct exposure to the alcohol, armaments, adult entertainment, gambling, fossil fuel, and tobacco industries, as well as entities that fail to meet the UN Global Compact Principles. An ESG analysis step looks to identify entities with high ESG quality using quantitative and qualitative assessment. Finally, an SDG contribution step looks to identify entities with economic activities that directly contribute to the UN’s Sustainable Development Goals. A smaller portfolio holds Fixed Income assets only and is subject to a negative screen on investments . MSCI ESG Business Involvement Screening, or that of an equivalent provider, is used to avoid direct exposure to the following controversial business activities: Alcohol, gambling, tobacco, armaments, adult entertainment and fossil fuels.
Percentage of the institution's investment pool in positive sustainability investments:
Part 2. Investor engagement
Sustainable investment policy
As stated in the policy, the University appoints Investment Manager(s) for the day-to-day management of investible funds. Section 2.7 ‘Ethical investment considerations’ states: “The University will only appoint managers who are signatories to the United Nations Principles of Responsible Investment (UN PRI).”
A brief description of how the sustainable investment policy is applied:
The first box above demonstrates how this is translated into practice by the Investment Managers, i.e.
The portfolio applies a three-stage sustainability assessment process: a negative exclusionary screen uses MSCI ESG Business Involvement Screening to avoid direct exposure to the alcohol, armaments, adult entertainment, gambling, fossil fuel, and tobacco industries, as well as entities that fail to meet the UN Global Compact Principles. An ESG analysis step looks to identify entities with high ESG quality using quantitative and qualitative assessment. Finally, an SDG contribution step looks to identify entities with economic activities that directly contribute to the UN’s Sustainable Development Goals.
Proxy voting
The proxy voting guidelines/record are not available. However, the Investment Managers (Barclays) have confirmed that they engage and vote across the portfolios.
Shareholder resolutions
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
A brief description of the divestment effort or negative screens and how they have been implemented:
University of Galway has already divested from fossil fuels. This follows a public commitment by the university to divest in December 2016: https://www.irishtimes.com/news/ireland/irish-news/nuig-president-backs-divestment-of-university-s-3-4m-fossil-fuel-shares-1.2897085
Furthermore, our investment portfolio applies a three-stage sustainability assessment process: a negative exclusionary screen uses MSCI ESG Business Involvement Screening to avoid direct exposure to the alcohol, armaments, adult entertainment, gambling, fossil fuel, and tobacco industries, as well as entities that fail to meet the UN Global Compact Principles. An ESG analysis step looks to identify entities with high ESG quality using quantitative and qualitative assessment. Finally, an SDG contribution step looks to identify entities with economic activities that directly contribute to the UN’s Sustainable Development Goals.
Approximate percentage of endowment that the divestment effort and/or negative screens apply to:
Investor networks
The Investment Managers (Barclays) engage in policy advocacy across a number of investor networks, and engages in inter-organisational collaborations to share best practice. They have provided the following statement:
At Barclays, we recognise that our role as a responsible investor is to aim to positively influence companies’ long term management of material ESG risks to protect shareholder value. Stewardship can be an effective mechanism to reduce risks, potentially enable us to deliver competitive investment returns for our clients and to create long-term value for stakeholders. Our partnership with a leading stewardship provider EOS at Federated Hermes Limited (EOS) supports us in our stewardship activities. EOS is a leading stewardship service provider that helps long-term institutional investors around the world to meet their fiduciary responsibilities and become active owners of public companies.
We firmly believe in the concept of stewardship and through our partnership with EOS we can have more influence to engage with investee companies on long term risks and opportunities.
On behalf of its clients, including Barclays, EOS regularly engages with a wide range of stakeholders, including government authorities, trade bodies, unions, investors and NGOs, to best identify and respond to market-wide and systemic risks. From time to time, EOS will also collaborate with other investors in pursuit of improved outcomes. EOS is an active participant in collaborative industry bodies and initiatives around the world, such as the Investor Alliance for Human Rights, International Corporate Governance Network (ICGN), Climate Action 100+, CDP, Transition Pathway Initiative (TPI), Institutional Investors Group on Climate Change (IIGCC), to name a few. Engagements through such collaborations are mechanisms that can increase influence to effect positive change.
Industry and regional initiatives which EOS is involved with:
30% Club
Advance (PRI collaborative social issues and human rights stewardship initiative)
Asia Investor Group on Climate Change
Asian Corporate Governance Association
Associação de Investidores no Mercado de Capitais
Best Practice Principles Group for shareholder voting research (BPPG)
Biopharma Sustainability Roundtable
Business Coalition for a Global Plastics Treaty – supporter group
Canadian Coalition of Good Governance
CDP
CECP: The CEO Force for Good
Ceres
Climate Action 100+
Council of Institutional Investors
Dansif
Enacting Purpose Initiative
Eumedion
Eurosif
FAIRR (Farm Animal Investment Risk & Return)
Finance for Biodiversity
Financial Reporting Council – Stakeholder Insight Group
Financial Sector Deforestation Action (FSDA) initiative
FIR (French Social Investment Forum)
Global Canopy ForestIQ Project
Global Institutional Governance Network
Global Investor Commission on Mining – Supporting Investor Group
Global Network Initiative
HMT Asset Management Taskforce
Human Capital Management Coalition
Institute of Business Ethics
Institutional Investors Group on Climate Change (IIGCC)
International Corporate Governance Network
Investment Association
Investor Action on Antimicrobial Resistance (AMR)
Investor Alliance for Human Rights
Investor Initiative on Hazardous Chemicals (IIHC) Steering Group
Investor Forum
Investors and Indigenous Peoples Working Group
Investors for Opioid and Pharmaceutical Accountability
ISSB Investor Advisory Group (formerly Value Reporting Foundation/SASB)
Japan Climate Initiative
Japan Corporate Governance Network
JapanSIF
Land, Nature and Adapted Systems Advisory Group
Nature Action 100
Pensions and Lifetime Savings Association
PRI
Responsible AI Stewardship for Investors
ShareAction Investor Decarbonisation Initiative
Spring (PRI Collaborative Stewardship Initiative on Nature)
Social Purpose Ecosystem Research Investor Purpose Action Group
Supporter Network of SPOTT
The Investors Policy Dialogue on Deforestation
Thirty Percent Coalition
Transition Pathway Initiative (TPI)
UK Sustainable Investment and Finance Association (UKSIF)
UK-China Green Finance Task Force
UN Global Compact
Workforce Disclosure Initiative
TNFD Forum
World Benchmarking Alliance Investor Alliance
Investors in Nutrition and Health (Access to Nutrition Index)
Healthy Markets Initiative (ShareAction)
ShareAction Long-term Investors in People's Health Initiative
ShareAction Good Work Coalition
On climate specifically, we are monitoring closer the EOS collaborative engagement work for IIGCC, CA 100+ and Transition Pathway Initiative (TPI).
Optional Fields
Additional documentation to support the submission:
Data source(s) and notes about the submission:
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.