Overall Rating Gold
Overall Score 83.12
Liaison Richard Manton
Submission Date Sept. 12, 2024

STARS v2.2

Ollscoil na Gaillimhe - University of Galway
PA-10: Sustainable Investment

Status Score Responsible Party
Complete 3.00 / 3.00 Richard Manton
Director of Sustainability
Sustainability Office
"---" indicates that no data was submitted for this field

Part 1. Positive sustainability investment

Total value of the investment pool:
74,423,102 US/Canadian $

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:

A brief description of the companies, funds, and/or institutions referenced above:

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:
64.53

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:
None
The 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).”

 


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 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 

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?:
Yes

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 proxy voting guidelines/record are not available. However, the Investment Managers (Barclays) have confirmed that they engage and vote across the portfolios.


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:
---

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:

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:
100

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?:
Yes

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

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 

Website URL where information about the institution’s sustainable investment efforts is available:
Additional documentation to support the submission:
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Data source(s) and notes about the submission:
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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.