| Overall Rating | Platinum |
|---|---|
| Overall Score | 86.17 |
| Liaison | James Gordon |
| Submission Date | May 31, 2022 |
Thompson Rivers University
PA-10: Sustainable Investment
| Status | Score | Responsible Party |
|---|---|---|
|
1.07 / 3.00 |
James
Gordon Zero Waste and Environmental Programs Coordinator TRU Sustainability Office |
"---"
indicates that no data was submitted for this field
Part 1. Positive sustainability investment
78,330,410.45
US/Canadian $
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) | 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 | 1,100,000 US/Canadian $ |
If any of the above is greater than zero, provide:
The green revolving fund is used on a case by case basis to improve the campus' sustainability performance through, primarily, various energy efficiency related projects.
Percentage of the institution's investment pool in positive sustainability investments:
1.40
Part 2. Investor engagement
Sustainable investment policy
Yes
None
A copy of the sustainable investment policy:
None
The sustainable investment policy:
The direct link to the TRU Investment Objectives policy (BRD 22-0) is here:
https://www.tru.ca/__shared/assets/BRD_22-055027.pdf
The following link will take anyone in the public to all TRU policies; the Investment Objectives policy is listed alphabetically: https://www.tru.ca/policy/allpolicy.html
The thread is TRU Home > Official Policies and Procedures > Index of All Policies)
TRU has adopted a responsible investment approach that is aligned with the industry best practices framework established by the United Nations "Principles for Responsible Investment (UN PRI)". The application of the UN PRI to Fund management is determined by the Committee.
This policy applies to all University-administered accounts, including operating funds, professional development funds, ancillary services, grants, research grants, contracts, endowments and other restricted accounts.
From the policy (page 2):
The University believes socially responsible investing (SRI) using environmental, social and governance (ESG) factors, can have a positive effect on long term financial performance and investment returns. To facilitate this, the University will engage with asset managers which are, or intend to become, signatories of the United Nations Principles for Responsible Investment (UNPRI).
We will expect these managers to:
1. Promote acceptance and implementation of the Principles within the investment industry
2. Work together to enhance our effectiveness in implementing the Principles
3. Provide regular disclosure regarding the processes by which ESG factors are
incorporated into their investment decision making process.
Climate Change is a key risk to both the investment returns and the future of the University. We will expect our managers to work with the companies they invest in to reduce greenhouse gas emissions and other factors which may contribute to climate change through:
1. Assessment of companies owned for full disclosure of climate change impacts and issue annual assessment reports.
2. Engagement with corporate managers towards positive change.
3. The selection of assets to improve the climate change profile, as well as investigating alternative energy options where appropriate.
When funds are donated, or are provided to the University with guidelines or restrictions articulated by an external donor, the University will insure that these guidelines and requirements are adhered to. A key component of funds Endowed to the University will be capital preservation while meeting the Donor’s distribution requirements.
The objectives have competing demand for current cash flow and capital preservation. In order to achieve them, the University has adopted an asset mix policy and guidelines which are expected to supply sufficient cash flow while maintaining the Fund’s contributed capital and earnings stream.
https://www.tru.ca/__shared/assets/BRD_22-055027.pdf
The following link will take anyone in the public to all TRU policies; the Investment Objectives policy is listed alphabetically: https://www.tru.ca/policy/allpolicy.html
The thread is TRU Home > Official Policies and Procedures > Index of All Policies)
TRU has adopted a responsible investment approach that is aligned with the industry best practices framework established by the United Nations "Principles for Responsible Investment (UN PRI)". The application of the UN PRI to Fund management is determined by the Committee.
This policy applies to all University-administered accounts, including operating funds, professional development funds, ancillary services, grants, research grants, contracts, endowments and other restricted accounts.
From the policy (page 2):
The University believes socially responsible investing (SRI) using environmental, social and governance (ESG) factors, can have a positive effect on long term financial performance and investment returns. To facilitate this, the University will engage with asset managers which are, or intend to become, signatories of the United Nations Principles for Responsible Investment (UNPRI).
We will expect these managers to:
1. Promote acceptance and implementation of the Principles within the investment industry
2. Work together to enhance our effectiveness in implementing the Principles
3. Provide regular disclosure regarding the processes by which ESG factors are
incorporated into their investment decision making process.
Climate Change is a key risk to both the investment returns and the future of the University. We will expect our managers to work with the companies they invest in to reduce greenhouse gas emissions and other factors which may contribute to climate change through:
1. Assessment of companies owned for full disclosure of climate change impacts and issue annual assessment reports.
2. Engagement with corporate managers towards positive change.
3. The selection of assets to improve the climate change profile, as well as investigating alternative energy options where appropriate.
When funds are donated, or are provided to the University with guidelines or restrictions articulated by an external donor, the University will insure that these guidelines and requirements are adhered to. A key component of funds Endowed to the University will be capital preservation while meeting the Donor’s distribution requirements.
The objectives have competing demand for current cash flow and capital preservation. In order to achieve them, the University has adopted an asset mix policy and guidelines which are expected to supply sufficient cash flow while maintaining the Fund’s contributed capital and earnings stream.
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 policy allows the committee to mandate fund managers to adhere to the principles outlined in the UN Principles for Responsible Investment. TRU’s outside investment managers are all members of UNPRI and conform to its standards and reporting.
Proxy voting
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:
---
Shareholder resolutions
Yes
Examples of how the institution has engaged with corporations in its portfolio about sustainability issues during the previous three years:
As an example, Capital Group (CG) - which is a fund manager that runs one of the pools (Capital Group Global Equity) for the TRU Long-Term account - voted at more than 2,100 annual and special general meetings (AGMs and SGMs) on behalf of clients, and voted against approximately 8% of proposals put forward at AGMs and SGMs. CG participated in and voted for a resolution with Chevron on its energy transition strategy. CG engaged with approximately 50 companies which did not have any board gender diversity.
Here is another ESG-focused shareholder proposal vote from Capital Group. CG voted in favor of a shareholder proposal for the company (ConocoPhillips) to address the risks and opportunities presented by the global transition towards a lower emissions energy system by setting emission reduction targets covering the greenhouse gas (GHG) emissions of the company’s operations as well as their energy products (Scope 1, 2, and 3). This was against the company’s recommendation.
The ESG policy statement for Capital Group (environmental, social and governance) is here: https://www.capitalgroup.com/content/dam/cgc/tenants/canada/pdf/en/public/ESG_policy_statement.pdf
Here are two other examples from two other funds that are owned by TRU: the CI Canadian Equity Fund (CI Financial is an asset manager), and the Fidelity Concentrated Value fund.
CI voted for two shareholder proposals in “CGI Inc” which were against the recommendation of management. Proposal number one was to have the company “increase formal employee representation in highly strategic decision-making”. The other proposal was to adopt French as the official language, since CGI is headquartered in Montreal, Quebec.
For Fidelity, they voted in support of a shareholder proposal to “oversee the preparation of an annual public report describing and quantifying the effectiveness and outcomes of company efforts to prevent abuse, harassment and discrimination against protected classes of employees”.
Here is another ESG-focused shareholder proposal vote from Capital Group. CG voted in favor of a shareholder proposal for the company (ConocoPhillips) to address the risks and opportunities presented by the global transition towards a lower emissions energy system by setting emission reduction targets covering the greenhouse gas (GHG) emissions of the company’s operations as well as their energy products (Scope 1, 2, and 3). This was against the company’s recommendation.
The ESG policy statement for Capital Group (environmental, social and governance) is here: https://www.capitalgroup.com/content/dam/cgc/tenants/canada/pdf/en/public/ESG_policy_statement.pdf
Here are two other examples from two other funds that are owned by TRU: the CI Canadian Equity Fund (CI Financial is an asset manager), and the Fidelity Concentrated Value fund.
CI voted for two shareholder proposals in “CGI Inc” which were against the recommendation of management. Proposal number one was to have the company “increase formal employee representation in highly strategic decision-making”. The other proposal was to adopt French as the official language, since CGI is headquartered in Montreal, Quebec.
For Fidelity, they voted in support of a shareholder proposal to “oversee the preparation of an annual public report describing and quantifying the effectiveness and outcomes of company efforts to prevent abuse, harassment and discrimination against protected classes of employees”.
Divestment efforts and negative screens
No
A brief description of the divestment effort or negative screens and how they have been implemented:
---
Approximate percentage of endowment that the divestment effort and/or negative screens apply to:
---
Investor networks
Yes
None
A brief description of the investor networks and/or collaborations:
TRU is a member of the Canadian Association of Business Officers (https://www.caubo.ca/), an organization that provides a national perspective on matters related to higher education administration. It strengthens the capacity of leaders in the sector by connecting them with peers and information, enabling them to pursue opportunities and create solutions for shared issues. CAUBO has been instrumental in collecting data and sharing resources and best practices regarding responsible investment strategies for post-secondary institutions in Canada. In 2018 CAUBO conducted their first Responsible Investing Survey and then followed it up again in 2020. TRU actively participated in both surveys and has used the results to shape their investment activities.
TRU is also a member of the Research Universities Council of British Columbia (RUCBC) where the subject of divestment has been discussed on numerous occasions over the past number of years. This forum has allowed Vice-Presidents of Finance and Administration to share best practices and strategies around managing the issue of divestment. TRU members have benefited from this forum.
TRU is also a member of the Research Universities Council of British Columbia (RUCBC) where the subject of divestment has been discussed on numerous occasions over the past number of years. This forum has allowed Vice-Presidents of Finance and Administration to share best practices and strategies around managing the issue of divestment. TRU members have benefited from this forum.
Optional Fields
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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.