| Overall Rating | Silver - expired |
|---|---|
| Overall Score | 57.98 |
| Liaison | Jonna Korpi |
| Submission Date | June 2, 2016 |
| Executive Letter | Download |
University of Minnesota, Duluth
PA-14: Sustainable Investment
| Status | Score | Responsible Party |
|---|---|---|
|
0.92 / 4.00 |
Mindy
Granley Sustainability Director UMD Office of Sustainability |
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indicates that no data was submitted for this field
None
Total value of the investment pool:
977,604,000
US/Canadian $
None
Value of holdings in each of the following categories::
| Value of Holdings | |
| Sustainable industries (e.g. renewable energy or sustainable forestry) | 37,158,196 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 loan funds that are funded from the endowment | 0 US/Canadian $ |
None
A brief description of the companies, funds, and/or institutions referenced above:
As of Sept 30, 2012 the University of Minnesota Endowment balance was $978 million. There were $37 million (3.8%) invested in sustainable forests. We were not able to select out or track any of the other categories.
The University of Minnesota Foundation is managed by a third party entity. The investment pool is $1,309,000,000 as of 6/30/2011. Values for investments are not available and so this total is not included in the data presented. Investments are made in the areas of Natural Resources – Sustainable forestry and Private Equity – Focus on reducing greenhouse gas emissions in developing countries.
The Minnesota Medical Foundation (MMF) is managed by a third party entity. The endowment balance was $236,381,000 as of June 30, 2011.
As of June 30, 2011 the Minnesota Medical Foundation has no direct investments in renewable energy of sustainable forestry. MMF is unable to select out or track any of the other categories in the investment funds at Commonfund.
MMF had $586,000 investment in Commonfund’s Natural Resources Partners VIII, LP which has a less than 5% allocation to Clean Energy. Founded in 1971 to serve the investment needs of college endowments, Commonfund manages funds for a majority of the largest 100 educational endowments in the U.S. as well as top foundations and healthcare organizations. The Natural Resources Partners VIII, LP referenced above is a fund of funds non-marketable investment.
While there is no formal policy regarding considering environmental/ sustainability factors, there are general practices with founded in the Board of Regents Energy Efficiency and Sustainability policy and Social Concerns Committee.
The Uof M Foundation receives donations designated for programs/initiatives with environmental and sustainability factors. For example, student scholarships and the Ann Salovich bequest.http://zeropluscampus.umn.edu/salovich/
None
Does the institution have a publicly available sustainable investment policy?:
No
None
A copy of the sustainable investment policy:
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None
The sustainable investment policy:
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None
Does the institution use its sustainable investment policy to select and guide investment managers?:
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None
A brief description of how the policy is applied, including recent examples:
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None
Does the institution's sustainable investment policy include negative screens?:
Yes
None
A brief description of the negative screens and how they have been implemented:
Within the last 3 years the University Office of Investments and Banking conducted a quantitative negative screen on all direct holdings. The screen was was based on the Interfaith Center on Corporate Responsibility's social responsibility ratings. The screen did not identify any direct holdings that required action.
In the past, the University has taken actions to remove itself from investments based on social responsibility considerations. For example, the University removed itself from investments in Sudan in 2008. The concern over these investments was brought to the Social Concerns Committee. The committee recommended and resolved that the U of M remove any investments involved in this conflict. Investments were then taken out of the region and have not been added since. Each year, the committee reviews any issues of a similar nature.
None
Approximate percentage of the endowment that the negative screens apply to:
100
None
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?:
No
None
A copy of the proxy voting guidelines or proxy record:
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None
A brief description of how managers are adhering to proxy voting guidelines:
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None
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?:
Yes
None
Examples of how the institution has engaged with corporations in its portfolio about sustainability issues during the previous three years:
The University removed itself from investments in Sudan in 2008. The concern over these investments was brought to the Social Concerns Committee. The committee recommended and resolved that the U of M remove any investments involved in this conflict. Investments were then taken out of the region and have not been added since. Each year, the committee reviews any issues of a similar nature.
None
Does the institution engage in policy advocacy by participating in investor networks and/or engaging in inter-organizational collaborations to share best practices?:
No
None
A brief description of the investor networks and/or collaborations:
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None
The website URL where information about the institution's sustainable investment efforts is available:
Data source(s) and notes about the submission:
Because investment happens at a U of MN system, the data entered by UMN-Twin Cities is consistent for UMD.
See:
https://stars.aashe.org/institutions/university-of-minnesota-mn/report/2012-10-25/PAE/investment/PAE-17/
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.