| Overall Rating | Gold |
|---|---|
| Overall Score | 65.09 |
| Liaison | Shane Stennes |
| Submission Date | Jan. 11, 2023 |
University of Minnesota, Twin Cities
PA-10: Sustainable Investment
| Status | Score | Responsible Party |
|---|---|---|
|
2.35 / 5.00 |
Shane
Stennes Director of Sustainability University Services |
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) | 0 US/Canadian $ |
| Community development financial institutions (CDFIs) or the equivalent | 0 US/Canadian $ |
| Socially responsible mutual funds with positive screens (or the equivalent) | 188,000,000 US/Canadian $ |
| Green revolving funds funded from the endowment | 0 US/Canadian $ |
A brief description of the companies, funds, and/or institutions referenced above:
The University is invested in BlackRock Low Carbon ETF and multiple BlackRock ESG Aware ETFs
Percentage of the institution's investment pool in positive sustainability investments:
Does the institution have a publicly available sustainable investment policy?:
A copy of the sustainable investment policy:
The sustainable investment policy:
The Board of Regents instituted a policy that requires the Endowment Fund to report annually on the evaluation of investments related to sustainability and renewable energy. Additionally, the University shall consider environmental, social, and governance responsibilities in its investment decisions.
Does the institution use its sustainable investment policy to select and guide investment managers?:
A brief description of how the sustainable investment policy is applied:
It led to the investment in the Blackrock Low Carbon Index mutual fund and several searches for similar investment managers.
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:
The Endowment Fund does not directly hold equity securities; all proxy voting is conducted by the fund manager responsible for making the investment.
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:
Does the institution participate in a public divestment effort and/or have a publicly available investment policy with negative screens?:
A brief description of the divestment effort or negative screens and how they have been implemented:
The University’s Endowment has adopted a phased reduction plan regarding its overall exposure to fossil fuels. The University has made the commitment to make no direct investments in the Carbon Underground 200 companies who are the primary owners of a majority of the world's coal as well as oil and gas reserves. We have also made a commitment to make no new investments in funds whose primary business is the exploration and production of fossil fuels. Investments are screened for compliance with these criteria.
Media coverage of this effort is available at https://mndaily.com/269174/news/university-announces-plans-to-divest-from-fossil-fuels/ and https://www.startribune.com/under-student-pressure-university-of-minnesota-to-phase-out-fossil-fuel-investments/600100509/
Approximate percentage of endowment that the divestment effort and/or negative screens apply to:
Does the institution engage in policy advocacy by participating in investor networks and/or engage in inter-organizational collaborations to share best practices?:
A brief description of the investor networks and/or collaborations:
The University is a signatory to and participant in the Principles for Responsible Investment (https://twin-cities.umn.edu/news-events/U-joins-principles-responsible-investment). The Office of Investment Banking also participates in other investor networks to discuss and share best practices related to the investment policies of similarly sized institutions.
Website URL where information about the institution’s sustainable investment efforts is available:
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.