University of New Hampshire
PA-9: Committee on Investor Responsibility

Charter: UNH Foundation Committee on Investor Responsibility

Sustainability, defined as dignity for all people and ecological integrity in all places, and embodied by the United Nations 17 Sustainable Development Goals (SDGs), is a core value at the University of New Hampshire and it underpins our academics, research and practice. As part of UNH’s ongoing institution-wide commitment to sustainability, the UNH Committee on Investor Responsibility (CIR) was created in 2017 to help support the Foundation in sustainable investment practices and policies. 

Operating Principles 

• The UNH Endowment Fund is capital of the University of New Hampshire Foundation (Foundation) gifted by donors, invested and managed for the benefit of the University of New Hampshire, and providing funding to support the academic, research, and public service missions of the University.
• The primary investment objective of the Endowment is to achieve the highest long-term return on investment assets that is compatible with the University’s risk tolerance and time horizons and consistent with prudent investment practices.
• “Sustainable investment” practices are consistent with that objective in that they entail consideration of short- and long-term risks of environmental, social and/or corporate harm, which can present financial risk for investments.
• By acting in an advisory role to the Investment Committee (IC), the CIR can increase IC’s capacity for making prudent decisions regarding the management of the Endowment. As the role of the CIR is informational, all decision-making authority rests with IC and Foundation Board of Directors. 

Roles and Responsibilities of the Committee

• Maintain awareness of sustainable investment trends and practices in the investment industry at large, and in particular among Universities and Colleges as it relates to endowment investment practices.
• Consider how these trends and practices in sustainable investing might have relevance to UNH’s endowment practices and policies.
• Research opportunities relevant to the sustainable investment of the Foundation’s endowment monies—including opportunities that may arise for increased shareholder engagement or proxy voting, as well as specific investment strategies or opportunities.
• Consider proposals from the UNH community (e.g., students, staff, faculty, alumni, etc.) relevant to sustainable investment of Endowment monies.
• Make recommendations (at least annually) to I&F on possible courses of action.
• Help educate and inform the broader UNH community about sustainable investment best practices in general and about the Foundation’s sustainable investment practices in particular.

Committee Composition

• 10-14 members will comprise the CIR, including representatives of alumni, faculty, students, staff, the I&F, and the Sustainability Institute, and those with experience in the investment industry. The committee aims for two or three representatives from each constituent group. 
• The ideal member will have a demonstrated interest in the area of sustainability and/or sustainable investing, and a dedication to advancing the missions of the Foundation and UNH. 
• In keeping with UNH’s commitment to diversity, equity and inclusion, the CIR seeks to ensure diversity on the committee. 
• The term for CIR members begins upon appointment and consists of a 3-year commitment. Membership may be renewed for one additional term. Students graduating prior to the end of their term may continue on the committee as an alumni representative, if desired, and as space is available. 
• After a hiatus of one year or more, a former member becomes eligible to rejoin the CIR. 
• The Treasurer of the Foundation serves as an ex officio member as staff liaison to the I&F and as CIR co-chair. The Treasurer is not subject to the term limit.
• The Director of the UNH Sustainability Institute, or designee, serves as CIR co-chair, and is not subject to the term limit. 
• New members are recommended by the current CIR to the President of the UNH Foundation and the Chair of the Investment Committee.

Operational Processes

• The Committee will strive to meet 3 to 4 times per year, as called by the co-chairs, and in response to strategic goals and priorities. 
• The Committee’s priority goals/issues will be revisited and updated annually, at a minimum. 
• UNH community members may submit concerns/suggestions to the CIR regarding sustainability issues in relation to the University's investments. 
• The UNH CIR will consider and vote on what recommendations (if any) to make to I&F regarding proposals brought to them or generated by the committee. 
• All members have equal voting rights. 

Membership as of June 30, 2024

• Julie Gorte – Senior Vice President of Sustainable Investing, Impax Asset Management (Chair, Industry Professional, Parent of UNH Alumnus)
• Paul Anderson '90 – Director, Institutional Sales, Cboe Global Markets (Alumnus, Industry Professional)
  
• Molly Betournay '05,'09G – Director of ESG Research, Invesco Ltd. (Alumna, Industry Professional)
  
• Erik Gross G’97 – Treasurer, UNH Foundation (Staff)
  
• Greg Jansen ’81 – Chair, UNH Foundation Investment Committee (Alumnus, Industry Professional, UNH Foundation)
• Samantha McCafferty ’04 – Assoc. Director, Sustainable Investing, Harvard Management Company (Alumna, Industry Professional)
  
• Brett Schulz ’26 – Finance and Entrepreneurship Studies with Sustainability Dual Major (Current Student)
• Fiona Wilson – Director, UNH Sustainability Institute / UNH Chief Sustainability Officer (Staff)
• Sarah Wilkinson ’22 – Relationship Analyst, Americas Institutional Group, Wellington Management  (Alumna)
• Wil Wolheim – Co-Director, UNH Water Systems Analysis Group (Faculty)

The CIR has made significant progress since its establishment in 2017. Specifically, in the last three years examples of notable actions and tangible outcomes include the following:

2021:

• CIR sponsored a current UNH student to undertake a 400 hour internship (for credit) through UNH's Semester in the City program (a partnership with the College for Social Innovation.) The student worked alongside UNH Foundation Treasurer and UNH's investment consultant, Prime Buchholz, to develop a rigorous survey instrument and survey managers within the UNH endowment on their ESG practices. The data was then analyzed and allowed the creation of UNH's proprietary methodology for determining ESG-qualified investments in the UNHF portfolio.

2022:

• Following the recombining of the Main and ESG pools into one pool governed by a single investment policy statement (IPS), the CIR began working with the investment committee to codify more durable sustainable investing language for the IPS, which now applies to 100% of funds in the portfolio.  
• In the Fall of 2022, at the endorsement of the CIR, an undergraduate student undertook a semester for-credit project to assess the viability of the UNH Foundation pursuing a Net Zero portfolio.  The student conducted research, working with our investment consultant and the Foundation treasurer, and presented her findings and recommendation to the CIR and to the UNH Foundation Investment Committee. The project achieved a key CIR goal of increasing the knowledge level of the CIR itself, the investment committee, the Foundation Board and staff. While not approved for implementation at that time due to various resource, data and investing concerns, the gorundwork was developed for a future reconsideration of a net zero investing proposal.
• The CIR heard a presentation from Walden Mutual Bank about its impact-focused online savings accounts and lending initiative to sustainable food and farm business in the Northeast, as well as from the New Hampshire Charitable Foundation about their impact-focused investing fund. 

2023:

• The CIR Charter document was substantially updated, including clarifying language for membership terms. 
• New and improved Investment Policy Statement language was approved by the Foundation's Board of Directors.
• Following the departure of several CIR members due to graduation, changing professional commitments and new appointments, new members were solicited and added to insure the continued representation of UNH stakeholders. 

2024:

• In 2024, the CIR endorsed the Foundation’s participation in the Intentional Endowments Network’s Endowment Impact Benchmark (EIB) pilot project – phase 2.  Beginning in October 2024, the Foundation will work with its consultant Prime Buchholz to complete the EIB survey, receive a third-party assessment of UNHF’s sustainable and impact investing efforts, and assist IEN in further refining the EIB tool and process.  The survey results will provide the IC, CIR and Prime Buchholz with important benchmark analysis of their efforts and contribute to the continued collaboration between the two committees and with the consultant to think more critically about and further develop the Foundation’s sustainable investing initiatives.
• The committee continues to evaluate opportunities for building sustainable investing knowledge and considering new opportunities in an ever-evolving ESG investing landscape.

Across all years, as the Foundation portfolio and discussions about sustainable investing continue to evolve, the investment consultant periodically reviews ESG- and DEI-related portfolio and fund manager statistics.

See also https://www.unh.edu/give/sites/default/files/media/2023-08/sustainable-investment-at-unh-8.15.23_0.pdf

and Net Zero Investing Report.pdf

and https://www.unh.edu/sustainability/sustainability-institute/task-forces