Overall Rating Gold - expired
Overall Score 66.40
Liaison Austin Sutherland
Submission Date Feb. 21, 2018
Executive Letter Download

STARS v2.1

University of Pennsylvania
PA-9: Sustainable Investment

Status Score Responsible Party
Complete 0.67 / 4.00
"---" indicates that no data was submitted for this field

Option 1: Positive Sustainability Investment 

Does the institution wish to pursue Option 1 (positive sustainability investment)?:
No

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) ---
Businesses selected for exemplary sustainability performance (e.g. using criteria specified in a sustainable investment policy) ---
Sustainability investment funds (e.g. a renewable energy or impact investment fund) ---
Community development financial institutions (CDFIs) or the equivalent ---
Socially responsible mutual funds with positive screens (or the equivalent) ---
Green revolving loan funds that are funded from the endowment ---

If any of the above is greater than zero, provide:

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

Percentage of the institution's investment pool in positive sustainability investments:
0

Option 2: Investor Engagement 

Does the institution wish to pursue Option 2 (investor engagement)?:
Yes

Sustainable Investment Policy 

Does the institution have a publicly available sustainable investment policy?:
No

None
A copy of the sustainable investment policy:
---

None
The sustainable investment policy:
---

None
Does the institution use its sustainable investment policy to select and guide investment managers?:
Yes

None
A brief description of how the policy is applied, including recent examples:
The Office of Investments provided managers of University investment funds with a private letter in early 2017 outlining Penn's position on climate change and investments in fossil fuel related businesses.

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?:
No

None
A copy of the proxy voting guidelines or proxy record:
Trustee Resolution on Proxy Voting.pdf

None
A brief description of how managers are adhering to proxy voting guidelines:
---

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?:
Yes

None
Examples of how the institution has engaged with corporations in its portfolio about sustainability issues during the previous three years:
The University of Pennsylvania’s Board of Trustees has endorsed a number of specific measures designed to directly increase Penn’s impact on fighting climate change. The Board of Trustees charged the Office of Investments with considering the impacts of climate change, including the consequences of potential regulatory responses, in its assessment of investments. In 2017, the Penn Office of Investments sent letters to the CEOs of every publicly traded fossil fuel-related investment held in the University’s name. In the letter the University detailed its commitment to accelerating the global transition to low-carbon energy, explained measures the University is taking directly to combat climate change, and described changes to the University’s proxy voting guidelines. Finally, the letter explained that Penn expects its investment managers to ensure that their portfolio companies meet the highest standards of environmental responsibility and carbon risk mitigation.

Negative Screens / Divestment Efforts 

Does the institution have a publicly available investment policy with negative screens?:
No

None
A brief description of the negative screens and how they have been implemented:
---

None
Approximate percentage of the endowment that the negative screens apply to:
---

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?:
No

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

Optional Fields 

The website URL where information about the programs or initiatives is available:
https://secure.www.upenn.edu/secretary/divestment.html

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.