| Overall Rating | Gold |
|---|---|
| Overall Score | 73.80 |
| Liaison | Corey Peterson |
| Submission Date | June 2, 2022 |
University of Tasmania
PA-9: Committee on Investor Responsibility
| Status | Score | Responsible Party |
|---|---|---|
|
1.50 / 2.00 |
Sustainability
Team UTAS Infrastructure Services and Development |
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indicates that no data was submitted for this field
Does the institution have a formally established and active committee on investor responsibility (CIR) or equivalent body?:
Yes
The charter or mission statement of the CIR or other body which reflects social and environmental concerns or a brief description of how the CIR is tasked to address social and environmental concerns:
The University's Investment Advisory Panel provides oversight and stewardship of the investment portfolio and regular advice on investment strategy and policy, including sustainable investment strategies. Social and environmental responsibility is key to our investment decisions, as evidenced by the University's Risk Appetite Statement and therefore is a standard part of all meeting agendas and decisions. Investment decisions by the Panel are governed by the Treasury and Investment Policy to achieve a zero-carbon future.
The Responsible Investment Risk Appetite Statement, which guides investment decisions, states:
No Appetite: Do not do
• No appetite to invest in products with direct investment in fossil fuel (coal, oil and gas) extraction, production and thermal coal power generation.
• Investments will be managed to avoid anything more than negligible exposure. As the market transitions, investments in products with carbon solutions will be considered where there is a negligible exposure.
Low Appetite: Fix
• Low appetite to invest in products that would otherwise be categorised as high or moderate appetite except for their limited exposure to companies that derive revenues from the servicing of fossil fuel (coal, oil and gas) industries and infrastructure used to produce, transport and store fossil fuels (e.g. natural gas pipelines).
• This risk appetite is required to meet the investment portfolio’s strategic asset allocation, specifically infrastructure while the investment market matures.
Moderate Appetite: Enhance
• We will continue to hold products with direct investment in carbon neutral industries that provide appropriate risk adjusted returns, or in companies that derive revenues from the transmission and distribution of power generated from oil and gas.
• Managers, Funds and activities that actively consider and adopt the United Nations Sustainable Development Goals when investing into these areas will be preferred.
High Appetite: Pursue
• High appetite for products that accelerate the transition to a zero carbon future. Investment decisions will consider:
o Climate mitigation and adaption
o The United Nations Sustainable Development Goals
o Alignment to net zero carbon emissions by 2050 (as set out in the Paris Agreement)
The Responsible Investment Risk Appetite Statement, which guides investment decisions, states:
No Appetite: Do not do
• No appetite to invest in products with direct investment in fossil fuel (coal, oil and gas) extraction, production and thermal coal power generation.
• Investments will be managed to avoid anything more than negligible exposure. As the market transitions, investments in products with carbon solutions will be considered where there is a negligible exposure.
Low Appetite: Fix
• Low appetite to invest in products that would otherwise be categorised as high or moderate appetite except for their limited exposure to companies that derive revenues from the servicing of fossil fuel (coal, oil and gas) industries and infrastructure used to produce, transport and store fossil fuels (e.g. natural gas pipelines).
• This risk appetite is required to meet the investment portfolio’s strategic asset allocation, specifically infrastructure while the investment market matures.
Moderate Appetite: Enhance
• We will continue to hold products with direct investment in carbon neutral industries that provide appropriate risk adjusted returns, or in companies that derive revenues from the transmission and distribution of power generated from oil and gas.
• Managers, Funds and activities that actively consider and adopt the United Nations Sustainable Development Goals when investing into these areas will be preferred.
High Appetite: Pursue
• High appetite for products that accelerate the transition to a zero carbon future. Investment decisions will consider:
o Climate mitigation and adaption
o The United Nations Sustainable Development Goals
o Alignment to net zero carbon emissions by 2050 (as set out in the Paris Agreement)
Does the CIR include academic staff representation?:
No
Does the CIR include non-academic staff representation?:
Yes
Does the CIR include student representation?:
Yes
Members of the CIR, including affiliations and role:
Mr Daniel Minihan (Investment Advisory Panel Chair)
Mr Dermot Crean (University of Tasmania Co-Chief Investment Officer)
Mr Rohan Boman (University of Tasmania Co-Chief Investment Officer)
Mr David Clerk (University of Tasmania Chief Operating Officer)
Ms Jo Willsmore (University of Tasmania Executive Director Corporate Finance)
Ms Nadyne Russell (Secretary and University of Tasmania student representative)
Mr Dermot Crean (University of Tasmania Co-Chief Investment Officer)
Mr Rohan Boman (University of Tasmania Co-Chief Investment Officer)
Mr David Clerk (University of Tasmania Chief Operating Officer)
Ms Jo Willsmore (University of Tasmania Executive Director Corporate Finance)
Ms Nadyne Russell (Secretary and University of Tasmania student representative)
None
Examples of CIR actions during the previous three years:
In October 2020, the University of Tasmania announced a policy change that introduced a negative investment screen for fossil fuels and a positive screen for investments and that consider United Nations Sustainable Development Goals. Under this policy the University has no appetite to invest assets with direct investment in fossil fuels (coal, oil and gas) extraction, production and thermal coal power generation, and immediately divested $49 million from the investment portfolio following this change, with the portfolio managed to avoid anything more than negligible exposure.
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Data source(s) and notes about the submission:
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