Overall Rating Gold - expired
Overall Score 74.80
Liaison Gioia Thompson
Submission Date March 2, 2020

STARS v2.2

University of Vermont
PA-10: Sustainable Investment

Status Score Responsible Party
Complete 1.96 / 4.00 Richard Cate
VP for Finance
Finance and Facilities
"---" indicates that no data was submitted for this field

Part 1. Positive sustainability investment

Total value of the investment pool:
764,000,000 US/Canadian $

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) 20,000,000 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) 1,000,000 US/Canadian $
Green revolving funds funded from the endowment 13,000,000 US/Canadian $

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

A brief description of the companies, funds, and/or institutions referenced above:
Dana Investments was selected with student input due to their expertise in impact investing and manages $20M of investments within UVM’s operating reserves. Dana prioritizes the selection of funds focused on gender equity, clean water and clean energy.

Green Century Fund manages a $1M green fund and was researched and chosen due to their limited connections to the fossil fuel industry.

The $13M Energy Revolving Fund invests in on-campus energy efficiency upgrades.

Percentage of the institution's investment pool in positive sustainability investments:
4.45

Part 2. Investor engagement

Sustainable investment policy 

Does the institution have a publicly available sustainable investment policy?:
Yes

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

None
The sustainable investment policy:
The University of Vermont's Statement of Investment Policies and Objectives states the following: "Adherence to these investment strategy objectives does not preclude consideration of moral, ethical and social criteria in selecting investments or participating in shareholder resolutions that address moral, ethical or social issues. However, the core responsibility of the Board is to steward University assets in a manner consistent with prudent fiduciary practices."

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

A brief description of how the sustainable investment policy is applied:
The Investment Policies and Objectives covers all of the University’s investments. However, additional sustainable investing screening applies to the $225M of cash reserves. Positive screens are applied to the investment of $20M of these reserves, and negative screens are applied to the remaining $205M. Cash reserves are invested with screens that preclude investment in tobacco, cluster munitions, uranium, landmines, and any of the companies on the Carbon Underground 200 list endorsed by 350.org and gofossilfree.org.

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?:
Yes

None
A copy of the proxy voting guidelines or proxy record:
Procedures_for_Proxy_Voting_revised_03.10.16.pdf

None
A brief description of how managers are adhering to proxy voting guidelines:
See Procedures file above

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?:
No

Examples of how the institution has engaged with corporations in its portfolio about sustainability issues during the previous three years:
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Divestment efforts and negative screens

Does the institution participate in a public divestment effort and/or have a publicly available investment policy with negative screens?:
Yes

A brief description of the divestment effort or negative screens and how they have been implemented:
UVM does not investment in tobacco, cluster munitions, uranium, or landmines.

$225k of cash reserves are invested with an addition screen that precludes investment in any of the companies on the Carbon Underground 200 list endorsed by 350.org and gofossilfree.org.

Approximate percentage of endowment that the divestment effort and/or negative screens apply to:
100

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?:
Yes

None
A brief description of the investor networks and/or collaborations:
UVM has been active with AASHE, Responsible Endowments Coalition and has attended Forum for Sustainable and Responsible Investments (USSIF) conferences and partnered with Interfaith Center on Socially Responsible Investing

Optional Fields 

Website URL where information about the institution’s sustainable investment efforts is available:
http://www.uvm.edu/sriac

Additional documentation to support the submission:
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Data source(s) and notes about the submission:
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