| Overall Rating | Gold |
|---|---|
| Overall Score | 69.86 |
| Liaison | Nicole Arsenault |
| Submission Date | April 3, 2024 |
York University
PA-10: Sustainable Investment
| Status | Score | Responsible Party |
|---|---|---|
|
2.31 / 4.00 |
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) | 37,461,648 US/Canadian $ |
| Community development financial institutions (CDFIs) or the equivalent | 0 US/Canadian $ |
| Socially responsible mutual funds with positive screens (or the equivalent) | 47,058,960 US/Canadian $ |
| Green revolving funds funded from the endowment | 0 US/Canadian $ |
A brief description of the companies, funds, and/or institutions referenced above:
"Brookfield Global Transition Fund is an infrastructure opportunistic fund managed by Brookfield Asset Management. The fund is located in Toronto, Canada and invests globally. The fund targets investments in the energy and infrastructure sectors. It focuses on renewable energy asset class. The fund also seeks to make impact investments in sectors like energy, pollution, air, climate and infrastructure. Copenhagen Infrastruture Partners Energy Transition Fund I will invest in next generation renewable energy infrastructure including industrial scale Power-to-X (PtX) projects and enables institutional investors to participate in the decarbonization of the so-called hard to abate industries and support the further integration of renewable power generation in the energy mix through grid balancing. The fund will primarily focus on greenfield projects in the OECD and aims to contribute to the decarbonization of industries such as agriculture, aviation, shipping, chemical manufacturing, and steel production through the use of green fuels and feedstock and CO2-free fertilizers. Quinbrook Infrastructure Partners III Net Zero Power Fund targets renewable energy supply, storage, and grid stability infrastructure. Quinbrook has Quinbrook won ‘Best ESG Investment Fund: Energy Transition’, ‘Best ESG Investment Fund: Infrastructure’ and ‘Investment Fund of the Year’ at the 2021 ESG Investing awards 2021 (the only winner among more than 90 finalists in 17 investment fund categories). In the 2021 UN PRI assessment of Quinbrook they received the following scores: Direct – Infrastructure: 100%, ★★★★★ (the median of other reporters was 77%) Investment & Stewardship Policy: 100%, ★★★★★ (the median of other reporters was 60%)"
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 Responsible Investment Policy is available in section 3.10 here: http://secretariat.info.yorku.ca/files/20150217-SIPP.pdf York University's Statement of Investment Policy and Procedures (SIP&P) covers the Statement of Beliefs and Implementing Sustainable investing. "Statement of Beliefs for Sustainable Investing 3.10 The University has a fiduciary responsibility to manage the long-term sustainability of its investments in such a manner as to provide predicable funding to students and researchers, consistent with donor intent; 3.11 To sustain such long-term returns, relevant risks must be appropriately managed and assessed; 3.12 York University is committed to a sustainable investment strategy which integrates environmental, social and governance (ESG) factors in the overall management of its endowment portfolio. York University believes these factors can affect risks and returns, and that organizations that effectively manage environmental, social and governance factors are more likely to endure and create sustainable value over the long term. The University’s approach to sustainable investing is evolving, recognizing that it is not a static concept, but one which changes and adapts, as the linkage between ESG factors and risk and returns becomes better understood over time. 3.13 Better returns are more likely to be achieved when the University selects and monitors Investment Managers who actively integrate ESG factors in their investment evaluation processes; 3.14 The consideration of ESG factors is an important element of risk which Managers must assess and manage; 3.15 The University believes active engagement through its Investment Managers is an effective approach in assessing ESG factors; 3.16 The University believes engagement through its Investment Managers will generate better and sustainable returns relative to a negative screening process, which would arbitrarily exclude certain investment In addition, in York University's 2020 Sustainability Investing Annual Report, our commitment states that: - The University will monitor Investment Manager ESG integration and engagement on a regular basis. Such monitoring will include an annual reporting process to the University on incorporation of ESG factors by Investment Managers. - The University will report annually to the University community, as part of its overall reporting of investment performance, on how managers incorporate ESG factors in their evaluation process. "
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:
https://www.yorku.ca/secretariat/wp-content/uploads/sites/107/2023/10/SIPP-3October2023.pdfYork University Endowment Fund Statement of Investment Policies and Procedures "Implementing Sustainable Investing 3.17 The consideration and integration of ESG risk factors in the investment selection and evaluation processes are consistent with the investment objectives of the Fund of providing beneficiaries with a sustainable payout over the short and long terms. 3.18 The Investment Committee will integrate ESG-related criteria in its Manager selection process and hires Managers who demonstrate transparent processes incorporating material ESG consideration in their research and investment decision-making process. The University will ensure through Investment Management Agreements and Mandates that Investment Managers actively consider ESG factors. 3.19 The University will monitor Investment Manager ESG integration and engagement on a regular basis. Such monitoring will include an annual reporting process to the University on incorporation of ESG factors by Investment Managers. 3.20 The University will report annually to the University community, as part of its overall reporting of investment performance, on how Managers incorporate ESG factors in their evaluation process. 3.21 The University will collaborate with like-minded investors and associations to help raise awareness of the benefits of ESG factors in investment decision making."
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:
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:
York University is a member of Shareholder Association for Research & Education (SHARE) University Network for Investor Engagement (UNIE) program. Through SHARE’s UNIE program, York University has engaged with many companies. Three key themes have been identified: A Just Transition, Sustainable Finance, and Reducing Greenhouse Gas Emissions. Some examples of company engagement in 2022: A Just Transition: Algonquin Power & Utilities Corp, Consolidated Edison Inc., Emera Inc., Next Era Energy Inc., General Motors Co., Tesla Inc. Sustainable Finance: Bank of Nova Scotia, Bank of America, CIBC, Citigroup, JP Morgan Chase & Co., Royal Bank of Canada, TD Bank Reducing GHG Emissions: Dominion Energy Inc., Duke Energy Inc., Fortis Inc., Loblaw Companies Ltd., Metro Inc., Next Era Energy Inc."""
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:
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:
Yes, it has done so as a member of Shareholder Association for Research & Education (SHARE) University Network for Investor Engagement (UNIE) program, and York University is a member of the Canadian Coalition for Good Governance and Responsible Investor Association. SHARE will engage with North American public companies held in UNIE member portfolios to address pervasive risks associated with climate change. The UNIE initiative will focus on key sectors where advocacy can make the biggest difference, including finance, transportation, energy and utilities, and manufacturing, focusing both on reducing greenhouse gas emissions and accelerating the transition to a low carbon economy.
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:
SHARE's UNIE program 2022 highlights https://share.ca/wp-content/uploads/2022/03/2022-Engagement-Snapshot-EN.pdf Sustainable Investing Report 2020 https://www.yorku.ca/secretariat/board-of-governors/investment-committee/sustainable-investing-reports/ Sustainable Investing Report 2019 https://secretariat.info.yorku.ca/files/Sustainable-Investing-Report-2019.pdf?x56337
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.