| Overall Rating | Platinum |
|---|---|
| Overall Score | 85.74 |
| Liaison | Mike Wilson |
| Submission Date | Dec. 13, 2023 |
University of Victoria
PA-10: Sustainable Investment
| Status | Score | Responsible Party |
|---|---|---|
|
3.42 / 4.00 |
Raomond
Aoki Tresurer Treasury Office |
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) | 145,380,000 US/Canadian $ |
| Community development financial institutions (CDFIs) or the equivalent | 500,000 US/Canadian $ |
| Socially responsible mutual funds with positive screens (or the equivalent) | 29,531,000 US/Canadian $ |
| Green revolving funds funded from the endowment | 250,000 US/Canadian $ |
A brief description of the companies, funds, and/or institutions referenced above:
In January 2020, the University of Victoria ("UVic") revised the Working Capital Investment Policy. Included in the Investment Objectives of the Working Capital Investment Policy was an objective to achieve a commitment of investing at least 25% of the portfolio in Thematic Impact Investments. As stated in UVic's Responsible Investment Policy, “Thematic Impact Investments” are made by investing in assets that stand to benefit from macro-level trends with the intention to generate positive, measurable social and environmental impact alongside a financial return. These investments can be public or private investments and target a range of returns.
As at March 2023, the Thematic Impact Investments of UVic's Working Capital Investments consisted of:
-$63,000,000 CAD invested in the new UVic Student Dining and Housing Project. Design and construction of the new buildings meet Leadership in Energy and Environmental Design (LEED) V4 Gold and Passive House standards, the most rigorous global building standards for sustainability and energy efficiency.
-$10,000,000 CAD committed to the BlackRock Global Renewable Power Fund III, a strategy that focuses on investing in solar and wind renewable power generation projects globally.
-$500,000 CAD committed to Raven Indigenous Capital Partners Fund I, a strategy that invests in Indigenous enterprises as catalysts for social change and prosperity.
-$500,000 CAD committted to Active Impact Fund II, a strategy that invests in companies that support the global transition to a carbon neutral economy, focusing on themes including clean energy & transportation, smart infrastructure, sustainable food & water, and the circular economy.
-$500,000 CAD invested in Impact GICs which were created in collaboration with credit unions across Canada. Unlike traditional GICs, Impact GICs allows UVic to make a positive impact on the environment and community while generating competitive returns. All loans from the Impact GICs support local businesses pursuing at least one of the UN SDGs.
-$250,000 CAD provided for the UVic Revolving Sustainability Loan Fund for conservation projects on campus that provide a return on investment.
The socially responsible investment funds with positive screens consist of a short-term fixed income fossil-fuel free fund managed by RBC totaling $29,531,000.
For more information about our Working Capital Investments, please visit : https://www.uvic.ca/vpfo/capitalinvestments/
As at March 2023, the University of Victoria Foundation's Impact Investments Include:
-$45,000,000 CAD committed to the new UVic Student Dining and Housing Project. Design and construction of the new buildings meet Leadership in Energy and Environmental Design (LEED) V4 Gold and Passive House standards, the most rigorous global building standards for sustainability and energy efficiency.
-$26,380,000 CAD committed to the Brookfield Global Transition Fund which focuses on investing in opportunities that advance and facilitate the global transition to a net-zero carbon economy, including supporting business transformation and clean energy generation.
For more information about our Foundation, please visit : https://www.uvic.ca/uvic-foundation/index.php
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:
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:
Investment managers are required to integrate financially material ESG risks and
opportunities to investment analysis, alongside financial factors. To this end, the ESG integration approach is reviewed and evaluated as part of the manager selection and monitoring process.
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:
Investment managers are expected take ESG factors into account when they vote proxies for companies held in any fund in which the Foundation is invested. To this end, the proxy voting policies and practices of listed equity investment managers are reviewed as part of the manager selection and monitoring process.
https://www.uvic.ca/uvic-foundation/assets/docs/responsible_investment_policy.pdf
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:
As part of its membership in the University Network for Investor Engagement (UNIE), the UVic Foundation signed a letter to the CEO of NextEra Energy regarding:
• Identifying, preventing, mitigating and accounting for potential adverse human rights impacts in its operations and supply chains, including through its procurement of solar modules and panels.
• Supporting employees affected by recent coal-facility closures, and developing policies to guide transition plans at other facilities which may face closure in the future.
• Promoting decent work and creating quality jobs, including increasing employment opportunities among women, racialized groups and other under-represented workers.
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:
In 2021, the University of Victoria Foundation made a significant announcement regarding its divestment efforts. As of September 30, 2021, the foundation ceased holdings of companies engaged in the extraction and processing of coal, oil, or natural gas within its equity portfolio. This strategic move aligns with the foundation's adoption of a new responsible investment policy, which aims to reduce the carbon intensity of all investments by 45% by 2030.
To implement this commitment, the foundation transitioned $80 million to the RBC Vision Fossil Fuel Free Short-Term Bond Fund, effectively eliminating fossil fuel investments from its working capital fund.
For further details on the divestment effort and the negative and positive screening processes, refer to the UVic Working Capital Investments Policy (see sections 7.03 and 8.04), the UVic Foundation (PRI Principle 5, section 2.10), and the Fossil fuel stocks reduced--new decarbonization target for portfolio news release. Comprehensive information on achievements and reports related to the new policy can be found in the Sustainability Action Plan Closeout Report and the Responsible Investment Report.
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:
Signatory to the United Nations Principles for Responsible Investing (PRI) for both the University of Victoria and the University of Victoria Foundation
Signatory to the Climate Charter for Canadian Universities
Member of University Network for Investor Engagement (UNIE)
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:
Information regarding the University of Victoria Working Capital Investments including its responsible investment policy and holdings can be found at: https://www.uvic.ca/vpfo/capitalinvestments/
Information regarding the University of Victoria Foundation including its responsible investment policy and holdings can be found at: https://www.uvic.ca/uvic-foundation/index.php
The amounts indicated above represent the combined assets of the University of Victoria Working Capital Investments and the University of Victoria Foundation.
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.