| Overall Rating | Platinum |
|---|---|
| Overall Score | 86.17 |
| Liaison | James Gordon |
| Submission Date | May 31, 2022 |
Thompson Rivers University
PA-9: Committee on Investor Responsibility
| Status | Score | Responsible Party |
|---|---|---|
|
2.00 / 2.00 |
James
Gordon Environmental Programs and Research Coordinator TRU Office of Environment and Sustainability |
"---"
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:
TRU's Advisory Committee on Investments (ACI) is the equivalent of a committee on investor responsibility (CIR) because the major role of the ACI is to make recommendations to endowment fund decision makers regarding socially and environmentally responsible investment choices that help to advance TRU's sustainability performance. The ACI is a formal committee and is listed on the website for the TRU Board of Governors’ committees (scroll down under ‘Related committees’): https://www.tru.ca/board/committees.html). The key purpose of the ACI, according to its Terms of Reference, is: "To provide advice to the Vice President, Administration and Finance on investment policies, strategies and asset mix." TRU's Investment Objectives Policy (# BRD 22-0; https://storage.googleapis.com/stars-static/secure/244/8/781/7547/BRD_22-055027.pdf) is the primary policy that guides the work of the ACI and it has a focus on socially and environmentally responsible investing. The policy states (on page 1) that “The University has adopted a responsible investment approach that is aligned with the industry best practices framework established by the United Nations Principles for Responsible Investment (UN PRI). The application of the UN PRI to Fund management is determined by the Committee (ACI). This policy applies to all University-administered accounts, including operating funds, professional development funds, ancillary services, grants, research grants, contracts, endowments and other restricted accounts.” The policy goes on to state on page 2, “The University believes socially responsible investing (SRI) using environmental, social and governance (ESG) factors, can have a positive effect on long term financial performance and investment returns. To facilitate this, the University will engage with asset managers which are, or intend to become, signatories of the United Nations Principles for Responsible Investment (UNPRI)." The ACI uses this and other stated sustainability-focused objectives of the Investment Objectives Policy to guide and lead its committee work.
The ACI has academic staff, non-academic staff and student representation (details of the members of the ACI are listed in the field below ‘Members of the CIR…’).
Furthermore, the following are stated in the ACI’s Terms of Reference:
Duties of the ACI are:
• Develop investment policy (short and long term) for recommendation to the Board of Governors through the Vice President, Administration and Finance
• Review on a regular basis the investment performance of the Investment Manager, including the Investment Manager’s adherence to the investment policy and asset mix
• Recommend the appointment and termination of the Investment Management Firm
• Recommend modifications to investment policy and asset mix to Vice President, Administration and Finance
• Review and provide appropriate comment on the Investment Manager’s annual report to TRU on investment performance
Quorum for the ACI:
Majority, and in addition the Chair (or designate) must be present.
Investment Advisory Committee.
Meeting Schedule of the ACI:
• Meetings will be held a minimum of two times per year
• Additional meetings will be at the call of the Chair
The ACI has academic staff, non-academic staff and student representation (details of the members of the ACI are listed in the field below ‘Members of the CIR…’).
Furthermore, the following are stated in the ACI’s Terms of Reference:
Duties of the ACI are:
• Develop investment policy (short and long term) for recommendation to the Board of Governors through the Vice President, Administration and Finance
• Review on a regular basis the investment performance of the Investment Manager, including the Investment Manager’s adherence to the investment policy and asset mix
• Recommend the appointment and termination of the Investment Management Firm
• Recommend modifications to investment policy and asset mix to Vice President, Administration and Finance
• Review and provide appropriate comment on the Investment Manager’s annual report to TRU on investment performance
Quorum for the ACI:
Majority, and in addition the Chair (or designate) must be present.
Investment Advisory Committee.
Meeting Schedule of the ACI:
• Meetings will be held a minimum of two times per year
• Additional meetings will be at the call of the Chair
Does the CIR include academic staff representation?:
Yes
Does the CIR include non-academic staff representation?:
Yes
Does the CIR include student representation?:
Yes
Members of the CIR, including affiliations and role:
• Vice President, Administration and Finance - Chair
• Board of Governors members (2) appointed by the Board
o Chair of the Finance Committee of the Board of Governors (ongoing appointment)
o Board of Governors’ member (two year term appointment)
• One faculty member from the Board of Governors, nominated by the Board Chair and appointed by the Vice-President, Administration and Finance
• One student, appointed by the Vice-President, Administration and Finance
• Associate Vice President, Finance (staff member)
• Executive Director, Financial Services
• Vice President, Advancement
Ex-officio members:
• President
• Representative(s) from the Investment Management Firm
• Other advisory or consultative personnel as needed
• Board of Governors members (2) appointed by the Board
o Chair of the Finance Committee of the Board of Governors (ongoing appointment)
o Board of Governors’ member (two year term appointment)
• One faculty member from the Board of Governors, nominated by the Board Chair and appointed by the Vice-President, Administration and Finance
• One student, appointed by the Vice-President, Administration and Finance
• Associate Vice President, Finance (staff member)
• Executive Director, Financial Services
• Vice President, Advancement
Ex-officio members:
• President
• Representative(s) from the Investment Management Firm
• Other advisory or consultative personnel as needed
None
Examples of CIR actions during the previous three years:
The University has adopted a responsible investment approach that is aligned with the industry best practices framework established by the United Nations Principles for Responsible Investment (UN PRI). TRU’s investment objectives policy was adjusted in 2021 to appropriately reflect this commitment. Starting in 2021, Raymond James, TRU’s investment advisors, at the request of TRU's Advisory Committee on Investments (ACI), has begun to provide a summary of sustainable investment highlights associated with the TRU investment portfolio.
As an active strategy, while TRU has not formally declared its divestment from fossil fuels, Raymond James monitors TRU’s exposure in the energy sector specifically and has maintained our current exposure to less than 5% over the past 3 years. TRU held steadfast to maintaining low exposure to this area despite the potential for strong returns in the energy sector in the last 12 to 18 months (March 2021 to August 2022).
In addition, TRU’s ACI also supports a student led initiative – the Thompson Rivers University Investment Fund (TRUSIF). In the fall of 2019, ACI recommended (and actioned) a $100k contribution to TRUSIF as seed money so that TRUSIF could actively engage in market investments. TRUSIF has its own ESG strategy and scoring matrix, aligned with the UNPRI that guides its market investments and reports quarterly to the ACI on its progress.
As an active strategy, while TRU has not formally declared its divestment from fossil fuels, Raymond James monitors TRU’s exposure in the energy sector specifically and has maintained our current exposure to less than 5% over the past 3 years. TRU held steadfast to maintaining low exposure to this area despite the potential for strong returns in the energy sector in the last 12 to 18 months (March 2021 to August 2022).
In addition, TRU’s ACI also supports a student led initiative – the Thompson Rivers University Investment Fund (TRUSIF). In the fall of 2019, ACI recommended (and actioned) a $100k contribution to TRUSIF as seed money so that TRUSIF could actively engage in market investments. TRUSIF has its own ESG strategy and scoring matrix, aligned with the UNPRI that guides its market investments and reports quarterly to the ACI on its progress.
Optional Fields
Additional documentation to support the submission:
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Data source(s) and notes about the submission:
Details about this section were provided by Matt Milovick, TRU VP of Administration and Finance.
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