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ESG Newsletter

      Spotlight on Investors: East Sussex Pension Fund

      Established in 1974, East Sussex Pension Fund (“ESPF”) provides pension benefits for employees of the County Council, other councils and public authorities of East Sussex. As at March 31, 2020, they had GBP3.479 billion of assets under management. 

      As part of its responsible investment approach, ESPF ensures that its external managers integrate environmental, social and governance considerations (“ESG”) into their investment analysis and provide transparency through ESG reporting. With regards to climate change, ESPF takes part in collaborative engagements through ESG-related industry groups such as Climate Action 100+ and the Institutional Investors Group on Climate Change (IIGCC). To further its commitment to responsible investing, ESPF became a signatory to the UN Principles for Responsible Investment in December 2020. 

      Statement of Responsible Investment Principles 2020

      Annual Report 2019/2020

      ESG Statement 2019

      UK Stewardship Code Statement

      Spotlight on Investors: KENFO

      Established in 2017 under the German Nuclear Waste Management Act, KENFO is responsible for funding the costs of the safe disposal of radioactive waste from the commercial use of nuclear energy to generate electricity in Germany and invests the funds transferred to it. KENFO has around EUR 24 billion of funds under management.  

      As part of its responsible investment approach, KENFO integrates environmental, social and governance considerations into the process for selecting investment managers. Additionally, it applies negative and norms-based screening on coal, nuclear power plant operators and the UN Global Compact. To further its commitment to sustainability, KENFO joined the Net-Zero Asset Owner Alliance in March 2020 and became a signatory of the UN PRI in November of the same year.  

      Sustainability Approach (German only)

      2018 Annual Report (German only)

      Spotlight on Investors: Swiss Federal Pension Fund PUBLICA

      Established in 2006, the Swiss Federal Pension Fund PUBLICA (“PUBLICA”) is the pension fund of the federal state employees of SwitzerlandAs at December 31, 2019, they had CHF 41 billion of assets under management. 

      As a responsible investor, PUBLICA has implemented screening criteria around the Swiss Association for Responsible Investments SVVK-ASIR'S list of exclusions and the UN Global Compact’s principles. With regards to its infrastructure bond portfolio, PUBLICA favors investments with a better ESG profile over alternatives that have the same risk/return profile. With respect to active ownership, PUBLICA actively exercises its voting rights and actively seeks dialogue with portfolio companies on ESG issuesTo further its commitment to responsible investing, the organization became a signatory to the UN PRI in November 2020.  

      Responsible Investment Policy

      Investment Guidelines

      Annual Report 2019

      Spotlight on Investors: Fondation de Luxembourg

      Created in 2008 by the Luxembourg State and the Oeuvre Nationale de Secours Grande-Duchesse Charlotte, Fondation de Luxembourg now supports and guides donors who wish to make a long-term commitment to the development of philanthropic projects. 

      As part of its responsible investment practices, Fondation de Luxembourg applies negative and norms-based screening on controversial weapons, pornography, tobacco, and countries on which the European Union has imposed sanctions. Moreover, it favors socially responsible investment funds with an ESG label granted by an independent labelling agency, instruments that have a clear ESG focus for index-tracking investments, and investments in microfinance and impact funds. Furthermore, when selecting an asset manager, the foundation reviews their socially responsible investment practices. Fondation de Luxembourg became a UN PRI signatory in December 2020. 

      Socially Responsible Investment Policy

      2019 Annual Report

      Spotlight on Investors: California Wellness Foundation

      The California Wellness Foundation was established in 1990, when HealthNet, one of the state's largest health care and insurance providers, converted from non-profit to for-profit status. The foundation now aims to protect and improve the health and wellness of the people of California by increasing access to health care, quality education, good jobs, health environments and safe neighbourhoods. 

      In 2017, the California Wellness Foundation started to align their investments with their mission and vision. Since then, they have allocated $US 48 million to mission-related investments that provide resources and capital to underserved communities. The foundation’s mission-related investments integrate environmental, social and governance considerations and actively exclude companies causing the greatest harm to underserved communities. Moreover, the California Wellness Foundation committed to invest $US 10 million in program-related investments that target affordable housing or small business lending over the next five years. 

      Progress Report 2020

      Spotlight on Investors: Inspirit Foundation

      Founded in 2012 with the proceeds of the sale of Vision TV, the Inspirit Foundation aims to promote inclusion and pluralism through media and arts, specifically addressing discrimination based on ethnicity, race or religion. Their current strategic plan focuses on fostering reconciliation and addressing Islamophobia.  

      In 2020, 98% of the foundation’s portfolio was dedicated to impact investing. The Inspirit Foundation employs a mix of impact investing strategies, including program and mission related investing in their private portfolio, and positive screens, ESG integration as well as low-carbon considerations in their public portfolio, along with shareholder engagement. With regards to climate change, the foundation tracks its public portfolio’s exposure to carbon emissions and risks.

      Investment Policy Statement

      Roadmap Towards a 100% Impact Portfolio

      2019 Annual Report

      Spotlight on Investors: Swift Foundation

      Founded in 1999 by John Swift, United Parcel Services’ heir and environmentalist, the Swift Foundation seeks to support biodiversity conservation, protection and promotion of Indigenous traditional knowledge and innovations, inclusive and local economies, as well as research that challenges and problematizes technocratic solutions.

      In 2009, the Swift Foundation looked at how they could use their endowment could directly support socially and environmentally responsible endeavors, which led to the organization’s first mission-related investment policy. The Swift Foundation has allocated 30% of its endowment towards Mission Related Investments, which focuses on addressing climate change, enhancing the health of communities globally and supporting biological and cultural diversity. Additionally, the Swift Foundation has implemented a comprehensive list of exclusionary restrictions, which include filters such as non-sustainable timber, the Toxic 100 List, coal, controversial weapons and genetically modified organisms. 

      Mission Related Investing Policy

      Spotlight on Investors: the Skoll Foundation

      Established in 1999 by Jeff Skoll, former president of eBaythe Skoll Foundation strives to drive change towards a sustainable world of peace and prosperity. The Foundation supports economic opportunity, education, environmental sustainability, health, peace and humans rights, and sustainable markets. As at December 31, 2019, the Skoll Foundation had US$ 1.3 billion of total assets.

      As part of its responsible investment approach, the Skoll Foundation incorporates environmental, social and governance (ESG) considerations to its investment process with the help of a B-Corp certified external manager. With regard to Active Ownership, the Foundation has implemented shareholder engagement guidelines which aligns with its mission and prioritizes the interests of customers and communities. Moreover, the organization collaborates with peers through networks such as the Mission Investors Exchange and the Ceres’ Investor Network on Climate Risk (INCR). 

      Public Shareholder Engagement Guidelines

      Spotlight on Investors: Park Foundation

      The Park Foundation was established in 1966 to support education, public broadcasting, the environment, and other selected areas of interest to the Park Family. More recently, the Foundation’s environmental causes have focused on energy and water issues. 

      The Foundation manages its assets in order to maximize its impact by aligning its investment strategy to its mission. As part of its Mission-Related investing activities, it has implemented negative screening criteria on alcohol, gambling, nuclear and conventional weapons, and tobacco. Moreover, the Foundation has implemented guidance for its investment advisors and external managers around ESG integration across its portfolio. With regards to climate change, the Foundation estimates that climate solutions investments constitute approximately 15% of its portfolio. Moreover, the Park Foundation is a signatory to the Divest/Invest Initiative. 

      ESG Policy

      Spotlight on Investors: Minnesota State Board of Investment

      Minnesota State Board of Investment (MSBI) is responsible for managing the retirement funds, trust funds and cash accounts for the State of Minnesota. As at September 30, 2020, MSBI had US$ 105 billion of assets under management. 

      As part of its responsible investment practices, MSBI applies negative screening criteria on companies which derive 25% or more of their revenue from the extraction and/or production of thermal coal. Moreover, MSBI integrates environmental, social and governance (ESG) factors in its active ownership practices. With regards to climate change, the organization has appointed an external consultant to assess its portfolio’s exposure to transition risks and opportunities. Finally, MSBI is part of several ESG-related industry groups, such as the UN PRI, the Ceres Investor Network, Climate Action 100+ and the Thirty Percent Coalition. 

      Investment Beliefs

      November 2020 ESG Report

      2019 Annual Report