Established in 1999 by Jeff Skoll, former president of eBay, the 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
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.
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.
Established in 1993, the Hong Kong Monetary Authority (HKMA) is responsible for managing Hong Kong’s Exchange Fund. As at November 30, 2020, the total assets of the Exchange Fund amounted to $HK 4,451.8 billion ($US 570.7 billion).
As part of its responsible investment approach, HKMA integrates environmental, social and governance (ESG) factors into its investment analysis. Moreover, HKMA has developed internal guidelines to incorporate ESG considerations in the selection, appointment and monitoring of external managers. In 2019, it unveiled a number of measures for promoting the development of green finance in Hong Kong. The same year, to further its commitment towards sustainability, HKMA became a signatory to the UN PRI and a supporter of the Task Force on Climate-related Financial Disclosures.
The Hewlett Foundation was established in 1966 by Flora and William Hewlett, with their eldest son, Walter Hewlett. Today, the organization supports efforts to advance education for all, preserve the environment, improve global development, promote performing arts, make the philanthropy sector more effective and strengthen communities in the San Francisco Bay Area. As at June 30, 2020, the Foundation had $US 10.4 billion of assets under management.
As part of Hewlett Foundation’s investment approach, the organization applies negative screening on tobacco companies and no longer invests in private partnerships primarily involved in oil and gas drilling. Additionally, the Foundation votes proxies on climate and forestry issues. With regards to Climate Change, the organization supports initiatives that help reduce the use of fossil fuels, improve energy systems, and promote cross-sector integration and innovation. As such, in the the beginning of 2021, the Hewlett Foundation has awarded $US 2.45 million to six promising initiatives that will contribute to align passive asset management with climate action.
Established in 1931, the Colorado Public Employees’ Retirement Association (‘PERA’) provides retirement and other benefits to employees of the state’s government agencies and public entities. As at December 31, 2019, PERA had $US 52 billion of assets under management.
As part of its responsible investment approach, PERA integrates material environmental factors when evaluating investments in public securities or through due diligence when evaluating asset managers. With regards to Active Ownership, PERA has adopted a policy for voting proxies pertaining to disclosure of sustainability metrics. Moreover, the firm is involved with the Council of Institutional Investors (CII) and the Sustainability Accounting Standards Board’s (SASB) Standards Advisory Group to help develop responsible investment practices within the industry.
2020 Investment Stewardship Report
Established in 1991, QIC Limited (“QIC”) is responsible for serving the long-term investment responsibilities of the Queensland Government. As at June 30, 2020, they had USD 54 billion of assets under management.
As a UN PRI signatory, QIC integrates environmental, social and governance considerations into its investment decision-making processes. Additionally, the firm applies negative screening criteria on controversial weapons and tobacco manufacturers. With regards to Climate Change, QIC engages with externally appointed investment managers to report in line with the Task Force on Climate-related Financial Disclosures’ recommendations. Moreover, QIC takes part in collaborative initiatives such as the Investor Group on Climate Change and CDP.
Established in 1997, the Government Pension Fund of Thailand ("GPF") is a mandatory defined-contribution pension fund managing retirement incomes for Thai government officials. As at December 31, 2019, they had USD 31.8 billion of assets under management.
As a UN PRI signatory, GPF integrates environmental, social and governance issues into its investment research and decision-making. Additionally, the firm applies negative screening criteria on controversial weapons, gambling, sex and pornography. Moreover, as part of its commitment to be a "leader in ESG investing and initiatives in Thailand", GPF has initiated and led the development of the Negative List Guidelines of Thailand and made publicly available its GPF-ESG Weights and Scores: Asset Valuation Methodology© in collaboration with the World Bank Group.
GPF-ESG Weights and Scores: Asset Valuation Methodology©
Established in 2011, the Commonwealth Superannuation Corporation (“CSC”) provides superannuation services to employees of the Australian Government and members of the Australian Defence Force. As at December 31, 2019, they had $US 36.5 billion of assets under management.
As a UN PRI signatory, CSC integrates environmental, social and governance (ESG) issues in its decision-making processes and active ownership practices. With regards to Climate Change, CSC measures and discloses the carbon footprint of its public market equities portfolio, in line with the Montreal Carbon Pledge, and conducts stress and scenario analysis. Additionally, they engage with investee companies on climate change issues with other investors as part of their involvement with the Investor Group on Climate Change (IGCC), the Carbon Disclosure Project (CDP) and the Taskforce for Climate-related Financial Disclosures (TCFD).
Climate Investment Risk Factsheet
Established in 1990, the State Pension Fund of Finland (VER) is responsible for balancing the country’s pension expenditure. As at December 31, 2019, they had € 20.5 billion ($US 22.7 billion) of assets under management.
As part of its responsible investment approach, VER considers environmental, social and governance (ESG) factors in its investment decisions (including monitoring). Additionally, it applies norms-based and negative screening based on the UN Global Compact and companies with significant portions of revenues derived from weapons, alcohol, tobacco, gambling or adult entertainment. Moreover, as part of its commitment with the UN PRI, VER engages with external asset managers to promote the implementation of the UN's Principles for Responsible Investment.