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The University of Edinburgh

PRI reporting framework 2017

You are in Strategy and Governance » Investment policy

Investment policy

SG 01. RI policy and coverage

New selection options have been added to this indicator. Please review your prefilled responses carefully.

01.1. Indicate if you have an investment policy that covers your responsible investment approach.

01.2. Indicate the components/types and coverage of your policy.

Select all that apply

Policy components/types

Coverage by AUM

01.4. Indicate what norms you have used to develop your investment policy that covers your responsible investment approach.

01.6. Provide a brief description of the key elements, any variations or exceptions to your investment policy that covers your responsible investment approach. [Optional]

The Responsible Investment Policy statement outlines the connections to the vision and mission of the University along with agreed approach towards: fossil fuels,  armaments and other exclusions as well as pooled funds and social impact. 


SG 02. Publicly available RI policy or guidance documents

New selection options have been added to this indicator. Please review your prefilled responses carefully.

02.1. Indicate which of your investment policy documents (if any) are publicly available. Provide a URL and an attachment of the document.

02.4. Additional information [Optional].

Following a request from our Students’ Association, the University set up a Fossil Fuels Review Group to consider the case for divestment of University assets from fossil fuel companies.


The Fossil Fuels Review Group included a Vice President of the Students Association, academic experts from the School of GeoSciences, the School of Law and the Edinburgh Centre for Carbon Innovation, a member of the University’s Investment Committee and senior University managers.


Following careful consideration of evidence, the Fossil Fuels Review Group provided a number of recommendations in a substantial report on the issue. The Central Management Group received and considered the report which was forwarded to the University’s governing body, the University Court, for decision at its meeting on Monday 11 May 2015.


In line with those recommendations, the University believes that we should seek means through our investments to support the transition from a high carbon to a low carbon society, as long as actions taken are consistent with other University objectives and values.


The recommendations of the group, endorsed by Court, are being progressed through the Investment Committee. These are as follows: 
• Assess stranded assets argument (this issue is being progressed with the Committee’s appointed investment advisor); 
• Identify and replace (to low or zero carbon investments). This option is being progressed both with appointed individual fund managers and the Committee’s investment advisor; 
• Report, benchmark and improve. Consideration is being given to how best to progress this in an effective and proportionate manner utilising the expertise of academics within the University: 
• Divest from highest carbon emitting fuels where alternatives exist. This recommendation resulted in an agreed methodology for targeting investments in companies engaged in the highest polluting activities (coal and tar sands), followed by divestment from three companies and engagement letters to remaining investments operating in the Fossil Fuel sector.

Divestment was achieved before the close of the 2014/15 financial year, and annual exclusion lists are provided to the University’s fund manager to ensure continued compliance with Court approved policy.

 

All information from the Review Group is available publicly here:  http://www.ed.ac.uk/about/sustainability/themes/responsible-investment/reviews/fossil-fuels

 


SG 03. Conflicts of interest

03.1. Indicate if your organisation has a policy on managing potential conflicts of interest in the investment process.

03.2. Describe your policy on managing potential conflicts of interest in the investment process.

The University has a robust policy and process for managing potential conflicts of interest.  As set out in the Terms of Reference for the Investment Committee, all members of the Committee are expected to comply with the University's Code of Conduct as set out in the University's Handbook and declare any interests which may conflict with their responsibilities as members of the Investment Committee.

03.3. Additional information. [Optional]


SG 04. Identifying incidents occurring within portfolios (Private)


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