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Harvard University Endowment

PRI reporting framework 2018

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Asset class implementation gateway indicators

OO 10. Active ownership practices for listed assets

10.1. Select the active ownership activities your organisation implemented in the reporting year.

Listed equity – engagement

Listed equity – voting

Fixed income SSA – engagement

Please explain why you do not engage directly and do not require external managers to engage with companies on ESG factors.

          For the reporting period, fixed income positions were mostly comprised of US treasuries with some other sovereign credits.
        

Fixed income Corporate (non-financial) – engagement

Please explain why you do not engage directly and do not require external managers to engage with companies on ESG factors.

          For the reporting period, fixed income positions were mostly comprised of US treasuries with some other sovereign credits.
        

OO 11. ESG incorporation practices for all assets

11.1. Select the internally managed asset classes in which you addressed ESG incorporation into your investment decisions and/or your active ownership practices (during the reporting year).

Listed equity

Fixed income - SSA

Fixed income - corporate (non-financial)

Property

Forestry

Farmland

Cash

Select the externally managed assets classes in which you and/or your investment consultants address ESG incorporation in your external manager selection, appointment and/or monitoring processes.
Asset class ESG incorporation addressed in your external manager selection, appointment and/or monitoring processes
Listed equity
Private equity
Property
Hedge funds

11.4. Provide a brief description of how your organisation includes responsible investment considerations in your investment manager selection, appointment and monitoring processes.

HMC includes ESG-related questions in the due diligence process when assessing investment managers. As part of this assessment, HMC seeks to understand the manager’s approach to responsible investment, including its ESG-related policies and how ESG factors influence the manager’s investment beliefs. We seek to identify any ESG-related risks and understand how the manager uses ESG factors to create value. Once the decision to move forward with a manager has been made, ESG-related side letter provisions may be put in place. The ESG provisions are tailored by asset class and the manager’s ESG risk (as determined in the selection process). HMC also takes the investment manager’s willingness to incorporate these provisions into their fund documents when making an investment decision.

Following the investment, HMC periodically communicates with its investment managers about HMC’s commitment to the PRI Principles and Sustainable Investing Policy, and the managers’ ESG activities. HMC tracks and reviews all periodic (generally, annual) manager ESG reports and/or disclosures. Individual discussions are held with a subset of select investment managers to better understand their approach to ESG issues and track their progress.


OO 12. Modules and sections required to complete

12.1. Below are all applicable modules or sections you may report on. Those which are mandatory to report (asset classes representing 10% or more of your AUM) are already ticked and read-only. Those which are voluntary to report on can be opted into by ticking the box.

Core modules

RI implementation directly or via service providers

Direct - Listed Equity incorporation

Direct - Listed Equity active ownership

Direct - Other asset classes with dedicated modules

RI implementation via external managers

Indirect - Selection, Appointment and Monitoring of External Managers

Closing module

12.2. Additional information. [Optional]


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