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Harvard University Endowment

PRI reporting framework 2018

Export Public Responses

You are in Strategy and Governance » Investment policy


SG 01. RI policy and coverage


01.1. 責任投資アプローチをカバーする投資ポリシーを策定しているかどうかを明示してください。

01.2. ポリシーの構成要素/種類と対象範囲を示してください。

          Investment due diligence framework

01.3. 投資ポリシーが以下のどの項目をカバーしているか明示して下さい:

01.4. 組織の投資原則および全体の投資戦略、ならびに、ESG 要因および実体経済の影響をどのように考慮に入れているのかについて説明して下さい。

As a long-term investor, HMC is focused on material environmental, social, and governance (ESG) factors that may impact the performance of our investments, now and in the future. HMC has moved to a generalist investment model in which all members of the investment team take ownership of the entire portfolio. HMC's investment staff are focused on debate and discussion about investment opportunities, both within asset classes and across the investment universe. The Sustainable Investing team provides support and resources for staff in reviewing investment opportunities and post-investment management.  For our direct investments in natural resources, the investment team has developed a strategy which specifically states “we will go above and beyond seeking the best ESG practices.” We are committed to sustainable ownership of our direct investments in agriculture and farmland.

01.5. 責任投資アプローチをカバーする組織の投資ポリシーの重要な構成要素、バリエーション、例外事項を簡潔に説明してください。

HMC commits to consider material ESG factors in the course of our underwriting, analysis, and monitoring of investments to the extent reasonably practical under the circumstances. HMC defines material ESG factors as those that we have determined, in our sole discretion, have, or have the potential to have, direct impacts on a company or asset’s ability to create, preserve, or erode economic value. As part of this commitment HMC has a Sustainable Investment Policy ("SIP"). The SIP covers all asset classes under management. It specifies environmental, social and governance risk factors that, if material, HMC will consider when investing. The SIP identifies roles and responsibilities and articulates HMC's approach to sustainable investment. The SIP includes HMC's due diligence process; commitment to sustainability certification for its forestry and agricultural investments; approach to active ownership; intent to collaborate with other responsible investors and commitment to reporting on its activities.

Other Harvard University policies and procedures complement the SIP and provide a holistic framework for HMC's approach to responsible investment. For example, Harvard's Advisory Committee on Shareholder Responsibility ("ACSR"), which advises Harvard's Corporation Committee on Shareholder Responsibility ("CCSR"), developed proxy voting guidelines which help inform its recommendations with regard to voting select environmental and social issues for which the committees'' body of precedent provides a clear indication of a voting preference. HMC maintains a Proxy Voting Policy, which pertains to voting on government issues. On the rare occasion when the CCSR has instructed HMC to divest from securities, the CCSR has issued a public statement describing its rationale for doing so.

SG 02. Publicly available RI policy or guidance documents


02.1. 一般に入手できる組織の投資ポリシー文書を記載してください。その文書のURLを記入し、該当文書を添付してください。



02.2. 一般に入手できる組織の投資ポリシー文書を記載してください。その文書のURLを記入し、該当文書を添付してください。





02.3. 組織の投資原則および全体の投資戦略が公表されているかどうかについて明示して下さい。

02.4. 補足情報 [任意]

The public can view our approach to responsible investment at this url:

SG 03. Conflicts of interest

03.1. 組織として、投資プロセスにおける潜在的な利益相反を管理するポリシーを策定しているかどうかについて明示して下さい。

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

HMC’s Code of Conduct requires that HMC employees act at all times in a manner consistent with their fiduciary responsibilities to HMC and exercise care that no detriment results from conflicts of interest.  An employee is considered to have a conflict of interest when the individual either: (i) has an existing or potential financial or other interest which impairs or might impair the individual’s independence of judgment in the discharge of responsibilities; or (ii) may receive a material financial or other benefit from knowledge of information confidential to HMC.

HMC’s Conflict Policy for Directors establishes guidelines for resolving potential conflicts between the interests of HMC and those of non-employee Directors.  The Policy follows three general principles: (i) HMC Directors should ensure that Harvard University receives all appropriate investment opportunities; (ii) Director involvement in a potential conflict requires advance approval by disinterested Directors; and (iii) conflicts must be reported to the HMC Board and the Harvard University Corporation.  Each HMC Director is responsible for reporting any real or potential conflict of interest promptly to HMC’s Chief Compliance Officer ("CCO").   This information is reported to the HMC Board on a quarterly basis.


03.3. Additional information. [Optional]

SG 04. Identifying incidents occurring within portfolios (Private)