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With the publication of the College Sustainability Report Card 2010, more than 1,100 school survey responses from over 300 institutions are now available online. In total, these surveys offer more than 10,000 pages of data collected from colleges and universities during the summer of 2009. To access surveys from other schools, go to the surveys section of the website. To see grades, or to access additional surveys submitted by this school, please click the "Back to Report Card" link at the beginning or end of the survey.
Name: Kris Kapoor
Title: Director of Investments
Date survey submitted:
1) How does your school handle proxy voting on environmental, social, and governance issues?
(a) We do not have the ability to vote proxies as the entire equity holdings of the endowment are invested in mutual funds (e.g. CommonFund, Fidelity, Vanguard, etc.).
(b) We ask that our investment managers handle the details of proxy voting.
(c) We provide our investment managers with general guidelines that determine our proxy votes.
(d) We provide our investment managers with specific corporate governance guidelines that determine our proxy votes.*
(e) We provide our investment managers with specific environmental and social guidelines that determine our proxy votes.*
(f) A member of our school administration determines our proxy votes.
(g) A committee of administrators and/or trustees deliberates and makes decisions on proxy votes.
(h) A committee that includes student representatives deliberates and makes recommendations or decisions on proxy votes.
(i) School community feedback is incorporated into proxy voting decisions through town hall meetings or a website.
Your answers:
Proxy voting on corporate governance matters:
Proxy voting on environmental and social resolutions:
c. Only 8.6% of Furman’s total endowment is invested in equity strategies where Furman has the ability to vote proxies (corporate governance or environmental/social resolutions). The remainder of the endowment, including the majority of the endowment pool, is invested in commingled funds, institutional mutual funds, private investments or other types of pooled entities and structures. There are three equity managers with separate accounts that comprise the 8.6% mentioned earlier. All of these managers are aware of Furman’s commitment to sustainability and have been provided our investment policy. They have been asked to consider our sustainability commitment along with all other relevant factors, to vote the proxies in the best interest of the Furman University endowment. Furthermore, one of the three accounts (managed by Neuberger Berman’s SRI group) votes proxies guided by its own extensive SRI (Socially Responsible Investing) proxy guidelines. Other managers utilize independent firms, that have the capacity and competency, such as Glass Lewis and ISS (Institutional Shareholder Services) that provide thorough research, detailed analysis and voting recommendations for each proxy matter requiring a vote.
Furman’s Investment Committee, Endowment Consulting Group (see description below), Faculty Representative, Student Representative, Director of Investments, and other financial staff have discussed proxy voting and believe that the structure that is in place is best for Furman, given the available resources.
The purpose of the Endowment Consulting Group (ECG) is to act as an additional resource for the management of the Furman University Endowment. Developing a strong advisory network of investment professionals enhances the staff’s knowledge base and foster improved communications concerning one of the institution’s most strategic assets. A diverse and complimentary group of industry experts, the ECG will consist primarily of alums and others that have a strong link to the school. Input from the ECG, Student and Faculty Representatives gives Furman’s endowment management a strong level of community involvement.
http://www.furman.edu/endowment/index.html
*Please provide URL or attach guidelines (optional).
2) If you answered "g" or "h" to question 1, please provide the following information about the committee:
Name of committee:
Number of meetings held since August 2008:
Name of chair(s):
Position of chair (e.g., administrator, faculty, staff, student):
To whom does the committee report (e.g., Trustee Committee, President, Vice President):
Number of administrators on committee:
Number of alumni on committee:
Number of faculty on committee:
Number of staff on committee:
Number of students on committee:
Number of trustees on committee:
Total number of committee members:
3) Please indicate what information about proxy voting records is made available to each of the groups listed under "Your answers" (select all that apply):
(a) No information is made available
(b) Votes cast on proxy resolutions only by category (and not company specific)
(c) Votes cast on proxy resolutions on a company-specific level
(d) Votes cast on proxy resolutions on a company-specific level, including the number of shares
Your answers:
Trustees and senior administrators:
Trustees, senior administrators and other select members of the school community:
All members of the school community including faculty, staff, students and alumni:
The public per open records law:
The public:
d. Furman will provide votes cast on proxy resolutions on a company-specific level, including the number of shares to trustees, senior administrators, faculty, staff, students, alumni and other members of the school community. Public requests will be considered on an individual basis.
4) Where is information about proxy voting records made available?
(a) Information is not made available.
(b) Information is available at the investment office or similar office on campus.
(c) Information is sent to individuals upon request.
(d) Information is on the school website with password protection.
(e) Information is on the school website and is accessible to the public.
Your answers:
To the school community.
Proxy voting records on environmental and social resolutions:
Proxy voting records on corporate governance matters:
To the public.
Proxy voting records on environmental and social resolutions:
Proxy voting records on corporate governance matters:
b,c. Information is available at the investment office or can be sent to individuals upon request.
5) Please indicate what information about endowment holdings is made available to each of the groups listed under "Your answers" (select all that apply):
(a) No information is made available
(b) Asset allocation
(c) List of external managers
(d) List of mutual funds
(e) Equity holdings
(f) Fixed income holdings
(g)Real estate holdings
(h)Hedge fund holdings
(i) Private equity holdings
(j)Venture capital holdings
(k)Natural resource holdings
(l)Cash
(m)Other holdings (please specify)
(n)All holdings
Your answers:
Available to trustees and senior administrators:
Available to trustees, senior administrators, and other select members of the school community:
Available to all members of the school community, including faculty, staff, students, and alumni:
Available to the public per open records law:
Available to the public:
(n) in addition, asset levels, investment policy, financial statements, historical asset allocation, governance structure, key partners (custodian, consultant, auditor, etc.) are available to trustees, senior administrators, faculty, staff, students, alumni and other members of the school community. Public requests will be considered on an individual basis.
6) Please indicate where information about endowment holdings is made available to the school community and to the public:
(a) Information is not made available.
(b) Information is available at the investment office or similar office on campus.
(c) Information is sent to individuals upon request.
(d) Information is on the school website with password protection.
(e) Information is on the school website and is accessible to the public.
Your answers:
To the school community:
To the public:
(b), (e) Most of the information listed in #5 above is available on Furman’s website and is accessible to the public. Other more detailed information that is not on the website is available in the investment office or can be sent to members of the school community or public upon request.
7) Is your school currently invested in any of the following areas? (Please list all that apply.)
(a) Renewable energy funds or similar investment vehicles
(b) Community development financial institutions or community development loan funds
(c) On-campus energy and/or water efficiency projects through the endowment (as an investment and not a payout)
(d) None of the above
Your answer:
Furman is currently invested in the following sustainability related funds:
Wellington’s Global Climate Change portfolio, as part of its Diversified Inflation Hedge program
Furman has exposure to “green/clean tech” companies within our portfolio via multiple CommonFund Capital Venture Capital funds
Furman just funded an equity investment in Generation Global, a firm founded and chaired by the Honorable Al Gore that incorporates sustainability research within its investment management process
8) Is your school currently exploring investment in any of the following areas? (Please list all that apply.)
(a) Renewable energy funds or similar investment vehicles
(b) Community development financial institutions or community development loan funds
(c) On-campus energy and/or water efficiency projects through the endowment (as an investment and not as a payout)
(d) None of the above
Your answer:
(a), (c). In addition to the sustainability-related investments listed in #7, Furman is currently exploring several additional areas:
Senior administrators, Facilities management, and the Director of Investments have held multiple in-depth meetings with management of several renewable/alternative energy (e.g. solar and biomass) providers. Solutions discussed include both on-campus and off-campus large-scale renewable energy systems potentially funded through the endowment.
The Director of Investments, Investment Committee members, Endowment Consulting Group, and other financial staff are actively gathering information on renewable energy funds and other similar investment vehicles that could potentially improve Furman’s endowment profile.
9) Does your school have any investment policy provisions, or use any investment managers, that consider environmental/sustainability factors?
(a) No
(b) Yes (please describe)
(c) Currently under consideration (please describe)
Your answer:
b. Furman’s commitment to sustainability is in the core beliefs section of our investment policy and is also explained on the website. Furthermore, the exposure to related investment funds is growing. As previously mentioned, the Generation Global, Commonfund Venture Capital, and Wellington Global Climate Change portfolios are examples. Furman’s endowment leadership will continue to carefully and methodically consider additional sustainability-related investment opportunities that achieve the institution’s as well as the endowment’s goals and objectives.
10) Does your school offer donors the option of directing gifts to an investment fund that considers environmental/sustainability factors?
(a) No
(b) Yes (please describe)
(c) Currently under consideration (please describe)
b. Furman’s donors have the option of donating any investment interests that they already have in possession or directing Furman to invest in a specific fund. The gift annuity and other charitable trust platform is currently managed by State Street Global Advisors.
Your answer:
Question 11 is for informational purposes only; responses will NOT be included in the Report Card evaluation process.
11) Please provide total endowment value as of the following dates:
6/30/2008: $560.0 MM
9/30/2008: $497.4 MM
12/31/2008: $449.6 MM
3/31/2009: $428.1 MM
6/30/2009 (may be submitted separately at a later date): Not available at this time.
Investment Priorities
Renewable Energy and Sustainable Investment
Using environmental sustainability criteria in selecting all or part of endowment investments.
Investing in renewable energy funds or actively investigating the option.
Investing in on-campus energy/water efficiency projects through the endowment (as an investment and not as a payout).
Community Investment
Making investments in community development loan funds or other community development financial institutions or actively investigating the option.
Optimizing Investment Return
Investing to optimize long-term profit—a vital aspect of maintaining endowment sustainability.
Shareholder Engagement
Proxy Vote Decisions
Providing ways for the school to exercise its shareholder rights.
Advising trustees on proxy voting by a proxy voting advisory committee or similar committee structure.
Stakeholder Involvement
Incorporating multiple stakeholders into the investment advisory process.
Including faculty, student, and alumni representation on an advisory committee to the trustees.
School Community Input
Encouraging members of the school community to provide input via open forums or a website.
Sustainability Voting Record
Voting in favor of sustainability-related shareholder proposals (when school proxy voting records are available for review).
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