Annual Socially Responsible Investment Report

Progress Report


Key highlights

(As of June 30, 2022)

42%Reduction of carbon emissions vs benchmark
(33% target)
7%Of the MIP in Impact Investment (5% target).
Includes commitments of US $25M in a Global Renewable Energy Fund and US $30M in a Global Impact Fund
99%Managers that have adopted a ESG Policy or are signatories of the UNPRI
$8MInvestment value in fossil-fuel-free funds (surpassing the initial $5M commitment)

Update on the implementation of the recommendations

1. Reduce the overall carbon emissions of the endowment portfolio

Status: On track 🟢

  • Reduction by 42% of carbon emissions vs benchmark as of June 2022 (was at 30% in December 2021).

2. Invest in low-carbon funds and funds that contribute to decarbonization

Status: Completed 🏁

  • Impact Investments, including commitments, represent 5% of the MIP
    • Additional investment of up to US$25M in a Global Renewable Energy Fund approved in Sept 2020.
    • Additional investment of US$30M in private equity impact fund approved in March 2022.

3. Increase the amounts invested in the fossil-fuel-free fund

Status: On track 🟢

  • Investment value of $8M as of June 2022.
  • University Advancement launched a branding effort at the end of October 2020 to promote the new Green Century Fund.

4. Exercise active stewardship through investor engagement opportunities with investment managers

Status: On track 🟢

  • Increased managers that have adopted a ESG (Environmental, Social, Corporate Governance) Policy or are signatories of the UNPRI (United Nations-supported Principles for Responsible Investment) from 70% in 2016 to 99%.
  • In 2021, McGill appointed SHARE as its shareholder engagement service provider to engage with the MIP’s portfolio companies on climate-related issues. Through SHARE, McGill became one of the first members of the University Network for Investor Engagement (UNIE), a university-led initiative that amplifies the voices of shareholders in addressing the drivers of climate change.

5. Review the Statement of Investment Policy of the MIP to reflect Environmental, Social and Governance goals and objectives

Status: Completed 🏁

  • The Statement of Investment policy was amended in June 2020 to reflect ESG goals and objectives, including modifying the Investment Objective section to consider ESG commitments with the aim to implement the proposed CAMSR recommendations.

6. Present to the Board and publish, annually, a report on socially responsible investing

Status: Completed 🏁

  • In spring 2022, the Investment Committee will present its 2021 to the Board of Governors.

7. Review socially responsible investing practices on a five-year basis

Status: On track 🟢

  • A review of the current Socially Responsible Investment practices has been added to the Board’s calendar of business and is planned to take place in Spring 2025.

8. Take a leadership role to evaluate and promote socially responsible investing policies and best practices.

Status: On track 🟢

  • In June 2020, McGill University signed the Investing to Address Climate Change: A Charter for Canadian Universities.
  • In collaboration with peers at other U15 universities, the Office of Investments is evaluating and promoting policies and best practices in the area of Socially Responsible Investment.
  • Throughout 2021, the MIP’s responsible investment practices were shared with the McGill community.
  • In April 2021, the Office of Investments hired a Governance, Compliance & ESG analyst, supporting McGill’s eight (8) commitments pertaining to Socially Responsible Investments (SRI) and the development of enhanced SRI practices.
  • In July 2022, McGill University became a signatory of the United Nations-supported Principles For Responsible Investment (PRI).

Download the detailed progress report

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