Presentation on theme: "PRIMER COMMUNITY FOUNDATIONS OF CANADA PILOT PROJECT JULY 2008"— Presentation transcript:
1 PRIMER COMMUNITY FOUNDATIONS OF CANADA PILOT PROJECT JULY 2008
2 Table of Contents I Introduction to Responsible Investment (p. 3) - Jantzi ResearchII Shareholder Action and Proxy Voting (p. 34)- The Ethical Funds CompanyIII Community Investment (p. 45)- Tides Canada Foundation and Vancity Community FoundationIV Developing a Responsible Investment Policy (p. 79)- SHAREV Bibliography (p. 95)Note:The RIPP Primer is compiled from different source presentations.Originals are credited in detail in the Bibliography.
4 What’s in a name?the integration of environmental, social and governance parameters into the investment decision making processSRIMBI
5 Responsible Investment the incorporation of an institution’s central purpose or calling into its investment decision making process.Responsible Investment
6 Definition of RIThere are many different names given to responsible investment, but one common definition:“The integration of environmental, social and governance factors in the selection and management of investments.”From Social Investment Organization
7 Four Approaches to RIESG Integration – the integration of social, environmental and governance factors in stock selectionScreening – selecting investments on the basis of pre-identified social, environmental and governance factorsShareholder action – exercising ownership rights such as proxy voting, management negotiations, shareholder resolutionsCommunity investment – assets invested in local community development
9 Europeretail SRI in Europe totals more than €48.7 billion in assets – increase of 102% from year beforeinstitutional SRI in Europe totals about €2 trillion in assets under management
10 Government mandated disclosure: a catalyst for change July 2000 – UK Pensions Disclosure Regulation: “the extent (if at all) to which social, environmental or ethical considerations are taken into account in the selection, retention and realisation of investments”Belgium, France, Germany, ItalyPension funds acting on SRIFrance - Fonds de Réserve Pour Les RetraitesNetherlands – ABP, PGGMScandinavia – Sweden, Denmark, NorwayAustralia2001 – Financial Services Reform Act
11 United KingdomFebruary Trustee Act requires charity trustees to make sure investments are suitable, not only financially but also with regard to the charity’s stated aimsincreasing number of charities and foundations embracing SRIBarnardo’s
12 Barnardo’s UK charity focused on children - founded 1866 “…not to hold investments in companies whose activities are considered to be to the detriment of children and where we believe donor support might be adversely affected.”companies considered to exploit children (usually in the Third World) in the manufacture of their productscompanies who derive significant income from the production or distribution of pornography or adult entertainment televisioncompanies which derive more than 10% of their turnover from the production or sale of tobacco products
14 U.S. Foundationsinterviewed 92 foundations – 64 private, 24 community and 4 corporateduring the past ten years the number of U.S. foundations involved in SRI has doubledfastest growth in foundations with less than $200 million in assets under managementF.B. Heron Foundation, David and Lucile Packard Foundation, Vermont Community Foundation
15 U.S. Foundationsfocuses on development and implementation – “from idea to execution’12 case studies highlighting a variety of experiences – Kalamazoo Community Foundationrisk, return, and impact
16 SRI Assets Under Management in Canada $503 billion in SRI assets in 2006increase from $65.5 billion over two yearsJantzi Research Inc.Jantzi Research Inc.
18 Harries vs. Church Commissioners Trustees may avoid investing in a company if it clearly conflicts with the aim or purpose of the organization, even though it may be the most prudent investment financially.In those circumstances where trustees are satisfied that investing in a company engaged in a particular type of business would conflict with the very objects their trust is seeking to achieve, then they’re duty bound not to invest.
19 Legal Perspective October 2005 – Freshfields Bruckhaus Deringer A legal framework for the integration of environmental, social and governance issues into institutional investmentleading international law firm, with over 2,400 lawyers in 28 offices in 18 countries across Europe, Asia and the U.S.“…integrating ESG considerations into an investment analysis so as to more reliably predict financial performance is clearly permissible and is arguably required in all jurisdictions.”
20 Evidence that it is possible to implement RI and generate a competitive rate of return…
21 Mainstream Investment Initiatives and Investors Multilateral mainstream SRI initiativesCarbon Disclosure ProjectCICA - MD&A Disclosure About the Financial Impact of Climate Change and other Environmental IssuesUN Principles of Responsible InvestmentPension Funds who have endorsed UNPRI- Canada Pension Plan Investment Board- British Columbia Investment Management Corp.- Caisse de dépot
22 What’s the Opportunity? generation of alphagrowing body of research highlighting link between superior sustainability performance and enhanced share value
23 Materiality studies demonstrate value of ESG 10 sell-side brokerage houses invited to undertake reports across sectors/ themes to evaluate the materiality of environmental, social and governance (ESG) issuesESG issues are material – there is robust evidence that ESG issues affect shareholder value in both the short- and long-termthe impact of ESG issues on share price can be valued and quantifiedmateriality varies across sector and themes
24 Materiality Studies 10 academic/20 sell-side brokerage studies evidence suggests that there appears to be no performance penalty from taking ESG factors into account in the investment management process10 studies are positive, 7 neutral, and 3 negativeSRI leading to underperformance is a misconception
25 Positive Performance of Sustainability Indexes e.g. Jantzi Social Index®
28 JSI® - Comparative Values (through April, 2008) RETURNSApr 20083 mths6 mths1 yr3 yr*5 yr*Inception*Inception**JSI5.90%7.60%-3.90%5.45%16.21%17.80%8.32%94.71%S&P/TSX COMPOSITE4.60%6.66%-3.42%6.58%16.837%18.65%8.19%92.71%S&P/TSX 605.42%7.36%-1.73%10.15%18.80%19.47%8.16%92.23%Source: State Street Global Advisors (SSgA)* Annualized ** Cumulative(since 01/01/2000)
29 JSI® - Comparative Returns (through April 30, 2008)
30 Why Mission-Based Organizations Invest in RI Advance organizational missionAlign investments with valuesEnhance shareholder valueReduce reputational riskProvide marketplace differentiationProvide universal investors with investment optionsMay be legally required
31 Different Screening Approaches Negative screens – also referred to as exclusionary screensBest-of-sector approach – allows investment in, e.g., the top 20% to 35% of companies in every sector, ranked on sustainability performance grounds. This can allow funds to invest in companies from every industry, as long as they rank the companies chosen comparatively well for environmental, social and governance (ESG) criteriaPositive screens - usually used to described thematic focus such as cleantech/renewable energy
33 Standards for determining social/environmental performance Strengthening Communitiescommunity consultationaboriginal relationshipscharitable givingEnvironmentUNEP: The Hazardous Chemicals and Wastes Conventions (e.g. Stockholm Convention on Persistent Organic Pollutants)Human RightsUN Declaration of Human RightsUnited Nations Global Compact
34 Shareholder Action and Proxy Voting IIShareholder Action and Proxy Voting
35 The Name Game Shareholder Action Corporate Engagement Shareholder EngagementShareholder ActionDON’T CLICKShareholder ActivismCorporate Dialogue
39 Shareholder Action Definitions Monitoring corporate performanceSeeking changes in corporate practice through dialogueMay involve the use of shareholder proposalsShareholder proposalRequest that a company undertake specific actionCompanies are legally obliged to include proposals in management proxy circularVoted on at annual general meeting
40 Why Conduct Shareholder Action? ValueEngage to acquire an informational advantageEngage to encourage long term value creationEngagement to control risk and boost performanceValuesEngage to make companies more sustainableEngage to better fulfill your missionNeed examples at each level
41 Shareholder Action Approach Identify Candidates andEstablish GoalsEstablish Stakeholder CoalitionCommunicate Concerns to Company and Offer DialogueCompany Acknowledges Concerns and Agrees to DialogueCompany Fails toAcknowledge ConcernsCompany Agrees to DialogueFile Shareholder ProposalMeet with CompanyWe have 3 core values which guide our Sustainable Investment program> reflect broad Canadian values1. Encourage companies to reduce their negative impacts on the environment, adopt a precautionary approach, and work towards business practices that help restore the environment2. We expect companies to accept their responsibility to protect and promote human rights within their sphere of influence. This means they should avoid being complicit in human rights violations and should also protect international labor rights3. A company’s stakeholders include shareholders, employees, customers, suppliers. We encourage companies to be responsive to their stakeholders, listening to their concerns and developing business practices that seek to address these concerns.Company Opposes Proposal in Proxy CircularEstablish Course of ActionSolicit Support and Move Proposal at AGMFollow-up andMonitor Company ProgressAssess Results andEstablish Next Steps
42 Proxy Voting Definitions Owners of common stock have the right to vote on a variety of company policies and practicesOpportunity to vote comes in advance of annual meetingVoting items from management and shareholdersPublished in Management Information CircularProxy voting guidelinesEstablish proxy voting positions and decision rules on corporate governance and social issuesProxy voting servicesAssist investors with the proxy management, analysis, voting, and disclosure process
46 Social Purpose Business Different Names for Community Investing…Social FinanceTriple Bottom Line (TBL)Community Economic Development (CED)Mission Related Investing (MRI)Mission Based Investing (MBI)Social EnterpriseSocial EconomySocially Responsible Investing (SRI)Environment Social Governance (ESG)Program Related Investment (PRI)Social InvestingSocial Purpose BusinessSocial Venture Fund
47 Context Driving Financial Innovation New perspectives on “theory of change” beyond “grantsmanship”Leveraging more assets: convening capability, networks, long term capital, leadership, etcRecognizing urgency and scale of enviro-social challenges; new rules of the game (e.g. carbon’s impact)Rise of social entrepreneurshipSearch for social innovation’s scaled impactMoving beyond sectoral silos (government, voluntary, business): role of hybrid space & relationship to social innovationRecognizing value of community asset building and social enterpriseBenefiting from international lessons & best practices (UK, US, etc.)
48 Foundations Involved Already Active foundations in MRI/MBI/CI field (partial list):JW McConnell Family Foundation (Qwest U loan);Ivey, Metcalfe: NCC Revolving Fund with RBC (in formation) with foundation loan guaranteesEdmonton Community Foundation (Social Enterprise)Vancity Community Foundation (Groans: grant/loans)Vancouver Foundation (SRI, SVF)Endswell Foundation (non profit building)Tides Canada Foundation (social enterprise)Ilahie Foundation (non profit building) Bealight Fdn/Social Capital Partners (social enterprise)Muttart Foundation (non profit building)CAIC (Canadian Alternative Investment Co-op) handling CI investments for religious charities; [Jubilee Fund]
49 How Do Social Entrepreneurs Finance Their Great Ideas? Social entrepreneurs are seeking: Scale, Durability, ImpactThat requires resilient, sustainable financingTraditional nonprofit external funding sources – charitable donations and Gs+Cs – face challengesMore likely option is “business model”: social enterprise or hybrid (part nonprofit, part enterprise)NEXT What is social finance???
50 Challenge becomes: How to finance social entrepreneurs’ enterprises? Moving from grants to other forms of finance…
51 NONPROFITS DEPEND ON FEW SOURCES OF INCOME 40% provincial, 9% federalGovernmentEarned IncomeDonations and GrantsOther
52 Growing Donations But Declining Donors: 1984 to 2005 Donors as a %of TaxfilersAverage Donation ($)Source: CRA compiled by Imagine Canada
53 finance with a social or environmental mission Social finance is…finance with a social or environmental missionOrSocial finance is a sustainable approach to managing money that delivers social, environmental dividends and economic return through social enterprises operating in the non-profit or public benefit universe.
54 Social Finance Exists Across A Broad Continuum… HIGH INVOLVEMENTVenture philanthropyVenture capitalCHARITABLECOMMERCIALTraditional grant makingBank lendingLOW INVOLVEMENTAdapted from Margaret Bolton, 2003
55 Social finance’s most visible example is MICROFINANCE…
56 Social enterprise is…A business with primarily social (and/or environmental) objectives whose surpluses are principally reinvested for that purpose in the business or in the community, rather than being driven by the need to maximise profit for shareholders and owners...
57 Social finance for public benefit SourcesIntermediariesMechanismsRecipientsUsesThe flow of financial capital to human need uses:Affordable HousingSocial EnterpriseSupport for working familiesHealth & Home CareCommunity DevelopmentSocial EconomyClean TechnologyMicrofinanceFair TradeGreen BuildingEducationBottom of the Pyramid(source: market sector listing adapted from
58 Social Finance Examples Local community developmentThe Columbus Foundation used $2 million PRI to seed an $18 million low-cost housing fund to build 1,600 new units of affordable housing.The Social Enterprise Fund (SEF) is designed to fuel the social economy by providing alternative financing, leveraging mainstream funding, and providing technical assistance to social entrepreneurs. The SEF will be capitalized in the amount of $10.5M over five years. Key financial partners are likely to include the City of Edmonton, the Edmonton Community Foundation, other levels of government and private donations.Startup or expansion capital in underserved communitiesDeutsche Bank created an innovative $20 million investment fund to finance the expansion of eye care hospitals in developing countries. The Eye Fund I will provide loans and guarantees to support the development of affordable, sustainable and accessible eye care for the world's poor while providing a near-market returnDebt mechanismsMillions in loans to community finance institutions and social enterprises by Vancity, Citizens Bank and Calvert Foundation’s Community Investment Note,Using public policy & tax systemPLAN (Planned Lifetime Advocacy Network) promoted Registered Disability Savings Plan (RDSP), families are incentivized to save for disabled children who will survive them
59 Collaborative approaches and blended returns Growing social and environmental pressures + government and market failure = the conditions for social innovationProjected IncomeNewSocial FinanceExpanding Earned IncomeExistingEarned IncomeGvrnt Gs & CsCharitable Donations
60 Social Finance Supports Businesses in the Public Benefit Universe Low Profit Limited Liability Companies (L3C)
61 - managing other’s money TAXIndividualsINVESTHow does capital flow?GovernmentOrganizationsFinancial Entities- managing other’s moneyFrom the sourceInto an organizationFor use in eitherDIRECTOperationsProgramsAssets
62 Foundation MBI, MRI, PRI PRIs are a new tool for philanthropy Employ an investment approachWhat’s the rationale?New arena for impactLeverage potential: partnerships (business, non-profit, government) and hybridsSupports new trend of SE organizational profileEmbraces the financial sustainability & financial resiliency agendaDiversifies asset management
63 Canada Revenue Agency Rules CRA includes CI in its 1999 Community Economic Development (CED) policy, referring to PRIsTwo frameworks applicable:PRIs (Program Related Investments) with charitiesRegular InvestingCRA Off-the Record Policy Consultation (2008)
64 Envisioning Canada’s Social Finance Marketplace NONPROFITS: Accessing social finance for financially self-sustaining & asset building enterprises tackling social & environmental needs (e.g. economic opportunity for disadvantaged populations, homecare infrastructure, disability agenda/RDSP, market shifting, community-based renewal energy, etc.)MAINSTREAM CAPITAL: Offering range of RDSPs, “Community Venture Funds”, “Green Venture Funds”, “Local Employment Venture Funds”, “Conservation Economy Investment Funds”, “Social Housing”, etc.GOVERNMENT: Providing enabling policy (Municipal, Provincial & Federal)Special tax credits for social enterprise investing, enabling private capital. Income at lowered tax rate, or receive refundable tax credit.Regulatory changes to simplify how charities and non-profits can directly operate or control social enterprises in the new hybrid space.Capacity building support for the evolving non-profit sector through dedicated funding mechanisms targeting key constituencies and social policy goals (e.g. for business plan development of social sector social enterprises, for technical training for financial and business managers in the emerging social-business hybrid sector, etc.)INVESTING PUBLIC: Expanding ownership of “social finance” asset class products in addition to equities and fixed income securitiesUSER PUBLIC: Benefiting from emergence of innovative new systems of delivery and support for public benefit services and sustainability services.
65 Social Finance Poised To Grow Quickly Since… Canada can borrow proven models from US and UKWe can make the transition to a robust social finance marketplace with:- New conversation among finance, government, foundations and nonprofits about the potential to scale up innovative social enterprise and social finance- New capital market instruments involving the range of financial institutions: banks, credit unions, pension funds, mutual funds, etc.- Public policy that a) creates incentives for capital to expand into social finance, b) borrows international best practices in charity regulations that enable foundations and nonprofits to operate successfully in the growing hybrid space- Strengthening the capacity of nonprofits, their social enterprises, and intermediary institutions
66 Causeway New national collaboration accelerating a social finance market place for financing social innovation serving public benefit
68 For more information about CAUSEWAY http://causeway-sff. wikispaces For more information about CAUSEWAY and Social Finance visit: For more information on the charity sector visit:
69 Community Investing in Practice: A Vancity Case Study
70 Role of Community Investing at Vancity Community Foundation Community investing as part of our objectives since inceptionOur bylaws refer to “investments which are prudent” rather than those “in which trustees are authorized by law to invest”Part of strategy for using all our assets toward missionFit with Vancity Credit Union as a key partner and with existing capacityCI increasingly a fit with donors and other partners (and growing demand from community organizations)
71 CI at Vancity Community Foundation A range of different transactions, including individual micro-credit loans, social enterprise, arts, social housing, asset building for non-profits, bridge loans, etc.Fits within CRA guidelines as Program Related Investment (especially with respect charities), or as part of overall investment strategyMost often done as part of a much larger financial package, leveraged as high as 10:1
72 CI at Vancity Community Foundation During some down market cycles, the community investment holdings have been the strongest part of our portfolioStill working on articulating an effective framework for measuring non-financial returns
73 CI at Vancity Capital Corporation Significant amount of community investing experience through Vancity Capital Corporation (venture capital subsidiary of Vancity Credit Union)More than $15MM, 50 transactions and sizes, $25K to $1.5MM, areas including education, arts, employment training, housing, transportation, natural resource management, social services, health, sports, food, alternative energy, aboriginal communities, etc.
74 CI at Vancity Capital Corporation Losses less than 2%, including some additional risk mitigation in place from Federal Government, average returns of 10% (before operating cost allocations) – return on assets somewhere between 6% - 12% depending on leverage and allocation assumptions in modelNon-profit organization represent 15% of the overall portfolio at Vancity Capital, as high as 25% when including sustainability businesses
75 Lessons learned in CIIt starts with a willingness to engage in this activity (some tolerance for risk taking and a view to how this fits the mandate of the organization) – often learning by doing and seeing value in lessonsNeed to set boundaries and objectives for this (often in policy, or a shared understandingBalance the need for structure and boundaries with flexibility (often through processes – using committees or individuals with delegated authority or using the entire Board within tolerances for risk and based on investment size
76 Lessons Learned in CICapacity is a key challenge (both the capacity of your organization to structure transactions and lend, and the capacity of investees to effectively use repayable capital)Relationships are key. It often comes down to trust, and community investments often emerge from existing relationships within organizationsInvestment partners help to spread risk and can complement the due diligence processAdditional risk mitigation tools or “credit enhancements” can be useful (additional loss reserves, risk sharing agreements, rate buy downs, insurance, priority agreements, etc…)
77 Lessons Learned in CIA portfolio approach helps ensure broader blended returns and helps avoid concentration risk with too few transactions in too few sectorsA long time frame is important, together with a set of financial and non-financial objectives (including appropriate milestones for development)To achieve scale, it will likely be necessary to seek intermediaries with specific expertise and to package transactions for multiple investors
78 Developing A Responsible Investment Policy IVDeveloping A Responsible Investment Policy
79 The Policy Development Roadmap “Should a foundation be more than a private investment company that uses some of its excess cash flow for charitable purposes?”F.B Heron Foundation Board of DirectorsYes – but how79
80 The Policy Development Roadmap “We want to implement responsible investment…now what?”initiate discussion at board levelset policy objectivesdevelop policy and integrateidentify implementation strategy80
81 The Policy Development Roadmap Initiate Discussion at Board LevelIdentify the informational needs for your board. (i.e. How does RI affect returns? Are other foundations implementing RI strategies)Identify and participate in educational opportunitiesIdentify mentors and/or other external expertsBuild your RI team to include staff, board and investment committee membersThe role of the investment committee is critical – need to understand their perspectives and constraints and they need to be involved throughout the process81
82 The Policy Development Roadmap Set Policy ObjectivesWhat does responsible investment mean for your foundation?What are the key triggers that led your organization to consider responsible investment?How can a responsible investment policy be grounded within the values and mission of the foundation?Survey stakeholders to better understand priorities in order to reflect these in the responsible investment policyHow does responsible investment fit within your existing program priorities and activities?82
83 The Policy Development Roadmap Develop Policy and IntegrateStart with an overarching policy statement or philosophyLook at sample and model policies to act as a guideHow does responsible investment fit within your existing investment strategies? (i.e. asset allocation strategy, performance guidelines, investment manager review criteria)Talk to your investment managers and ask them questions about responsible investmentIntegrate responsible investment principals into your investment policies or guidelines83
84 The Policy Development Roadmap Identify Implementation StrategyChoosing your pathwayIdentify the strategies that make the most sense and meet the priorities and objectives you have laid outIncremental approaches allow decision-makers to educate themselves about each strategy, consider their value and monitor the results over timePathways could include entering the market opportunistically or allocating a certain portion of the endowment for RI strategiesSome organizations start with proxy voting because it works with their existing portfolioEVERY STEP COUNTS!84
85 Why Responsible Investment The Atkinson Foundation: A Case StudyWhy Responsible InvestmentMISSION…to promote social and economic justice in the tradition of Joseph E. Atkinson.INVESTMENT PHILOSOPHYThe Foundation believes that it should implement its mission not only through the ideas people, organizations and projects it supports, but also by how it invests and otherwise uses its assets. Ensuring that its deeds match its words, the Foundation seeks to ensure that its grant making and investment practices all align with its mission.Foundation founded in 1942 by Joseph AtkinsonFunding themes: Early childhood education and economic justice.Asset size – approximately $60 million85
86 The Atkinson Foundation Overcoming HesitancyKEY CATALYSTSChampions at the staff, board and investment committee levelBroad ‘theoretical’ support for the need to align grant-making and investing with missionKEY STEPSBuilding the collective knowledge of the BoardAsking questions…over and over againIdentifying and working with mentorsUtilizing grant capital to foster a greater understanding of RI and MBIAnd finally…developing the policy86
87 The Atkinson Foundation Mission Based Investment PolicyThe Foundation is committed to its fiduciary responsibilities and recognizes that this responsibility does not end with maximizing return and minimizing risks. The Foundation believes its fiduciary responsibility includes the consideration of its investment decisions on corporate conduct, and broader social concerns. The Foundation will pursue MBI with the following assumptions in mind:Evidence demonstrates that MBI does not have to have a negative effect on financial returns;There are no perfect companies; andMBI can positively influence corporate conduct, improve stakeholder relations and ultimately maximize profits.87
88 The Atkinson Foundation Mission Based Investment Policy cont’dThe Foundation will work with its fund managers to develop positive and negative screens, and to be an active shareholder. The Foundation will further its mission through investments that:Promote high quality, fair and just employment opportunities;Support young children and their caregivers;Reduce poverty and improve quality of life for the poor;Support such other granting themes as the Foundation may determine from time to time.The Foundation favours companies that support and advocate for a strong and effective public sector.88
89 The Atkinson Foundation Implementation…With Some Help from FriendsPortfolio audit conducted by Jantzi Research AssociatesACF holdings moved to a segregated fund to allow the Foundation to direct proxy voting and shareholder engagement activitiesA set of customized proxy voting guidelines were developed with support of SHAREMoira Hutchinson joined the investment committee in 2006The Foundation hired SHARE to facilitate a shareholder engagement program focusing on precarious employment practices89
90 The Atkinson Foundation Identifying a FocusDecided to focus their efforts initially on shareholder engagement for two main reasons:FIRST, the investment committee was comfortable with shareholder engagement as an initial strategySECOND, they felt that shareholder engagement could be a complimentary strategy to the efforts of grassroots organizations that they were providing grants toDeveloped a shareholder engagement program focused on precarious employment practices in the commercial real estate sector90
91 The Atkinson Foundation Time for Action – Shareholder Engagement StrategyEngagement dialogues underway with two publicly traded companiesManagement meetings with companies to get more information on contracting practicesMulti-stakeholder roundtable to consider the merit of devising a labour code of conduct or policyWorking Group drafting a model labour code of conduct for the commercial property sector in CanadaResearch commissioned that will examine the business case for good labour practices in commercial property management91
92 The Atkinson Foundation A Small Fund Leveraging Big ChangeConnecting RI strategy to the work of granteesSuccessfully brought together some of Canada’s largest asset owners and commercial real estate investors to look at the issue of precarious employment practices in commercial propertiesInitiating research that will draw on North American case studies that investors internationally will have access toPrincipal catalyst in the creation of a model labour code of conduct outlining employment and contracting standards for the commercial real estate sector in Canada92
93 The Atkinson Foundation Key Lessons…so farThis takes time – moving from the theoretical to the practical proved to take several years in the realm of RIWorking with the investment committee from the beginning is crucial and empathizing with their apprehensionsThere are many paths – need to find strategies that meet your foundations needs and work at a pace that decision-makers are comfortable withSmall funds can make a differenceChange is slow but every step counts“We are not done yet”93
95 BibliographyMichael Jantzi, Responsible Investing for Foundations – An Introduction, June 5/08Bob Walker, Shareholder Action, June 5/08Tim Draimin, Foundations’ Financial Innovation and Community Investing, June 5/08Derek Gent, Community Investing: A Practitioners Perspective, June 5/08Peter Chapman and Shannon Rohan, Responsible Investment Policy Development, June 5/08GEM, Sustainable Investing Handbook for Mission-Based Organizations, June 2008.
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