Endowment Responsible Investment Policy Committee
TERMS OF REFERENCE

PURPOSE

The purpose of the Endowment Responsible Investment Policy Committee Terms of Reference is to ensure that the responsibilities and expectations delegated to the Endowment Responsible Investment Policy Committee by the Board of Governors are clear and well defined.

COMMITTEE OBJECTIVES

The Endowment Responsible Investment Policy Committee is a working group mandated to advise the Finance Committee of the Board of Governors on matters of responsible investment policy. The Endowment Responsible Investment Policy Committee is created by and responsible to the Board of Governors of The University of British Columbia.

The Committee shall review and recommend policies to the Finance Committee of the Board of Governors that reflect evolving Responsible Investment policies and practices from peer academic institutions or from policy group that the University has subscribed to or considers as relevant.

The Committee shall periodically review IMANT’s implementation and conformity with the RI and ESG policies approved by the University.

The Committee shall also review Responsible Investment proposals received from the Finance Committee of the Board or from University stakeholders as specified below:

Proposals from University Stakeholders

The Committee will review Responsible Investment proposals that have broad support from University stakeholders.

For the purpose of review of a proposal, University stakeholders will be defined in the following constituencies:

  • Students
  • Faculty
  • Staff
  • Alumni
Any qualified Responsible Investment proposal will require:

⇒ The specific actions proposed

⇒ In the case of a divestment proposal, a comprehensive case for divestment, including:

  1. A proven and overwhelming social, political, economic or environmental rationale supported by a body widely seen as competent and objective;
  2. Reasonable evidence that divestment is the best way to achieve the desired outcome;
  3. Illustration that the request is consistent with its other University relationships or a further argument to align other University academic activities with the request;
  4. The demonstration of a lack of alternative policies as effective at a lower cost or more effective at the same cost;
  5. Consistency with the University’s legal obligations as trustee.

⇒ In the case of a divestment proposal, evidence of support from at least two (2) Constituencies via:

  • A referendum by the students of The University of British Columbia (as a system) that has achieved a majority (50% +1) and a quorum of at least 20% of eligible votes.
  • A referendum by the Faculty (across both campuses) that has achieved a majority (50% +1) and a quorum of at least 20% of eligible votes.
  • A referendum by the Staff (across both campuses) that has achieved a majority (50% +1) and a quorum of at least 20% of eligible votes.
  • A written request from the alumni UBC Board.

Support for a Responsible Investment Proposal must be collected during one academic year and delivered (with authentication of signatories) to the office of the Board of Governors Secretariat. Upon validation, a Responsible Investment Proposal will be submitted to the Responsible Investment Policy Committee within 90 days.

ACCOUNTABILITY

The Committee shall report to the Board at least once each year and shall review its Terms of Reference every three years, recommending changes to the Board’s Governance Committee.

MEMBERSHIP & PROCEDURES

The Committee shall consist of nine (9) members, excluding the ex officio members, including:

  • The Chair of the Finance Committee of the Board
  • Five (5) Members of the UBC Board of Governors appointed by the Chair of the Board in consultation with the Chair of the Finance Committee, one of which will be elected by Faculty, one elected by Staff, and one elected by Students
  • One (1) Member of the UBC Alumni Association Board of Directors
  • One (1) Member of the IMANT Board of Directors (independent)
  • the Vice-President Finance

ex officio Members

  • the Chair of the UBC Board of Governors
  • the President and Vice-Chancellor of the University
  • the Chancellor of the University

The Committee shall review and recommend policies to the Finance Committee of the Board of Governors that reflect evolving Responsible Investment policies and practices from peer academic institutions or from policy groups that the University has subscribed to or considers as relevant.

The Committee shall periodically review IMANT’s implementation and conformity with the RI and ESG policies approved by the University.

The Committee shall also review Responsible Investment proposals received from the Finance Committee of the Board or from University stakeholders (as specified above).

MEETINGS & QUORUM

The Endowment Responsible Investment Policy Committee shall meet as soon as practical after the date on which a valid Responsible Investment proposal is submitted. The Committee will review the proposal in accordance with these Terms of Reference and will make a recommendation to the Finance Committee of the Board within 180 days.

Attendance by at least 50% of the members of the Committee with a majority of attendees being members of the Board is required to establish quorum.