The Concordia University Foundation (CUF) has announced the creation of a sustainable investment fund.

Initially, the foundation will transfer $5 million of its assets into the fund with the potential to make additional contributions.

“We have been closely following the public discourse on divestment and social and ethical investing,” says Howard Davidson, chair of the CUF. “The result includes the adoption of a responsible investment policy and exploring a new approach to asset management.”

Read: Dalhousie won’t divest fossil fuel holdings

The CUF will select investment managers that will use a fully sustainable investment approach with the $5 million set aside for this new fund.

The foundation has a fiduciary responsibility to donors and beneficiaries—students and faculty—to invest and manage the university’s endowment wisely.

Read: Responsible investment and fiduciary duty

“The transition to sustainable investment won’t happen overnight,” says Davidson. “But this is a solid start, and it demonstrates the leadership in the area of sustainability that Concordia is known for.”

The Concordia Student Union and the Graduate Student Association are pleased with the CUF’s decision. However, they hope that this is the beginning of a longer process of full divestment.

The process to initiate the sustainable investment fund will begin in January 2015.

Read: Making green investments

Copyright © 2019 Transcontinental Media G.P. Originally published on benefitscanada.com

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