Impact Investing | October 31, 2017

After ImpactAlpha went to press (as we used to say), Scott Kalb, a fellow at New America’s Bretton…

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After ImpactAlpha went to press (as we used to say), Scott Kalb, a fellow at New America’s Bretton Woods II project, sent this additional information:

“First, let me say that CDPQ is in the top group of asset allocators on responsible investing and is deservedly among the global leaders, scoring very highly on almost all principles and criteria.

“CDPQ did not receive full marks for the principle of accountability in the BWII Responsible Asset Allocator Initiative rating scale. The fund has not yet fully reported the non-financial performance of its responsible investing practices, for example, how much the carbon footprint of the portfolio has been reduced as a result of their climate investment practices or how many companies in the portfolio improved their labor practices as a result of CDPQ engagement.

“At BWII the principle of accountability is outcome-oriented, and is defined as the following — “The Fund should provide information on how it measures, monitors and reports the financial and non-financial performance of its sustainable investments. The Fund should not only disclose its financial performance, but also its non-financial performance with respect to its sustainable investment activity. The performance results for its sustainable investing activity can include ESG benefits such as carbon footprint reduction and job creation.”

“We do note that in its recent climate change investment initiative, CDPQ has stated targets, parameters and formulas for reporting on carbon. Going forward the fund is expected to report on specific outcomes in this area and this could very well lead to higher marks for CDPQ in accountability going forward.”