Social Responsibility Committee
Procedures for inquiring about specific investment holdings
The SRC has expressed interest in creating a process that allows for the sharing of information regarding the college’s endowment with SRC committee members and others in the community who are working on SRC matters. This set of procedures is also intended to ensure that inquiries regarding the college’s holdings are known to be the focus of a particular review so the IO staff can be assured that they are responding to an active review rather than random requests for information.
Information posting on website
The Investment Office staff will maintain a page on their website that lists the indexes that describe the college’s overall holdings. Because the college has a significant portion of its endowment held in co-mingled or index vehicles, these listings should provide an indication of the companies that the college is indirectly invested in. [The investment office site is being redone, so the posting of the links will be up by year end. The URLs can be supplied to those who need them.]
Process for learning about specific holdings
At the start of each semester, the SRC Chair will supply the Investment Office with a list of the committee’s membership. Anyone on that list can request information regarding a specific holding during the time that they are assigned to the committee. The Chair will also list any members of the community known to be working on particular SRC related projects.
If a member of the SRC or another community member working on an SRC related project is interested in finding out if the college holds a particular company in one if its separately managed accounts, the following procedure will be followed:
- If a person is bringing an issue to the SRC who has not been previously identified to the IO staff, that person [the Requestor] will ask that the SRC chair inform the IO staff of the person’s name and area of interest.
- The Chair will notify the IO office of the Requestor’s interest and their qualification for requesting additional information.
For either ongoing committee members or others identified by the Chair:
- The Requestor will forward a request to the IO staff regarding the particular holding.
- The IO staff will respond within 10 days of the receipt of the request.
- Information that is subject to confidentiality agreements will be shared within the limitations of those agreements.
For those managers not subject to confidentiality agreements, we have exposures to companies listed in the following indexes. Those exposures come from direct holdings of index funds covering those areas or co-mingled funds that hold some significant subset of the index or from futures transactions that are used for domestic and/or international positions.
S & P 500 (Large US companies)
Russell 2000 (Small US companies)
Vanguard Europe Fund (component of developed international market companies), and Vanguard Pacific Fund (the other component of developed international market companies)
Vanguard Emerging Markets (companies in underdeveloped/emerging countries)
Should there be a question regarding a particular company, the links can be tested to determine if that company appears in the index. As we have discussed, we do not hold proxy voting or buy and sell rights with the index and co-mingled funds, and the funds that are pure matches to indexes have no ability to take names out of their portfolio since they would no longer be able to claim they are fully tracking the index.
Document Current as of October 6th 2009.
Reviewed and Approved by SRC
Nov. 18, 2009.