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Report Card 2010

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Duke University

Endowment Survey

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With the publication of the College Sustainability Report Card 2010, more than 1,100 school survey responses from over 300 institutions are now available online. In total, these surveys offer more than 10,000 pages of data collected from colleges and universities during the summer of 2009 . To access surveys from other schools, go to the  surveys section  of the website. To see grades, or to access additional surveys submitted by this school, please click the "Back to Report Card" link at the beginning or end of the survey.

 

Name : David Shumate, Tavey Capps

Title : Executive Vice President DUMAC, Environmental Sustainability Director

Date survey submitted : July 20, 2009

 

1) How does your school handle proxy voting on environmental, social, and governance issues?

(a) We do not have the ability to vote proxies as the entire equity holdings of the endowment are invested in mutual funds (e.g. CommonFund, Fidelity, Vanguard, etc.).

(b) We ask that our investment managers handle the details of proxy voting.

(c) We provide our investment managers with general guidelines that determine our proxy votes.

(d) We provide our investment managers with specific corporate governance guidelines that determine our proxy votes.*

(e) We provide our investment managers with specific environmental and social guidelines that determine our proxy votes.*

(f) A member of our school administration determines our proxy votes.

(g) A committee of administrators and/or trustees deliberates and makes decisions on proxy votes.

(h) A committee that includes student representatives deliberates and makes recommendations or decisions on proxy votes.

(i) School community feedback is incorporated into proxy voting decisions through town hall meetings or a website.

 

Your answers:

Proxy voting on corporate governance matters: B,C

Proxy voting on environmental and social resolutions: B

 

*Please provide URL or attach guidelines (optional).

 

2) If you answered "g" or "h" to question 1, please provide the following information about the committee: *** see attached information about committee structure at Duke - President’s Special Committee on Investment Responsibility (PSC) and the Advisory Committee on Investment Responsibility (ACIR).

 

Name of committee:

Number of meetings held since August 2008:

Name of chair(s):

Position of chair (e.g., administrator, faculty, staff, student):

To whom does the committee report (e.g., Trustee Committee, President, Vice President):

Number of administrators on committee:

Number of alumni on committee:

Number of faculty on committee:

Number of staff on committee:

Number of students on committee:

Number of trustees on committee:

Total number of committee members:

 

3) Please indicate what information about proxy voting records is made available to each of the groups listed under "Your answers" (select all that apply):

(a)  No information is made available

(b)  Votes cast on proxy resolutions only by category (and not company specific)

(c)  Votes cast on proxy resolutions on a company-specific level

(d)  Votes cast on proxy resolutions on a company-specific level, including the number of shares

 

Your answers:

Trustees and senior administrators: C, Upon request

Trustees, senior administrators and other select members of the school community:

All members of the school community including faculty, staff, students and alumni: A

The public per open records law: A

The public: A

 

4) Where is information about proxy voting records made available?

(a) Information is not made available.

(b) Information is available at the investment office or similar office on campus.

(c) Information is sent to individuals upon request.

(d) Information is on the school website with password protection.

(e) Information is on the school website and is accessible to the public.

 

Your answers:

To the school community.

Proxy voting records on environmental and social resolutions: A

Proxy voting records on corporate governance matters: A

 

To the public.

Proxy voting records on environmental and social resolutions: A

Proxy voting records on corporate governance matters: A

 

5) Please indicate what information about endowment holdings is made available to each of the groups listed under "Your answers" (select all that apply):

(a)  No information is made available

(b)  Asset allocation

(c)  List of external managers

(d)  List of mutual funds

(e)  Equity holdings

(f)  Fixed income holdings

(g)  Real estate holdings

(h)  Hedge fund holdings

(i)  Private equity holdings

(j)  Venture capital holdings

(k)  Natural resource holdings

(l)  Cash

(m)  Other holdings (please specify)

(n)  All holdings

 

Your answers:

Available to trustees and senior administrators: N

Available to trustees, senior administrators, and other select members of the school community: A

Available to all members of the school community, including faculty, staff, students, and alumni:A

Available to the public per open records law: A

Available to the public: A

 

6) Please indicate where information about endowment holdings is made available to the school community and to the public:

(a) Information is not made available.

(b) Information is available at the investment office or similar office on campus.

(c) Information is sent to individuals upon request.

(d) Information is on the school website with password protection.

(e) Information is on the school website and is accessible to the public.

 

Your answers:

To the school community: A

To the public: A

 

7) Is your school currently invested in any of the following areas? (Please list all that apply.)

(a) Renewable energy funds or similar investment vehicles

(b) Community development financial institutions or community development loan funds

(c) On-campus energy and/or water efficiency projects through the endowment (as an investment and not a payout)

(d) None of the above

 

Your answer: A, B

 

8) Is your school currently exploring investment in any of the following areas? (Please list all that apply.)

(a) Renewable energy funds or similar investment vehicles

(b) Community development financial institutions or community development loan funds

(c) On-campus energy and/or water efficiency projects through the endowment (as an investment and not as a payout)

(d) None of the above

 

Your answer : A, B

 

9) Does your school have any investment policy provisions, or use any investment managers, that consider environmental/sustainability factors?

(a) No

(b) Yes (please describe)

(c) Currently under consideration (please describe)

 

Your answer : A

 

10) Does your school offer donors the option of directing gifts to an investment fund that considers environmental/sustainability factors?

(a) No

(b) Yes (please describe)

(c) Currently under consideration (please describe)

 

Your answer : A

 

Additional comments on Endowment/Financial Investment Sustainability at Duke –

Efforts to consider the social impacts of Duke’s investments

http://news.duke.edu/2004/10/trustees_1004.html

In 2004, the Duke Board of Trustees approved the Guideline for the University on Socially Responsible Investing. Recognizing the need for a mechanism to assist the President on making recommendations to the BOT on this issue, two committees were created, the President’s Special Committee on Investment Responsibility (PSC) and the Advisory Committee on Investment Responsibility (ACIR).

The PSC considers proposals from the University community relating to investment responsibility concerns and determines if there are credible allegations of substantial social injury. If the PSC agrees an issue requires further investigation, it will be referred to the ACIR for further review. The ACIR examines the issue and determines whether to propose to the President a course of action by the BOT. The President has the option to take the recommendation to the BOT or provide a written explanation to the ACIR on why their recommendation was not accepted. The President’s Office presents an annual report to the Duke Community on the work of the PSC, ACIR and the President’s and BOT responses.

The PSC is composed of the Provost and the Executive Vice President (or their delegates); the Dean of the one of the professional schools; the chair of ECAC or faculty member designated by ECAC; and a young trustee designated by the BOT. The PSC chair is appointed by the President.

The ACIR has nine voting members: one undergraduate and one graduate or professional student elected respectively by the Duke student government and graduate and professional student council; one alumnus elected by the Duke University alumni association; two faculty members elected by the academic council; the university counsel or his or her delegate; the deputy treasurer or his or her delegate; and two administrative appointees chosen by the president. The members are appointed for at least two years and may be reappointed, serving until their successors take office. The president appoints the chair from among the voting members.

When the University community has engaged in substantive discourse on an issue and expressed broad concern that a substantive social injury is being caused by such policies or practices, the President may make a recommendation to the BOT. Where the BOT agrees, it may instruct the Duke University Mgt. Company (DUMAC) to take appropriate action, including the exercise of the University’s practicable shareholder rights to seek modification of the company’s activities to eliminate or reduce the injury, using such means as –

  • Direct correspondence with management
  • Proxy votes
  • Sponsoring shareholder resolutions

In cases where these actions do not impact the company’s actions, the BOT can also instruct DUMAC to divest the securities in question within a reasonable time period.

Duke Supplier Diversity Program http://www.procurement.duke.edu/procurement/sdiversity/overview.html

The Duke Supplier Diversity Program began as the Minority and Women Business Enterprise (MWBE) program in 1984. Duke currently has a goal that 5% of business will be conducted with minority- and woman-owned firms.

Recently, the program has evolved to more closely reflect the broad diversity of our local community and to become more inclusive for the variety of locally relevant businesses that encounter obstacles to market entry, customer access, and financial growth. These include companies owned and operated by minorities , women , disabled individuals , veterans , and LGBT individuals .

In fiscal year 2005, Duke University and Health System spent over $33 million with Diverse Suppliers, an increase of over 30% over the previous fiscal year. Much of the increase can be attributed to the near doubling of Diversity Spend in construction projects.

Other ways Duke University invests in the local community include –

·         Duke has been a key investor in the redevelopment and revitalization of  downtown Durham. Funneling approximately $75-$100 million dollars into restoration projects and leasing space in new development. http://news.duke.edu/2007/12/downtown.html

·         The new Duke Carbon Offsets Initiative has been created to catalyze the development of local offsets in the local region by leveraging Duke’s unique resources. Focusing offset development in the local area will not only benefit the region economically, it will also serve to address other environmental impacts such as air and water quality.

·         DukeEngage is a flagship student service program, which has an expanding base of volunteers doing work in sustainability. Sample projects include volunteers working with a local nonprofit, Clean Energy Durham, to reduce energy use in low-income Durham residences.

·         The Duke-Durham Neighborhood Partnership - http://community.duke.edu/duke/index.php - supports community goals to improve life in 12 neighborhoods around campus and to boost achievement in seven public schools and one charter school close to campus. It promotes Duke student public service in Durham as a high educational priority. One particular project started in 2005 with the Durham Community Land Trustees, Habitat for Humanity and Self-Help have built 45 certified energy efficient homes in cooperation with the neighborhood-based Quality of Life Project.

 

Question 11 is for informational purposes only; responses will NOT be included in the Report Card evaluation process.

 

11) Please provide total endowment value as of the following dates:

6/30/2008:

9/30/2008:

12/31/2008:

3/31/2009:

6/30/2009 (may be submitted separately at a later date):

 

 

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