U of T Asset Management Corporation is a Founding Participant of Climate Engagement Canada
TORONTO, Oct. 14, 2021 /CNW/ – University of Toronto Asset Management Corporation (“UTAM”) is pleased to announce that it is a Founding Participant of Climate Engagement Canada (CEC), a finance-led initiative that aims to drive dialogue between the financial community and Canadian corporations to promote a just transition to a net zero economy. The CEC initiative launches today with 27 Founding Participants that collectively manage more than $3 trillion in assets.
The CEC initiative is coordinated by four investor networks: Responsible Investment Association (RIA), Shareholder Association for Research and Education (SHARE), Ceres and the Principles for Responsible Investment (PRI).
In 2019, Canada’s Expert Panel on Sustainable Finance made recommendations to align Canada’s financial system with a low-carbon future. Tiff Macklem, former Dean of the University of Toronto’s Rotman School of Management and now Governor of the Bank of Canada, was an Expert Panel member.
The recommendations included establishing a national engagement program to drive a broader and more consistent dialogue with Canadian corporate issuers around climate risks and opportunities, similar to the global Climate Action 100+ initiative (of which UTAM is also a founding participant). CEC investor participants will identify about 40 of Canada’s highest greenhouse gas-emitting corporations and work collaboratively to engage with them and encourage leading practices with respect to climate change risks and opportunities.
“Collaborative shareholder engagement is the pinnacle of responsible investment, so we are thrilled to see this program come to life in the Canadian market,” said Dustyn Lanz, CEO of the RIA, in a CEC announcement. “Canada’s financial community has set a new bar for climate engagement on a national scale, and we encourage our peers in other regions to build similar programs to help drive the transition to net zero globally.”
Since 2017, UTAM has worked alongside other Climate Action 100+ participants to engage with corporate greenhouse gas emitters. “Climate Engagement Canada is an exciting opportunity to further our engagement activities and make a bigger impact,” says Chuck O’Reilly, UTAM’s President and Chief Investment Officer. “Engagement is a key part of our approach to responsible investing, and we’re looking forward to promoting the transition to a net zero economy among more Canadian corporations.”
UTAM is the investment manager of the University of Toronto’s Pension, Endowment and short-term working capital assets. UTAM’s Board of Directors delegates day-to-day investment management activities to UTAM. Our team of almost 30 professionals works closely with the Board, the expert Investment Committee, the university administration and various governance bodies in our management of the university’s assets.
SOURCE University of Toronto Asset Management Corporation (UTAM)
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