Endowments and Investor Responsibility: UVIMCO’s Journey

Chris and George talk with UVIMCO’s Cornelia Horner for insights on how one of the largest and most well-respected endowment managers committed to and is implementing a responsible investment strategy.

• Guest

• Cornelia Horner, Director of Strategic Initiatives and Communications Lead at the University of Virginia Investment Management Company (UVIMCO).

• Background

• Colleges and universities are at the forefront of education and research on issues such as sustainability and climate change. Not surprisingly, endowments of those institutions are being engaged, often pressed, by its stakeholders to align investment strategies with the beliefs and carbon neutrality commitments of the university at large.
• UVIMCO has always considered environmental, social, and governance issues as part of its due diligence process for investments, but prior to 2021, had not formalized such practices in its investment policies. UVIMCO recognized the growing need to address climate change more directly and to align with the University of Virginia’s ongoing leadership and commitment to sustainability.

• Conversation

• The discussion ranges from policy development to implementation, and the practical challenges of aligning ESG, net zero and DE&I with the endowment’s primary responsibility of generating returns to support the broader university mission.
• Cornelia describes the benefits and challenges of establishing policies that integrate ESG broadly, and climate and DE&I specifically, into what is a proven investment process for selecting managers.