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- NEWS
- January 15, 2025
Enhancing key investment policies for 2025
Consistent with our fiduciary duty to members, UPP’s responsible investing policies help ensure we effectively manage risks and capitalize on opportunities in our investment portfolio. For 2025, we updated these policies to enhance our ability to manage material risks and support long-term value creation.
Investment Exclusions Policy updates
As part of our responsible investing efforts, UPP maintains an Investment Exclusion Policy with a list of general parameters and criteria for investments which we aim to avoid. UPP’s exclusions may include certain asset types, entities, companies, or business practices that have the potential to cause or contribute to adverse environmental or social impacts. Avoiding these investments helps UPP to mitigate both financial and reputational risks.
The updated policy further restricts coal exposures and includes new criteria covering companies with thermal coal power and mining expansion plans. Furthermore, in addition to excluding entities that manufacture tobacco products and their suppliers and distributors, UPP’s tobacco exclusion now encompasses alternative smoking products.
Proxy Voting Policy updates
Our Proxy Voting Policy reflects our positions and expectations on corporate governance topics that are intended to align the interests of companies with long-term value creation and outlines our approach to exercising our voting rights.
Building on our Inequality Stewardship Plan (ISP), published in fall 2024, we added new provisions to our Proxy Voting Policy that promote a more comprehensive approach to executive compensation. UPP will not vote in support of executive compensation at North American companies that exceeds 200 times median pre-tax household income unless it clearly aligns with the company’s long-term best interests and considers the experiences of all stakeholders involved in the company’s value creation. Additionally, UPP will oppose the re-election of individuals responsible for executive compensation if such excessive pay continues. Learn more about our ISP.
Additional provisions added in 2025 focus on board responsiveness to shareholders and improving board accountability. UPP will oppose the re-election of a company’s governance committee chair if the board ignores a shareholder proposal with majority support or fails to address significant shareholder dissent on management proposals.
UPP’s Investment Exclusions Policy and Proxy Voting Policy are parts of a broader responsible investing approach which supports risk management, value creation, and active ownership. Learn more:
- UPP’s Investment Policies, including our Responsible Investing Policy, Investment Exclusions Policy, and Proxy Voting Policy
- UPP’s Inequality Stewardship Plan
- UPP’s proxy voting activity
Media Contact
Kelly Conlon
Managing Director, Strategic Communications and External Relations
[email protected]
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- © 2025 University Pension Plan