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Investment Policies, Reports and Submissions
We commit to communicating openly and transparently about our investment practices, including our proxy voting and other stewardship activities, climate-related information informed by the Task Force on Climate-related Financial Disclosures (TCFD) recommendations, and diversity-related information.
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Investment Policies
Statement of Investment Policies & Procedures
As a regulated pension plan, our core investment policies and procedures are summarized in a public document called a Statement of Investment Policies and Procedures (or “SIPP”). Our inaugural SIPP came into effect on July 1, 2021, outlining our investment and asset position at UPP’s inception. The SIPP is reviewed, amended (if necessary), and approved by the Board at least annually to reflect changes in our approach and evolving risks and opportunities. Updates will be posted as they occur.
Read our Statement of Investment Policies and Procedures
Note: UPP’s SIPP was updated as of January 1, 2023. The changes reflect the establishment of UPP’s target asset mix and benchmarks.
Responsible Investing Policies
Note: UPP’s responsible investing (RI) related policies, which include the Responsible Investing Policy, the Proxy Voting Policy and the Investment Exclusion Policy, were updated as of January 1, 2023. The purpose of these updates was to ensure all RI-related policies have an aligned approach, reflect existing efforts, and use clear and succinct language. These updates did not materially change any UPP commitments.
Responsible Investing Policy
UPP’s Responsible Investing (RI) Policy provides a starting framework for how we will consistently and comprehensively incorporate ESG factors in our investment management and stewardship activities and signals the direction for our evolving strategy. Our initial RI Policy largely reflects the practices of our founding institutions and our investment management scope at inception.
Proxy Voting Policy
UPP invests in many publicly traded companies. Share ownership provides both rights and responsibilities, such as the right to vote on items of importance at annual and special company meetings.
Our Proxy Voting Policy outlines how UPP is likely to vote by providing an overview of our views and voting positions on a variety of topics, including our environmental, social and governance (ESG) expectations. We want Boards of Directors and company management teams to know our positions so that they might influence their policies and practices.
Investment Exclusion Policy
In general, we favour active engagement and constructive dialogue over excluding or selling investments as a first course of action to influence investee behaviours and effect change.
This Investment Exclusion Policy (“Policy”) outlines UPP’s approach towards ensuring UPP avoids financial and reputational risks related to environmental, social and governance (“ESG“) issues, such as UPP’s investments causing or contributing to adverse social or environmental impacts. It is intended to help UPP provide stable retirement benefits at a reasonable cost for members, now and in the future.
Application of this Policy and integration of responsible investment considerations must be consistent with all other policies and legal obligations, including UPP’s fiduciary duty to beneficiaries.
Reports
Q1 2022 Proxy Voting Report
This report summarizes proxy voting activity conducted directly by University Pension Plan Ontario (UPP).
Q2 2022 Proxy Voting Report
This report summarizes proxy voting activity conducted directly by University Pension Plan Ontario (UPP).
Q3 2022 Proxy Voting Report
This report summarizes proxy voting activity conducted directly by University Pension Plan Ontario (UPP).
Q4 2022 Proxy Voting Report
This report summarizes proxy voting activity conducted directly by University Pension Plan Ontario (UPP).
Statements and Submissions
UPP response to consultation on the Ontario Securities Commission draft Statement of Priorities for 2023-2024
December, 2022
UPP urged the OSC to adopt a national instrument on climate-related disclosure that is interoperable with international best practice. We supported the priority for expanded diversity disclosure requirements and recommended including policies and targets. We also supported the integration of Indigenous perspectives in OSC work and encouraged adequate resourcing of this priority.
CDP Science-Based Targets Campaign
October, 2022
We joined more than 270 signatories representing more than US $36 trillion in assets to sign letters to 1,061 companies calling on them to set science-based emissions reduction targets aligned with 1.5°C warming scenarios.
Joint submission to Government of Canada consultation on options to cap oil and gas greenhouse gas emission
September, 2022
We joined 9 other Canadian financial institutions to express support for additional federal policy measures to reduce emissions in line with Canada's 2030 and 2050 targets. We emphasized that managing emissions is critical to mitigate systemic risk, that failure of Canada's oil and gas sector to decarbonize could exacerbate access to capital challenges, and that reducing and eliminating methane emissions should be an immediate priority.
UPP response to consultation on CAPSA Guideline: ESG Considerations in Pension Plan Management
September, 2022
We commended the Canadian Association of Pension Supervisory Authorities (“CAPSA”) for undertaking this important work and putting forward the draft Guideline. We particularly welcome the clarification that using ESG factors to provide financial insight is consistent with an administrator’s fiduciary duty and suggested some improvements to ensure actions are encouraged alongside considerations and to ensure pension plan disclosures address both ESG considerations and stewardship activities.
2022 Global Investor Statement to Governments on the Climate Crisis
September, 2022
We joined more than 500 signatories representing more than US $30 trillion in assets to sign a statement urging governments around the world to implement specific priority policy actions to ensure their plans and policies are aligned with the goal of limiting the global temperature rise to 1.5C, they support the implementation of the Global Methane Pledge to reduce emissions by at least 30 percent from 2020 levels by 2030, scale up the provision of climate finance for mitigation and adaptation, and strengthen climate disclosures across the financial system.
Joint response to consultation by the International Sustainability Standards Board on sustainability-related and climate-related disclosures for investors
July, 2022
We jointly wrote a letter to the International Sustainability Standards Board (ISSB) in support of their proposal to improve and standardize sustainability-related and climate-related disclosures for investors. The other authors were Alberta Investment Management Corporation (AIMCo), British Columbia Investment Management Corporation (BCI), Caisse de dépôt et placement du Québec, Healthcare of Ontario Pension Plan, Investment Management Corporation of Ontario (IMCO), OMERS, Ontario Teachers’ Pension Plan, and PSP Investments.
Joint response to consultation by the U.S. Securities and Exchange Commission’s (SEC)’s on proposed enhancement and standardization of climate-related disclosures for investors
June, 2022
We jointly wrote a letter to the SEC in support of their proposal to improve and standardize climate-related disclosures for investors. The other authors were Alberta Investment Management Corporation (AIMCo), British Columbia Investment Management Corporation (BCI), Caisse de dépôt et placement du Québec, Healthcare of Ontario Pension Plan, Investment Management Corporation of Ontario (IMCO), OMERS, Ontario Teachers’ Pension Plan, and PSP Investments.
30% Club Canadian Investor Group: updated statement of intent
March, 2022
We joined 20 other Canadian investors signing a statement that calls on publicly-traded companies to take prompt and considered action to achieve and exceed a minimum of 30% women on boards and at the executive management level and to enhance the presence of other underrepresented groups on their boards and among their executive managers.
Joint letter to members of the Canadian Securities Administrators
March, 2022
Along with seven other investors and with the assistance of the Shareholder Association for Research and Education we jointly wrote to securities regulators across Canada to request enhanced requirements regarding 1) the disclosure of the representation of underrepresented groups on corporate boards and in executive officer positions, and 2) mandatory target setting for representation of women and underrepresented groups on boards and in executive officer positions, and timelines for implementation.
UPP response to consultation on proposed National Instrument 51-107 Disclosure of Climate-related Matters
February, 2022
We expressed support for enhanced disclosure requirements and encouraged the Canadian Securities Regulators to impose more stringent requirements than proposed that would better address the urgency of our need to transition to a sustainable, resilient, low-emissions society and the rapidly increasing climate-related disclosure expectations of issuers and investors globally.
Canadian Investor Statement on Climate Change coordinated by the Responsible Investment Association
October, 2021
We joined more than 35 other Canadian investors signing a statement that calls on companies to act on material climate risks including through their industry association and lobbying activities and commits us as investors to take actions to support the goal of achieving global net-zero emissions by 2050 or sooner.
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