Investment policies

We are committed 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.

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.

Note: UPP’s SIPP was updated as of January 1, 2024. The changes reflect the establishment of UPP’s target asset mix and benchmarks.

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 and Investment Exclusion List – General Parameters

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.

Note: UPP’s Responsible Investing Policy, Proxy Voting Policy and Investment Exclusion Policy, were updated as of January 1, 2023. The purpose of these updates was to ensure all Responsible Investing-related policies have an aligned approach, reflect existing efforts, and use clear and succinct language. These updates did not materially change any UPP commitments.


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