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Reports and disclosures
Reports
Previous annual reports
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.
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.
Disclosures and proxy voting
Public equity holdings
UPP operates in the public markets through several investment methods. Public equity sub-asset class investments in non-comingled funds are subject to UPP’s Investment Exclusion Policy and Investment Exclusion List General Parameters.
Proxy voting records
UPP’s public equity holdings consist of externally managed fund mandates. Our Proxy Voting Policy applies to all public equity holdings where UPP has the authority to direct voting rights. Visit our Investment Policies for more detail.
We believe that disclosing our public company votes is an important step that supports transparency with our members and increases the impact of our votes. Proxy voting activity for UPP’s segregated fund mandates is publicly searchable in our real-time database . We also publish a searchable Proxy Voting Report each quarter which provides details on our proxy voting activity on management and shareholder proposals for all funds where we direct voting rights.
To search records using a specific company name, ticker or meeting date, use the database below.
To search records by keyword, select relevant proxy voting report below.
2024
2023
Statements and submissions
We participate in direct and collective advocacy with policymakers, regulators, and within the financial sector to encourage fair and efficient public policy, regulations, and market systems that support a well-managed transition to a net-zero world and UPP’s broader sustainability objectives.
UPP comments on jurisdictional sustainability disclosure consultations UPP supports the efforts of different jurisdictions to align with the International Financial Reporting Standards (IFRS) Foundation’s International Sustainability Standards Board (ISSB) IFRS S2 Climate-related Disclosures (IFRS S2) and IFRS S1 General Requirements for Disclosure of Sustainability-related Financial Information (IFRS S1) (ISSB Standards). In its submissions, UPP emphasized the importance of standardized sustainability disclosures to investors globally.
UPP supports the efforts of different jurisdictions to align with the International Financial Reporting Standards (IFRS) Foundation’s International Sustainability Standards Board (ISSB) IFRS S2 Climate-related Disclosures (IFRS S2) and IFRS S1 General Requirements for Disclosure of Sustainability-related Financial Information (IFRS S1) (ISSB Standards). In its submissions, UPP emphasized the importance of standardized sustainability disclosures to investors globally.
- UPP comments on Chile’s Financial Market Commission’s Normative Project in support of sustainability disclosure standards
- UPP comments on the KSSBs’ Exposure Draft of the Korean Sustainability Disclosure Standards
- UPP comments on China's Corporate Sustainability Disclosure Standards
- UPP comments on proposed Japanese sustainability disclosure standards
- UPP submission to Australian Accounting Standards Board consultation on proposed climate-related disclosure requirements
- UPP comments on the draft of the Code of Obligations proposed by The Federal Council of Switzerland to provide further transparency on sustainability reporting
- UPP comments on the draft of the National Sustainability Reporting Framework (NSRF) in Malaysia
- UPP comments on the Mexico’s National Banking and Securities Commission’s proposed amendments to provide further transparency on sustainability reporting
- UPP comments on the Exposure Drafts proposed by The Hong Kong Institute of Certified Public Accounts to provide further transparency on sustainability reporting
- UPP comments on the Principle of Thailand Sustainability Disclosure Roadmap regarding International Sustainability Standards
2025
UPP comments on public information solicitation to Inform Implementation of California Climate-Disclosure Legislation
March 2025
UPP welcomes proposed California Climate-Disclosure Legislation amendments and the option to allow reporting entities to use the International Financial Reporting Standards (IFRS) Sustainability Disclosure Standards
Investor joint statement on integrity of EU sustainable finance framework
February 2025
UPP joined global investors in a signing a statement calling on the European Commission to preserve the integrity and ambition of the EU’s sustainable finance framework as it considers potential revisions. The Framework is a critical tools for investors to manage risk, identify opportunities and orient capital to a more competitive and sustainable economy.
2024
2024 Global Investor Statement to Governments on the Climate Crisis
September 2024
UPP signed a global statement calling for policy changes in alignment with 1.5-degree world to accelerate capital flow to clean energy and nature-based climate solutions. The Statement encourages action in areas such as ISSB alignment, removal of fossil fuel subsidies, climate-resiliency, biodiversity, and just net zero transition.
Investor Action on AMR (IAAMR) Public Investor Statement
September 2024
UPP signed a joint investor statement calling for accelerated global action to mitigate antimicrobial resistance (AMR) risks ahead of the second-ever UN General Assembly’s High-Level Meeting on AMR in September. The statement is the main channel for investor input into the meeting.
Joint response to consultation by the Canadian Sustainability Standards Board on sustainability and climate disclosure standard exposure drafts
June 2024
We jointly wrote to the Canadian Sustainability Standards Board (CSSB) in support of their proposal to improve and standardize sustainability-related and climate-related disclosure requirements for Canadian companies. The other authors were CPP Investments, British Columbia Investment Management Corporation (BCI), Caisse de dépôt et placement du Québec (CDPQ), Healthcare of Ontario Pension Plan (HOOPP), Investment Management Corporation of Ontario (IMCO), OMERS, Ontario Teachers’ Pension Plan (OTPP), OPTrust, and PSP Investments.
UPP submission to Canadian Sustainability Standards Board on sustainability and climate disclosure standard exposure drafts
June 2024
UPP submitted comments supporting the Canadian Sustainability Standards Board's (CSSB) efforts to adopt the International Financial Reporting Standards (IFRS) Foundation’s International Sustainability Standards Board (ISSB) IFRS S2 Climate-related Disclosures (IFRS S2) and IFRS S1 General Requirements for Disclosure of Sustainability-related Financial Information (IFRS S1) (ISSB Standards) almost in their entirety for use in Canada.
Investor Statement in Support of Climate Action 100+
May 2024
UPP joined global asset owner peers in this statement of support for the collaborative engagement work of Climate Action 100+ in addressing climate risk. This Statement reiterates our commitment to participate in the initiative and responds to the recent departures from CA100+ by asset managers.
Global Joint Statement on Adoption of ISSB Standards
May 2024
UPP joined 120 global financial markets actors in signing on to a call for commitment from authorities across jurisdictions to adopt the International Sustainability Standards Board Standards to provide a global baseline of economy-wide sustainability information disclosure.
Joint investor submission to Government of Canada consultation on methane regulations
February 2024
UPP made a joint submission with nine other investors to the Government of Canada consultation on proposed methane regulations. We encouraged the government to move forward swiftly to adopt the proposed regulations to provide long-term regulatory certainty, prepare the Canadian economy for the low-carbon future, and help mitigate climate-related risks for investors.
Joint investor statement on UK Corporate Governance and Investor Protections
February 2024
UPP joined global investors with USD $77 trillion in assets under management in signing a public statement to UK authorities convened by the International Corporate Governance Network. The statement expresses concern with proposed reforms to the UK listing regime and emphasizes the importance of robust investor protection and corporate governance standards to the UK’s attractiveness as a global financial centre.
UPP submission to Government of Canada consultation on regulatory framework for oil and gas greenhouse gas emissions cap
February 2024
UPP submitted comments in support of implementation of the proposed emissions cap framework. We emphasized that managing emissions from the sector is necessary to prepare the Canadian economy for the low-carbon future and mitigate systemic risk. We recommend clarifications to ensure effective carbon pricing and support informed investment planning.
2023
UPP response to consultation on CAPSA Guideline: Pension Plan Risk Management
September 2023
UPP submitted a comment to CAPSA welcoming the inclusion of ESG guidance within the risk management Guideline and supporting the overall approach. We encouraged CAPSA to review and update the Guideline at least every five years.
UPP response to Canadian Securities Administrators consultation on proposed corporate governance reforms related to diversity
September 2023
UPP submitted comments in support of the approach outlined in Form B which would provide comparable data and disclosure on equity, diversity, and inclusion beyond gender. We also encouraged the CSA to introduce requirements that issuers set representation targets for board and executive positions.
IIGCC proxy advisor working group sends letter to ISS
August, 2023
UPP was one of 36 global investors who signed a letter to proxy service provider ISS organized by the International Investor Group on Climate Change (IIGCC) calling for improved climate-related proxy voting research and further integration of climate into its Benchmark Policy. The letter asks for increased transparency and a more comprehensive approach to assess board climate accountability and transition plans, as well as more clear and consistent vote recommendations for shareholder-proposed resolutions.
CEOs of leading Canadian pension plan investment managers support inaugural International Sustainability Standards Board (ISSB) standards
June, 2023
UPP was among 11 of Canada’s leading pension plan investment managers, representing more than $2 trillion in assets under management, to call on companies focused on long-term value to embrace the new International Sustainability Standards Board (ISSB) disclosure framework, launched this week.
2022
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.
2021
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.
Responsible investing plans and frameworks
The information, documents, reports, and statements available on this page are provided for historical information and reference purposes only. This information is current only as of the date thereof.
This information, including forward-looking information, should not be taken as an indication or guarantee of any future performance, analysis, forecast or prediction. UPP does not undertake any obligation to update this information, whether because of new information, future events or otherwise, except as required by applicable law.
- © 2025 University Pension Plan