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Crystall showed up, knocked on the door and wanted to get right down to business. She knew exactly what we were all about here at Cumfiesta and she would not have it any other way. JMac actually talked too much for her taste and she just wanted him to shut up and whip it out. Of course he obliged her, but it was refreshing to see a girl who was sure of what she wanted and take charge. Crystall was tall, nice pair of tits and a pair of legs that just will not quit.
"Ass Attraction"
Rina Ryder
"Allies Kat"
Alli Rae
"What A Treat"
Nella Jay
"Sunny Side Up"
Sunny Dae
"Flawless Diamond"
Aleska Diamond
"Pussy Password"
Victoria Rae Black
"Sweet Sounds"
"Creamy Climax"
Chastity Lyn
"The Wild One"
Victoria Lawson
"Levy Break"


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Published March 26, 2014
PurThread Technologies Inc., Durham, NC, and Eastman Kodak Co., Rochester, NY, have signed a joint development agreement (JDA) under which they will use Kodak's silver-based antimicrobial technology to develop hard- and soft-surface antimicrobi… Read More »
By Karen Bitz-McIntyre, editor
Published October 11, 2012
PurThread features intrinsic antimicrobial protection Read More »
By Vicki A. Barbur, PhD, Contributing Writer
Published August 6, 2012
Healthcare trends offer a multitude of opportunities for disposable nonwoven products. Read More »
By Sandra Levy, associate editor
Published October 8, 2010
LAAMScience Inc, a four-year-old company based in Morrisville, NC, is unveiling Serqet, a light activated antibacterial and antiviral coating technology that can be applied to wovens, nonwovens, natural and synthetic fabrics and a variety of polymers… Read More »
By Sandra Levy, Associate Editor
Published April 12, 2010
Nonwovens applications are taking the industry in some tantalizing new directions. Read More »
Published April 12, 2007
Dow Reichhold Specialty Latex has announced the naming of its novel technologies (patents pending) to produce emulsion polymers that offer a range of antimicrobial functionality. The company has selected PolySÇf Antimicrobial Polymers as the n… Read More »
Published January 1, 2006
Location: Hampton, NH Sales: $100 million Description: Key Personnel A.J. Nassar, CEO Plants Hampton, NH ISO Status All businesses are both QS 9000 and ISO 9001 certified and are close to ISO 14,000 (environmental registration based… Read More »
Foss-EX Baghouse filter media T3179A features greater resistance to hot moist heat than standard polyester and is more economical than 100% aramid fabrics. This product was produced to provide a balance to improve the life of the fabric. Meanwhile, F… Read More »
By Nonwovens Industry China, Ringier Trade Media Ltd.
Published February 18, 2014
Yang Kexi, general manager of Jin Cheng Medical Textile, a member of Medtecs Group, discusses the company's past and future. Read More »
By By Jessica Franken, Director of Government Affairs & Dawnee Giammittorio, Associate Director of Government Affairs INDA, Association of the Nonwoven Fabrics Industry
Published January 7, 2013
CPSC issues representative samples rule. Read More »


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April 1 is the day of the vote on Cuomo's education budget and proposals, including the new teacher evaluation system. There's lots you can do to make your voice heard. This week, you can:
• Read the Speech Principal Liz Phillips delivered at Saturday's "Save our Schools" rally in Manhattan.
• Speak out by calling your representatives.
To learn more about the proposals:
• Read a letter from the PS 321 teachers and share on Facebook.
• Sign up for the Testing Task Force Email list.
• Read more about the Cuomo proposal.
• Watch our Teachers Speak about Testing.


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Microsoft Publisher 2010 Completeby Shelly, Gary B.; Starks, Joy L.
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Straight No Chaser to sing 'Back Home Again in Indiana'
The a capella group that began at Indiana University will sing "Back Home Again in Indiana" at the Indianapolis 500.
The a capella group that began at Indiana University will sing "Back Home Again in Indiana" at the Indianapolis 500.
A scam continuing to circulating in Hamilton County is threatening residents for not appearing in court or jury duty.
The raises will be 2 percent, 4 percent or 6 percent depending on the employee's review.
His London-based agent, Barrie Marshall, said Cocker died early Monday of lung cancer in Colorado.
Investigators learned of Clark's activity after one of the investors filed a complaint with Indiana State Poli
Domminich Shaw was trading child pornography pictures to men in the Indianapolis area.
The New Year's Eve party in the Circle City will be held on Georgia Street and inside Bankers Life Fieldhouse.
In 2014, Zoeller received more than 1,300 complaints of identity theft. He's aware of 375 separate data breaches.
It happened around 11:30 a.m. at the Chase Bank branch located at 2955 Dr. Martin Luther King Jr. Street
Dawson's Too is a family restaurant known for their Steaks and Salads. They are a One-Of-A-Kind Find in Hendricks County. Tony Hill and Jen …
Visit Hendricks County for One-Of-A-Kind Finds this holiday season for everyone on your list from family, friends and even co-workers.Some g…
Show the family how to have fun in the snow. Make sure everyone is dressed warmly with gloves, snow boots, coats, scarves, and hats. Have th…
Crafting with Adenia has fun holiday food ideas to spice up your holiday table. Making gingerbread is so easy now…just pick up a kit and the…
Andy Gilman from Bee Coffee has his choices for the best brewing devices for holiday gifts for any coffee enthusiast on your list. Chemex- m…


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Our Integrated and Continuous Learning Model is built on a unique blend of onsite, online, and print resources that are made possible through our partnership with The Master Teacher. Our strategic relationship with Educational Leadership Solutions (ELS), Educational Material Specialists (EMS), and Northwest Evaluation Association (NWEA) empowers us to offer customized solutions to our school partners.
Master Teacher whiteboard video
Click here to watch a whiteboard video detailing The Master Teacher PD Program
Welcome back... / 1/27/2015 / We are pleased to announce the return of Mrs. Margaret Buse to our Bailey Education Team. Margaret will be leading our Leadership and Data coaching efforts as a head coach and senior level consultant. She is committed to improving people, practices, and learning... More


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Saying goodbye: A chat with the Sooners Seniors
Another year, another hard goodbye. Here we are yet again saying "thanks for all the fish" to a group of young men we've watched grow for the past four years on and off… Continue reading
Another year, another hard goodbye. Here we are yet again saying "thanks for all the fish" to a group of young men we've watched grow for the past four years on and off… Continue reading
For the first time in nine years, the OU and UCO bedlam rivalry did not go the Sooners way. The Bronchos would finish the season 3-1 over the Sooners. It's not entirely surprising… Continue reading
This time around, the road was not kind to the Sooners. The Sooners had only lost two of their previous 11 games on the road (Iowa State and Lindenwood). The Illini took both… Continue reading
For the second weekend in a row, the Sooners have swept a three game series. This time around, the Sooners were back on home ice after a 46 day lull, hosting Colorado… Continue reading
Tempe,AZ: Thursday: #6 OU defeated #1 ASU 5-3, ending the Sun Devils unbeaten home streak. The Sun Devils were screaming deja vu with the loss; it was the Sooners that ended the same streak,… Continue reading
Before the winter break for the ACHA, the Sooners took on their crosstown rival, University of Central Oklahoma, for two games. The first game, in Edmond, the Sooners shut up a rowdy UCO… Continue reading
After much speculation and months of rumors, the final word is in. Current ACHA DI Champions, the Arizona State Sun Devils, will be making the jump in to the NCAA DI hockey world.… Continue reading
With some harsh losses over the past couple weeks, the Sooners managed to get their skates going and keep the other team on the defense this weekend. Thursday and Sunday the Sooners hosted… Continue reading
Coming off a terrible thumping from Lindenwood the previous weekend, the Sooner hockey team focused on the upcoming 3 day stretch against their first WCHL opponents. It proved to be a long weekend,… Continue reading
Although pulling out the win on Friday, Lindenwood completely dominated Oklahoma on Saturday. The Lions were looking for their first win of the season and came out hard and fast against Oklahoma all… Continue reading


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Montreal police on lookout for potent black market pill
Desmethyl fentanyl is reported to be 40 times stronger than heroin and 80 times stronger than morphine
CBC News
MONTREAL — An extremely powerful drug has made its first appearance on Montreal's black market, and it's being produced in sordid conditions by amateur chemists.
In late April, Montreal police raided seven locations in Montreal, seizing more than 300,000 tablets of illegally-produced synthetic prescription drugs, including Viagra and Cialis.
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- 5 Suspect dead, 8 cops injured in Ariz. melee


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Credit: © Christopher Polk/Getty Images for PCA
Jennifer Aniston (Jan 5th, 2011)
Long, loose layers give Jennifer Aniston's hair a soft and sexy appeal.
Styling Tip
Apply a nickel-size amount of lightweight styling lotion onto damp hair. Blow dry-two inch sections of hair with a round brush, applying upward tension at the root for lift and then turn the brush several times to add subtle roundness to the length. Rub styling cream on your fingers and run them through your hair to create soft definition.Try on celebrity hairstyles in the Makeover Studio!


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Robots that fight fires, fly, and help us walk dominate this week's Tasty Tech Eye Candy.
A new Web-connected device could reduce the odds that your bike is stolen and if it is, increase the odds that you'd find it.
An array of electronic devices are linked to an onboard computer that vibrates the seat when other cyclists approach from behind.
Feeling a little bit like Auric Goldfinger? This bike is for you.
A new portable electric bike uses radical design to minimize size and weight. Continue reading →
Pebbles absorb sunlight during the day and glow at night. Continue reading
This week, we take to the skies with technology that will put the wind in your sails.
We love the future and all it has to offer, but we nod to the past for leading us here. This week in Tasty Tech, we look forward and back.
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Social Investment Forum Foundation The Mission in the Marketplace: How Responsible Investing Can Strengthen the Fiduciary Oversight of Foundation Endowments and Enhance Philanthropic Missions Acknowledgments t his report was prepared by Joshua Humphreys, Ph.D., with the generous support of the J.A. & H.G. Woodruff, Jr. Charitable Trust. Special thanks to the following for their valuable advice and feedback in the course of this report's preparation: Jane Ambachtsheer, Mercer Investment Consulting; Justin Conway, Calvert Foundation; Jed Emerson, Generation Foundation and Oxford University; Michele Kahane, Center for Corporate Citizenship, Boston College; Todd Larsen, Social Investment Forum; Conrad MacKerron, As You Sow Foundation; Alex Molot, Jewish Funds for Justice; Luther M. Ragin, Jr., F. B. Heron Foundation; Tracey Rembert, Service Employees International Union; Steve Schueth, First Affirmative Financial Network; Timothy Smith, Walden Asset Management and Chair of the Social Investment Forum; Fran Teplitz, Social Investment Forum; Caroline Williams, The Nathan Cummings Foundation; Stephen Viederman, past president, Jessie Smith Noyes Foundation; and David Wood, Institute for Responsible Investment, Boston College. The Foundation Partnership on Corporate Responsibility is also pleased to support this resource on mission-related investing. The Foundation Partnership (www.foundationpartnership.org) is an association of foundations working to link their grant making values with their investments. The website includes various resources to aid foundations with that goal. Disclaimer: The information provided herein does not constitute investment advice. Please remember that investments are subject to market risk, including possible loss of principal. Consider the objectives, risks, charges and expenses of an investment carefully before investing. Past performance is no guarantee of future results. Table of Contents Introduction: An Invitation to Responsible Investing . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .2 Missions and Markets: Creating Socially and Environmentally Responsible Philanthropic Enterprises . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .3 Financial Prudence and Performance Issues . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .6 Putting Responsible Investing Strategies to Work . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .9 Getting Started . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .16 Conclusion . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .18 Glossary of Terms . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .19 Additional Resources . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .20 For Further Reading . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .21 Endnotes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .23 1612 K. St., NW #650 Washington, DC 20006 www.socialinvest.org 1 April 2007 Introduction an Invitation to Responsible Investing p hilanthropic foundations are among the world's leading institutional investors. With more than $600 billion in assets in the United States alone, on social, environmental and/or corporate governance issues, and to file or co-file and vote on shareholder resolutions. • COMMUNITY INVESTING: foundations now hold a considerable stake in investments that corporate America and the global economy. Like direct capital to communities that are other institutional investors, such as pension underserved by traditional financial services. funds, university endowments and religious Community investments provide access to groups, most foundations tend to be invested for credit, equity, capital, and basic banking the long term. Foundations are distinguished from products to low-income and marginalized many other institutional investors, however, by regions in the US and around the world. their explicit philanthropic missions. Since their emergence in the 19th century, foundations have • SOCIAL VENTURE CAPITAL: typically debt or dedicated their resources to tackling some of the equity investments in early-stage for-profit most difficult social and environmental problems companies that produce social and in communities throughout the United States and environmental benefits or support to around the world. non-profit social enterprises. In many foundations, The incorporation of environmental, social "[F]oundations are not however, the values that and governance (ESG) factors into investment drive grantmaking programs management has been described in a variety simply vehicles for are still commonly separated of different ways: social investing, ethical distribution of charitable from the financial manage- investing, socially responsible investing (or gifts, but rather investors ment of foundation assets. SRI), values-based investing, mission-related At the same time, there has investing, sustainable investing, double- or in value creation." been a growing recognition triple-bottom-line investing, and responsible —Jed Emerson, that many mission-related investing. This report will utilize a number of Generation Foundation1 social, corporate governance these terms. Regardless of the particular emphasis, and environmental issues in today's era of more "engaged" philanthropy, can be sources of financial risks and opportunities with "venture philanthropists" seeking more for foundation asset management. entrepreneurial, market-based solutions to social and environmental problems, social Mission-related responsible investing can provide investing strategies have become increasingly foundations with several dynamic strategies that embraced by many foundations seeking to leverage their assets more fully for their core leverage the full range of assets at their disposal. philanthropic purpose while managing risk and creating lasting value in their investment portfolios: This report is designed to be used by foundation • SOCIAL AND ENVIRONMENTAL SCREENING: officers and trustees and might have particular resonance for smaller foundations, including the practice of evaluating investments using family foundations, that are interested in aligning social and/or environmental criteria in addition their philanthropic objectives across their entire to traditional financial analysis. organization. It provides an overview of how to • SHAREOWNER ADVOCACY: the actions taken by use responsible investing strategies to enhance many socially aware investors in their role as mission without compromising fundamental company owners to dialogue with companies fiduciary duties. 2 "Integrating social and environmental dimensions of investment is about better understanding and responding to the interests of the ultimate owners of capital. It is about moving the relationship between investors and investees towards a focus on long-term performance, and raising the bar of that performance to ensure that social and environmental issues—key foundations of tomorrow's markets—are taken into account, and therefore counted in business and investment decisions." —World Economic Forum3 While still a small percentage, increasing numbers creating useful products, effectively managing of foundations are incorporating social and their supply chains, limiting their exposures to environmental investing strategies into their social and environmental risks, and finding and endowment management. By highlighting some retaining the best talent through supportive, of the leading philanthropic foundations that have diverse workplaces and responsive employee- already begun to incorporate ESG factors into their benefit programs. investment strategies, this guide also provides This report serves as an invitation to foundations practical resources for foundation fiduciaries who to learn how mission-related investing can are ready to marry their money and mission but enhance philanthropic missions and strengthen remain unsure how to do so in a truly effective fiduciary oversight of endowments. way that both promotes social impact and protects the long-term sustainability of their foundations' assets. "The diversity of social investments available mirrors the range of traditional investment vehicles, from simple There is no "one best way" to be a responsible investor. Each foundation has a unique set of values loans to complex financial transactions. Given the and very specific financial needs. Foundations variety of options, any foundation could easily add must therefore determine which strategies most effectively complement their philanthropic goals. some form of social investment to its portfolio." —Mark Kramer and Sarah Cooch, Social investing has developed a long, established Foundation Strategy Group5 track record of growth and maturation in financial markets in the US and abroad over the last three decades. Whether measured in terms of market I. Missions and Markets: Creating penetration, performance, impact, or the breadth Socially and Environmentally of products and providers, the success of SRI as Responsible Philanthropic an investment discipline has increasingly been Enterprises W ith mission-related investing, foundation recognized by individual investors and institutions alike. Institutional investors have now committed more than $3.6 trillion to social investing strategies trustees and officers can begin to think more globally and more than $2.25 trillion in the US comprehensively about advancing their program- alone.2 With a growing diversity of investment matic goals by leveraging the untapped potential instruments and services, it has now become easier of the full range of their philanthropic assets.4 than ever for foundations to embrace SRI strategies. The following chart provides examples of how Incorporating ESG factors is also increasingly foundations in specific social sectors can add value becoming recognized as an element of prudent and impact to their philanthropic work through trusteeship. Academic research has demonstrated social investing. Regardless of a foundation's that companies that are good corporate citizens specific mission, double-bottom-line investing can are often sound investments. Socially responsible provide a number of highly effective strategies to businesses can develop competitive advantages ensure that an institution's values serve as a true in their markets by engaging their stakeholders, foundation for its philanthropic enterprise. 3 The Strategic Potential of Responsible Investing for Foundations HEALTH FOUNDATIONS • Screen your portfolio for companies that profit from unhealthy lifestyles such as the fast-food or tobacco industries. • Ask companies you own to provide their employees with high-quality, affordable healthcare benefit plans—instead of externalizing those costs onto society and public-health systems. • Add your votes to growing shareowner support for resolutions that call for corporations to address the impact of pandemic diseases on their operations in Africa and other parts of the world. • Make community investments to support affordable, community-based health care. ENVIRONMENTAL • Avoid companies with poor environmental performance. GRANTMAKERS • Award companies with "eco-efficient" operations. • Join investor coalitions calling for companies to mitigate the risks of global climate change and toxics. • Support shareowner resolutions brought by environmentally concerned investors, including foundations and non-profit organizations. • Invest in community investing institutions that focus on financing environmental initiatives. • Help green businesses and clean-technology companies grow and expand through double-bottom-line private equity and venture capital funds. HUMAN RIGHTS FUNDERS • Ask companies you own about human rights abuses in the countries where they operate; employ investment criteria related to international fair labor conditions, supply-chain management, or repressive regimes. • Mitigate reputational and litigation risk related to human-rights abuse in the companies you hold in your portfolios. • Support shareowner initiatives of human rights groups like Amnesty International at companies such as Dow Chemical Co. and Chevron Corporation to ensure that these companies are adequately addressing concerns over the legacies of their operations in local communities around the world. • Join the International Human Rights Funders Group's Get Off Your Assets! Working Group. COMMUNITY FOUNDATIONS • Create a portfolio of community investing institutions that support AND FUNDERS THAT • your mission, either directly or through a community SUPPORT COMMUNITY • investing intermediary. DEVELOPMENT • Commit a portion of your portfolio to community investing institutions that provide financially underserved communities access to capital. • Invest in companies with strong community relations programs. • Give your donor-advised funds social investment options. 4 The Strategic Potential of Responsible Investing for Foundations cont. FOUNDATIONS SEEKING • Hold the companies you own accountable for their social impact— SOLUTIONS TO SOCIAL • ask about executive compensation levels and work conditions. PROBLEMS AND POVERTY • For financial services institutions ask about their lending and banking policies. • Join other investors, particularly public pensions and labor unions, using shareowner strategies to tie executive compensation to social performance. • Invest in community investing institutions, in the US and around the world, to create opportunities in underserved communities and markets. FOUNDATIONS PROMOTING • Join investor networks supporting greater corporate transparency and TRANSPARENCY, CIVIC • accountability, whether related to corporate political campaign PARTICIPATION & • contributions or corporate governance practices. ENGAGEMENT FOUNDATIONS FUNDING • Direct a portion of your investments to international PROGRAMS RELATED TO • microfinance opportunities. GLOBALIZATION OR • Give consideration to the impact that multinational corporations THAT SUPPORT GLOBAL • have on the societies in which they operate. SUSTAINABLE DEVELOPMENT • Support shareowner initiatives by NGOs such as Oxfam that call for more sustainably harvested, fairly traded products. FOUNDATIONS SUPPORTING • Screen your portfolios on EEO issues. DIVERSITY AND • Use shareowner strategies to encourage companies to diversify EQUAL OPPORTUNITY • their boardrooms, to break glass ceilings for women and minorities throughout their organization, and to improve their policies and practices related to non-discrimination for all classes of employees. FOUNDATIONS CONCERNED • Screen your portfolios in areas related to agri-business, ABOUT FOOD, AGRICULTURE • pesticides, genetically modified organisms (GMOs), and OR RURAL DEVELOPMENT • fast-food industry practices. • Invest in community investing institutions providing financing to distressed rural areas and agricultural initiatives. 5 II. Financial Prudence and record of social and financial performance. The Performance Issues Dow Jones Sustainability Index (DJSI) World, Mission-related investing is an investment process for example, has outperformed its unscreened benchmark, the MSCI World, by more than three that considers the social and environmental conse- percent in backtracking calculations since 1993 quences of investments, both positive and negative, and by more than 150 basis points over the last within the context of rigorous financial analysis. year.8 Recent research using data from the DJSI Social investors include individuals, universities, World during the 1998-2002 investment cycle hospitals, pension funds, corporations, religious found no evidence that SRI generates lower institutions, and other non-profit organizations. returns or incurs financial costs. Instead, firms Many companies and responsible investors with socially responsible attributes appeared to recognize that the complex relationship between gain competitive advantages by attracting capital business and society requires engaging the concerns at lower costs, a finding supported by other of multiple stakeholders affected by corporate research correlating environmental risk economic activity, from employees to their management and the cost of capital.9 families, from consumers to the communities By identifying those qualitative, "extra-financial" in which companies operate. factors that materially affect the long-term profitability and performance of businesses, "Indeed, the attainment of maximized investment ESG analysis can help generate competitive returns and the best corporate performance cannot be returns. In today's markets, too many analysts achieved in the absence of consideration of the social continue to focus narrowly on short-term earnings at the expense of more careful considerations of and environmental risks that may potentially inhibit the risks and opportunities that will drive the the realization of competitive financial returns over creation and destruction of economic value over the long term. Others, however, including a coming years." growing number of mainstream money managers —Jed Emerson and Tim Little, and institutional investors, are beginning to with Jonas Kron6 recognize the importance of sustainability and governance analysis and therefore incorporate Socially responsible investment managers often environmental and social criteria into their overlay an analysis of corporate policies, practices investment-selection process. and impacts onto the traditional analysis of It is precisely for these reasons that investment economic performance, profitability and valuation. funds and institutional investors representing These policies and practices can range from more than $4 trillion in assets have recently environmental concerns to human rights and agreed to back the United Nations' Principles supply-chain management, from workplace health for Responsible Investment. Additionally, CEOs and safety to equal employment opportunity and at more than 20 investment firms representing human resources policies. more than $6 trillion in assets, have endorsed the Mission-related investing is compatible with the UN Global Compact's Who Cares Wins Initiative fiduciary responsibilities of nonprofit trustees. in order to share best practices about the use of As concepts of fiduciary duty continue to evolve, environmental, social and governance factors in sustainable investing is increasingly being investment management. The World Economic acknowledged as an element of prudent trustee- Forum has similarly called for sustainability ship, especially for the long-term investor.7 and governance factors to be more widely SRI Performance used throughout the "mainstream" investment community.10 Study after study has shown that socially screened portfolios have provided returns comparable to Recognizing the added value of incorporating unscreened peers, with no necessary additional environmental, social and governance issues into cost in performance. Indeed, over the long term, institutional investment, one of the world's social investing has demonstrated a strong track leading international law firms, Freshfields 6 "With an increased recognition that integrating ESG [environmental, social and governance] factors into investment decision is aligned with fiduciary responsibility, an age-old barrier to the increased uptake of responsible investment practices is removed." —Jane Ambachtsheer, Mercer Investment Consulting12 Bruckhaus Deringer, has recently concluded not appropriate to their missions, asset-allocation only that SRI strategies meet the test of fiduciary requirements and appetites for risk and return. prudence but also that in certain cases the refusal What sets socially responsible investments apart to incorporate sustainability factors into investment from the conventional investment universe is decisions could actually become a breech of the wide spectrum of opportunities that they fiduciary responsibility.11 can offer for both financial returns and higher social impact. The Economic Value of Numerous money managers using SRI strategies Environmental Performance have repeatedly been recognized for their long- term performance—often placing them among the top-ranking funds in their peer groups. The Pax A growing body of analysis on the financial World Balanced Fund, one of the oldest socially implications of environmental performance, in screened mutual funds, recently ranked in the top particular, has demonstrated that innovative 10 percent of more than 180 blend funds tracked companies with "eco-efficient" operations are by Lipper for its ten-year performance. The better positioned to create added value in today's Neuberger Berman Socially Responsive Fund has global economy, whether in the pulp and paper, outperformed its unscreened benchmark, the oil and gas, or automotive industries.14 The S&P 500 Index, over 1, 3, 5 and 10 years; its 5-year increasingly "carbon-constrained" environment performance recently ranked it among the top created by global climate change has created 5 large-cap blend funds. The Ariel Fund ranks specific risks and opportunities that affect a host among the top ten small and midsize blend funds of sectors from energy and manufacturing to basic over ten years. industries (utilities, water and transportation) to services such as finance, insurance and tourism.15 The Bridgeway Ultra Small Company Fund, which "Best-of-class" analysis of environmental excludes tobacco from its portfolio, was recently performance can help identify these risks named top Small and Midsize Growth Fund for and opportunities within sectors. its 5-year performance record, and it has also consistently ranked in the top 10 of its peer group In order to seize these environmental opportunities, for 1, 3, and 10 years. Bridgeway's Aggressive a number of asset managers and research firms— Investors Funds are commonly found among from SRI boutiques to Goldman Sachs—have the top-10 all-size-company funds. Carrying a developed indices, mutual funds, ETFs and 5-Morningstar rating, the Aggressive Investors "double-bottom-line" private equity pools 1 fund recently ranked as the top total-market focused on issues such as climate change, fund for its 10-year performance record. alternative energy and clean technology. Led Bridgeway also manages Calvert's Large-Cap by California's "Green Wave" initiative, which Growth Fund, a 5-Morningstar winner. For its dedicates portions of the state's public pension 10-year performance, the Calvert Social funds to investments in clean technology and Investment Fund Equity Portfolio has also been awarded 5 Morningstars.13 "[C]orporate environmental performance is a potential Of course, like conventional investments, responsible investing opportunities range widely source of information that helps [investors] generate across asset classes and investment styles, so superior excess returns." investors must exercise careful due diligence —Nadja Guenster, et al.16 in determining what kinds of investments are 7 environmentally screened portfolios, growing For institutions that lack the internal capacity numbers of institutional investors have similarly to monitor their portfolios for ESG issues, most incorporated "environmental equity" mandates investment advisors and money managers can into their portfolio management and sought provide access to a wide range of screening and private-equity opportunities in clean technology proxy services. Firms that specialize in SRI and renewable energy. generally include screening and proxy services as part of their overall management fee. If an Numerous SRI funds focusing on environmental investment manager lacks mission-related investing issues also have strong performance records. The expertise, the manager can readily subscribe to a Winslow Green Growth Fund, an environmentally number of research services now available. responsible, aggressive growth mutual fund, has Alternatively, the institution can work directly repeatedly outperformed its unscreened benchmark, with a consultant that has the required expertise, the Russell 2000 Growth Index, over the last one, whether in screening, shareholder services or in three, five and ten years.17 Progressive Investment community investing. Many consultants and Management's Portfolio 21, a global equity fund service providers have designed their fee structures focusing on ecological sustainability, has out- with the needs of institutions in mind. performed its unscreened benchmark, the MSCI World Equity Index, by more than 200 basis As for community investing opportunities, there is a points since its inception in 1999.18 And many growing number of market-rate, investment-grade, investment research and advisory firms, including or near investment-grade instruments that can Goldman Sachs, KLD Research & Analytics, Inc., easily be integrated, at little-to-no cost, into the WilderShares, LLC, and Clean Edge, Inc., have fixed-income, cash and equity portfolios of many developed clean energy and technology indexes foundations. Many community development banks and Exchange-Traded Funds (ETFs) focused and credit unions offer market-rate deposits, and specifically on managing the risks and seizing other community investing institutions and com- opportunities related to energy efficiency, climate munity development bond funds and intermediaries change and other long-term issues of environmen- provide competitive risk-adjusted returns with costs tal sustainability. only marginally different from conventional cash Statement of Cost or fixed-income investments. These instruments also offer the added mission-value of helping It is not a given that there are additional costs economically distressed communities. Also, as associated with implementing effective SRI interest has increased in high-impact private strategies. Further, additional costs when they do equity and social venture capital, the due diligence occur are marginal when considered alongside the required costs little more than that associated added value gained through responsible investing. with comparable alternative investments in an An increasing number of institutions have developed institutional portfolio. Creating Long-Term Value services that minimize the time and expense of screening portfolios, engaging in shareowner advocacy or investing in communities. Some There is growing recognition by many in financial institutional investors elect simply to commit a markets and among institutional investors that portion of staff or Board time to proxy voting, the strategies of mission-related investing can help for example, and groups such as As You Sow create long-term wealth for shareowners and society Foundation and Rockefeller Philanthropy Advisors alike. In Mercer Investment Consulting's 2005 now provide free, annual proxy-season previews Fearless Forecast survey, 65% of investment designed specifically for foundations to make their managers surveyed around the globe predicted that tasks even faster and easier. Shareowner coalitions screening will become a mainstream investment and networks, such as the Foundation Partnership practice within a decade.19 According to the Social on Corporate Responsibility, the Interfaith Center Investment Forum, nearly $1.5 trillion in assets on Corporate Responsibility, the Social Investment is now held in socially screened accounts of Forum, and Investor Network on Climate Risk, institutional investors, ranging from some of the also provide useful resources for information nation's largest public pensions to small nonprofit sharing about proxy matters that help minimize organizations.20 In addition, 89% of respondents time, effort and costs involved. to the Mercer survey predicted that active 8 ownership strategies, such as shareholder advocacy and proxy voting, will become "Investors who do not pay attention to environmental, mainstream within the next decade. social and governance issues are taking unnecessary Additionally, community investing institutions risks with their portfolios. Investors who do pay attention now provide numerous risk-adjusted, market-rate are probably improving the risk/return relationship." investment opportunities, and many foundations —Carlos Joly and Vincent Zeller, Groupama Asset Management, have begun to take advantage of them to build United Nations Environmental Programme Finance Initiative, wealth in underserved communities. As for taking Asset Management Working Group23 more active ownership over foundation assets, shareowner advocacy strategies simply have no practices in corporate social and environmental negative impact on investment performance. performance, to unlock long-term value, and to Indeed, shareowner advocacy has become an build wealth and opportunity across all segments increasingly important element of prudent of society: Social and Environmental Screening, ownership for many investors—not only as a strat- Shareowner Advocacy, Community Investing, and egy for communicating social, environmental and Social Venture Capital. governance concerns to corporate directors but also for unlocking long-term shareholder value. These strategies provide a powerful combination The proxy is a material asset that investors use to of tools for foundations to align their investment participate in the governance of the objectives with their organizations' values and to companies they own, and an increasing number leverage often untapped endowment assets in of foundations, pension funds and university ways that can deepen the impact of their core endowments are developing more thoughtful philanthropic mission. Social and Environmental Screening: proxy-voting policies to ensure that their voice is From Avoidance to Added Value heard on a whole host of social, environmental and governance issues. SCREENING is the practice of evaluating investment Carefully aligning mission and money around portfolios based on social or environmental criteria. strategic social, environmental and governance Screening may involve investing in the most socially issues can therefore not only extend philanthropic responsible companies, avoiding or divesting from reach but also help ensure the long-term poor CSR performers, or otherwise incorporating sustainability of a foundation's endowments. social or environmental factors into the process of investment analysis and management. Generally, III. Putting Responsible Investing social investors seek to own good companies with Strategies to Work long-term, sustainable business models that make There are numerous tools to help foundations positive contributions to society. Examples include companies that have good relations with their incorporate responsible investing strategies into employees and communities, strong environmental their endowment management practices and policies and energy-efficient practices, products that policies. The field of responsible investing has are safe and useful, strategies for addressing the grown impressively over the last decade. According risks and opportunities of climate change, transparent to the Social Investment Forum's most recent corporate governance structures, and operations Report on Socially Responsible Investing Trends in the United that respect human rights around the world. States, assets involved in social investing strategies have increased 26-percent annually over the last There are now more than 200 different socially decade, from $639 billion in 1995 to $2.29 trillion screened mutual funds and pooled investment in 2005. Nearly one in every ten dollars under products, representing a wide spectrum of professional management in the US is involved in investment styles and asset classes and a diverse SRI, whether through screening, shareowner array of social and environmental concerns. Assets advocacy or community investing. in socially screened mutual funds have increased from $12 billion in 1995 to $179 billion in 2005, There are several core strategies that socially making them the fast-growing segment of SRI in responsible investors use to encourage best the US. No less than 15 different fund families 9 now have socially responsible options with practiced form of screening by socially screened 10-year performance records, and many provide mutual funds. Tobacco exclusion continues to be share classes with fee structures designed to the most prevalent social screening technique meet the needs of institutional investors. employed by institutional investors—from some of the nation's largest public pensions, university Socially responsible options range from pioneering, endowments, and philanthropic foundations to local socially and environmentally screened large-cap hospitals, religious orders and family foundations.22 Foundation Experiences with equity index funds to actively managed, small-cap Social Screening funds, from comprehensively screened balanced funds to more targeted niche products focusing on issues such as environmental performance, In a survey recently conducted by the Chronicle workplace issues, affordable housing or religious of Philanthropy, more than one quarter of the concerns. Global and international funds now top 50 largest private foundations in the United complement a wide range of domestic offerings States reported having incorporated social or available in a variety of investment styles. Fixed- environmental screening into their investment income opportunities include money-market management.24 This ranges from having a single funds, high-yield bond funds, closed-end funds screen, often tobacco, to multiple screens. focused on affordable housing, and various Tobacco screening is most widely practiced, community investment vehicles. and several large foundations also incorporate screens related to alcohol, gambling, firearms Social and environmental screening takes a variety or the environment. of different forms, depending on the larger mission Largest Foundations Employing Social or Environmental Screening* and investment strategies of the particular institu- tion. Contrary to commonly received wisdom, "screening" involves much more than divestment. • Bill and Melinda Gates Foundation Much like traditional financial "screens," which • Ford Foundation help investors segment financial markets and filter • David and Lucile Packard Foundation investments based on economic criteria, social • California Endowment and environmental screens provide tools for • Annie E. Casey Foundation investors to filter their portfolios based on specific • Rockefeller Foundation social or environmental issues of concern. The • Carnegie Corporation of New York • California Wellness Foundation screening process may therefore exclude certain • Robert Wood Johnson Foundation companies with poor social or environmental • Charles Stewart Mott Foundation records, but it can also identify positive performers • Carnegie Corporation of New York with strong track records in matters of corporate • Heinz Endowments social responsibility. Indeed, responsible investors have increasingly • William Penn Foundation Source: Chronicle of Philanthropy.25 shifted screening strategies from mere avoidance to more innovative assessments of corporate social * Of the top 50 largest private foundations in the responsibility. Motivated by a desire to benchmark United States. May include a single screen, such as tobacco. and improve corporate social and environmental performance, socially responsible investors use positive screening and "best-of-class" techniques Some foundations have developed an array of to manage risk and identify companies with social and environmental investment screening competitive advantages over their peers, many of strategies in order to add value to their philan- which may be qualitative and intangible but no thropic work. Some avoid nuclear power, defense less material to the company's long-term value.21 contractors, weapons manufacturers and companies with poor human-rights records or positively Some of the earliest screening techniques involved screen on issues such as labor relations, workplace avoiding so-called "sin stocks," companies that diversity, environmental innovation, and other profit from gambling, tobacco or alcohol. Avoiding sustainability factors. Best-of-class techniques such sin stocks remains the most commonly often appeal to institutional investors with broad 10 "The Nathan Cummings Foundation has been active in leading shareholder resolutions on climate change and energy efficiency because we believe these are long-term business issues that will impact financial results and shareholder value over time. With limited resources we focus our investment-driven shareholder activities in areas where we also have programmatic interests." —Caroline Williams, Director of Shareholder Activities, Nathan Cummings Foundation27 market exposure. Numerous other corporate, shareowner advocacy to complement and religious, community and family foundations have reinforce their investment screening policies— used more targeted screening on specific social or conscientiously voting their proxies, filing environmental issues that reflect their institutional resolutions, or engaging with companies about values, as a strategy for strengthening their issues of concern that often arise within the philanthropic impact. context of social and environmental portfolio Foundation Leaders in Social and analysis. Other institutions that do not screen— Environmental Screening or screen on only a limited basis—often use • Conservation Land Trust shareowner engagement or advocacy as a primary • Educational Foundation of America vehicle for aligning their money and mission. • John E. Fetzer Institute Institutional investors, such as public pension • Funding Exchange funds, trade unions, religious organizations and • Haymarket People's Fund foundations, have led the way in filing shareowner • Edward W. Hazen Foundation resolutions on social, environmental and gover- • Max and Anna Levinson Foundation nance issues and creating coalitions of common • Merck Family Fund concern among like-minded, long-term investors. • The Needmor Fund Between 2003 and 2005, institutions controlling • Jessie Smith Noyes Foundation • Presbyterian Church Foundation SHAREOWNER SUCCESS EXAMPLE: • The Christopher Reynolds Foundation Addressing the HIV/AIDS Pandemic • Rose Foundation for Communities and in Africa the Environment In 2004, in response to a shareowner resolution filed • Rudolf Steiner Foundation by socially concerned investors, led by members of the • Tides Foundation Interfaith Center on Corporate Responsibility (ICCR) • United Church Foundation and the Service Employees International Union, Coca- • United Methodist Foundation Cola agreed to review the economic impact of the • Weeden Foundation HIV/AIDS pandemic ravaging Africa. Coca-Cola is the • William Caspar Graustein Memorial Fund African continent's leading employer, so responsible • The William Bingham Foundation institutional investors recognized that the disease was Sources: Social Investment Forum Foundation; Foundation a problem that would ultimately affect the company's Partnership for Corporate Responsibility. business as well. Coca-Cola's Board of Directors agreed and recommended that its shareholders success support the shareowner-sponsored resolution.The Shareowner Advocacy: Active Ownership for result: one of the highest proxy-vote totals in favor Corporate Accountability of a social shareowner resolution in corporate history Shareowner advocacy involves investors' exercising (97% voting in favor).Coca-Cola's action led its leading their rights and responsibilities as owners of competitor PepsiCo quickly to follow suit with its corporate America and the global economy. own HIV/AIDS initiative in response to similar Becoming a more shareowner is one of the easiest shareowner efforts. ways to get involved in responsible investing. Source: Interfaith Center on Corporate Responsibility Committed social investors commonly use 11 Actively Vote Your Proxies "Conscious proxy voting sends a much-needed message Among the most immediate and effective forms to companies that shareholders are watching and of shareowner advocacy is actively voting proxies in a conscientious manner that reflects expect honest, responsive management." the foundation's philanthropic mission and its —Unlocking the Power of the Proxy (2004) concerns as a long-term asset owner. Proxy voting allows shareholders to express their views on more than $703 billion filed or co-filed shareowner specific issues to corporate management. resolutions on a social or environmental issue, and some foundations have played an increasingly Many foundation officers have repeatedly active role in the process.26 been surprised to learn that, lacking a formal proxy-voting policy related to their philanthropic Heightened awareness of the importance of proxy mission, outside managers rarely vote their voting, especially among institutional investors, has endowment's proxies in alignment with the led to record proxy seasons over the last decade. foundation's programmatic goals. Such widespread Social resolutions most frequently filed and most unsupervised outsourcing of proxy-voting authority strongly supported in recent years have been in may pose increasing fiduciary risks to foundation areas such as climate change, corporate political trustees. The proxy is a material asset, which can contributions, equal employment opportunity, serve as a key tool for actively promoting sound global labor standards, sustainability reporting, corporate governance, holding companies and environmental management and disclosure. accountable for their impacts, and promoting Social investors and corporate-governance long-term shareowner value. advocates are also increasingly dialoguing directly with corporate management about their social, Thanks to the work of several philanthropic groups environmental, and governance concerns, resulting actively engaged in proxy-voting issues, it has in an increasing number of resolutions withdrawn become easier than ever for foundations to from the proxy prior to annual corporate meetings. develop and implement their own guidelines for handling votes on shareowner resolutions. SHAREOWNER SUCCESS EXAMPLE: Recently, As You Sow Foundation and Rockefeller Supporting Fair Trade Philanthropy Advisors developed a valuable guide, Small-scale coffee farmers around the world scored a Unlocking the Power of the Proxy, to assist foundations with becoming more engaged in proxy voting. major victory when Procter & Gamble, the largest With the support of the Jessie Smith Noyes seller of coffee in the US, announced in 2003 that it Foundation, the two groups have produced would introduce Fair Trade Certified coffee products useful "Proxy Season Previews" to alert foundations through its Millstone specialty line.The decision to the leading social and governance shareowner followed a two-year engagement over the company's initiatives to watch for on the ballot—streamlining practices with shareowners led by the Center for the time and effort required to vote in a more Reflection, Education and Action (CREA) and Domini effective way.28 Social Investments and a multi-stakeholder campaign Several foundations such as the Boston of consumers, people of faith, human rights activists, Foundation, the Noyes Foundation, the Nathan and humanitarian organizations. Some 25 million cof- success Cummings Foundation, the Needmor Fund and fee-growing families in over 50 developing countries the Jewish Funds for Justice now also make their regularly face a "coffee crisis," with growing demand, proxy-voting policies readily available online. high production costs, and unpredictable commodity Dialogue with Management & cycles generating a flood of low-cost, low quality File Shareowner Resolutions coffee circulating around the globe. Fair trade ensures a stable price floor for small coffee farmers, enabling Foundation officers or trustees can write letters to company executives and board members about them to feed their families, seek medical assistance social, environmental and governance issues and school their children. that affect the long-term value of foundations' Source: Domini Social Investments; Oxfam America; Global Exchange. investment in them. In this way, foundations can help steer the companies they own toward 12 greater sustainability and protection of assets. these diverse coalitions are As You Sow, the Bullitt If the company proves unresponsive, it may be Foundation, the Christian Church Foundation, the a sign of more serious problems. Deaconess Foundation, the Noyes Foundation, the Jewish Funds for Justice, the Nathan Cummings Investors who continuously own shares worth Foundation, the Rockefeller Brothers Fund, and at least $2,000 in any US-listed publicly traded the United Church Foundation. company for one full year can file shareowner resolutions for a vote at the company's annual gen- Shareowner Engagement Networks eral meeting. Individual and institutional investors • Council of Institutional Investors can also serve as a co-filer with socially responsible • Foundation Partnership for Corporate money managers and institutional investors such Responsibility as public pensions, trade unions, non-profit or • Interfaith Center on Corporate religious organizations and other foundations who Responsibility are already taking the lead on filing resolutions. • International Corporate Governance Network Foundations have become increasingly involved • Investor Network on Climate Risk in filing shareowner resolutions on social and • Jewish Shareholder Engagement Network environmental issues over the last decade. Recent Social Shareowner Resolution • Social Investment Forum Proponents among Foundations • As You Sow Foundation • Camilla Madden Charitable Trust • Conservation Land Trust • Edward W. Hazen Foundation SHAREOWNER SUCCESS EXAMPLE: • Funding Exchange Improving Working Conditions • Haymarket People's Fund The Needmor Fund, a family foundation of heirs to the • Jessie Smith Noyes Foundation founder of the Champion Spark Plug Company, seized a • Lemmon Foundation unique opportunity to leverage its assets for mission- • Max and Anna Levinson Foundation related social impact through shareowner advocacy by • Nathan Cummings Foundation working with a grantee to help improve the fast-food • Needmor Fund industry. Since 2001 one of the Fund's grant recipients, • Pride Foundation the Florida-based Coalition of Immokalee Workers, had • Tides Foundation engaged in a campaign to reform the working conditions • United Church Foundation of farmworkers who picked tomatoes for Taco Bell. • Wisdom Charitable Trust As a foundation "seeking to empower traditionally Source: Social Investment Forum Foundation; Institutional disadvantaged populations," the Needmor Fund joined Shareholder Services, Social Issues Service. other concerned investors in co-filing several resolutions at Yum! Brands,Taco Bell's parent company, to hold the Join Shareowner Coalitions company accountable for its community relations. After a four-year boycott against Taco Bell by the Coalition, Foundations can leverage their ownership stakes large minority shareowner support for resolutions, and by joining coalitions of shareowners and other institutional investors that share their specific on-going efforts by investors to engage Yum! over these success issues, the company agreed to an historic settlement concerns. These groups meet regularly to discuss with the Immokalee Workers in 2005.The agreement best practices in shareowner engagement. Although strategies vary widely, shareowner networks provide especially useful platforms for identifying increased farmworker wages and applied a General companies with issues of mutual concern, dialogu- Supplier Code of Conduct for growers across Florida. ing directly with corporate management, whether The settlement is providing tangible social benefits to through jointly signed letters or behind-the-scenes a largely immigrant workforce and has helped the meetings, and finding potential co-filers of share- company mitigate risks of litigation or further damage owner resolutions. Among the many foundations to its reputation. that leverage their shareowner power through 13 SHAREOWNER NETWORK PROFILE: network Climate Change Since its establishment in late 2003, the Investor Network on Climate Risk (INCR) has galvanized leading institutional investors from around the world to address the financial risks and to seize the investment opportunities posed by global climate change.The network, a project of the Coalition of Environmentally Responsible Economies (Ceres), provides a forum for its members to share knowledge, develop prudent responses and call upon businesses, government and financial institutions to tackle the problems associated with climate risk.The coalition has catalyzed growing support for record numbers of shareowner resolutions asking corporations to assess and address the impact of global warming on their businesses. Nearly 20 different concerned foundations participated in the Institutional Investor Summit on Climate Risk, convened at the United Nations in 2005. 2005 UN Institutional Investor Community investing is a rapidly maturing Summit on Climate Risk segment of SRI. Community investing institutions, Foundation Participants: such as community development banks, credit • Beldon Fund unions, loan and venture capital funds, have • Bullitt Foundation grown from $4 billion in 1995 to nearly $20 billion • Doris Duke Charitable Foundation in 2005. The growth and maturation of community • The Energy Foundation investing instruments and institutions have made • Generation Foundation community investments both sound investment • Henry P. Kendall Foundation options and effective models for high-impact • John Merck Fund community development. Repeated studies by the • The Nathan Cummings Foundation National Community Capital Association (now • New York Community Trust Opportunity Finance Network) have indicated • Oak Foundation that loans to low-income individuals and groups • Pew Charitable Trusts perform as well as "traditional" bank loans. The Association's 2002 Safety and Soundness Data • Rockefeller Brothers Fund Findings revealed that community development • Rockefeller Family Fund financial institutions have not lost any investment • Surdna Foundation capital, testimony to their ability both to manage • Turner Foundation, Inc. risk and to serve low-income communities. • United Nations Foundation Leveraging Foundation Assets to • V. Kann Rasmussen Foundation Expand Economic Opportunity • The Winslow Foundation Foundations can now take advantage of a wide range of community investing opportunities that Community Investing: generate financial and social returns. Community Uplifting Low-Income Communities investing institutions offer a diverse array of COMMUNITY INVESTING directs capital from below-market and risk-adjusted, market-rate investors and lenders to communities that are instruments, from federally insured bank deposits often underserved by traditional financial services to uninsured equity and venture-capital products, and in acute need of infrastructure support and from senior and subordinated loans to community services such as affordable housing, child care and development bonds. The development of instru- health care. Community investing institutions ments such as the Certificate of Deposit Account provide access to credit, equity, capital and basic Registry Service (CDARS) now allows FDIC banking products that these communities would insurance on deposits of up to $30 million at otherwise lack, whether in the US or in other community development banks, providing added parts of the world. appeal to institutional investors seeking safety in managing their cash portfolio. New data and ratings 14 on community investing institutions are more widely available, and community investing pools "Climate change is a topic that should be on the agenda allow foundations to diversify their investments and impact through a single intermediary. of every Board of Directors. The risks are great and The social returns on different community varied. However, there are also potential opportunities." investments can range widely as well. Deposits at —Michael Moran and Abby Joseph Cohen, community development banks and credit unions Goldman Sachs Group29 create liquidity in underserved neighborhoods and provide financial services and access to BEYOND CHARITY: capital to lower-income populations. Community REBUILDING AFTER KATRINA development loan funds finance high-impact In the wake of Hurricane Katrina, Hope Community Credit community development by providing capital Union, a regional community investing institution sponsored for affordable housing, small businesses and micro-enterprises, and nonprofit community organizations. Investing in funds that work by the nonprofit Enterprise Corporation of the Delta with international microfinance institutions, (ECD), quickly began rebuilding businesses and lives in the cooperatives, local banks, and small and medium ravaged communities of Louisiana and Mississippi. HOPE enterprises provides valuable financing, job training and ECD created the HOPE/ECD Hurricane Katrina Relief and technical assistance to support sustainable Fund to provide immediate relief to the displaced and to development in poor countries around the world. support the longer term process of reconstruction. HOPE Community development venture capital and other also opened no-fee "disaster accounts" for evacuees and made emergency bridge loans available to businesses, non- forms of "double-bottom-line" private equity for profits and families in disaster areas.The LaBeaud family of social enterprises stimulate sustainable job Marrero, Louisiana, for example, returned to find their home creation in distressed communities and create of 14 years nearly destroyed by the storm. A bridge loan businesses for neighborhoods in need. Join the 1% or More in from HOPE helped them meet their mortgage payments Community Campaign and provided a much-needed lifeline. Two national organizations that promote SRI, the Social Investment Forum Foundation and a unique community investing program as part of Co-op America, have launched a campaign to its mission to create a fair, just, and compassionate encourage all investors to put their assets to America. Since its launch in 1997, the Tzedec work strengthening communities that have been community investment program of JFSJ has left economically behind. The goal of the 1% or channeled more than $20 million in funds from More in Community Campaign is to help grow the American Jewish community to create housing, community investing institutions to more than jobs, and small businesses, increasing economic $25 billion in assets by 2008. opportunity and building wealth in low and Foundations can join the campaign by moving at moderate-income neighborhoods around the least 1% of their managed assets into community country. As the only national program encouraging investments. The F. B. Heron Foundation, the the Jewish community to get involved in community A. J. Muste Memorial Institute, and the Rose investing, Tzedec responds to the teachings of Foundation for Communities and the Environment Judaism that emphasize partnership and are among foundations that have qualified. investment as the highest forms of charity.30 THE F. B. HERON FOUNDATION has created one of For more information, visit the Community Investing Center at www.communityinvest.org. the nation's most innovative community investing Foundation Leaders in programs within the foundation world. As part Community Investing of its mission to help people build wealth in low-income communities, the Foundation has JEWISH FUNDS FOR JUSTICE (JFSJ), a public aggressively expanded its philanthropic reach by foundation recently combining The Shefa Fund leveraging 25% of the Foundation's assets in a and the Jewish Fund for Justice, has developed "mission-related investing" program that deploys 15 resources across a range of asset classes from In comparison to other responsible investing deposits and fixed-income securities to senior strategies, social venture capital remains relatively and subordinated loans to public stocks and small in scale. Recent studies have estimated private equity funds. approximately $600 million in double-bottom-line private equity.32 Whether financed directly or Although targeted rates of return vary, approximately through private equity funds, venture capital 73% of the Heron Foundation's mission-related has nevertheless become an emerging arena for investments are market-rate, allowing its total foundations and other long-term investors investment return in 2005 to remain in the second seeking business solutions to pressing social quartile of the Russell/Mellon All Foundation and environmental problems. Universe. A mission-aligned fixed-income portfolio V. Getting Started with worth more than $20 million has outperformed its Mission-Related Investing benchmark, the Lehman Aggregate Bond Index, by more than 40 basis points since its inception in June 2001, and the foundation is now beta testing The following section provides a resource roadmap a positively screened portfolio of S&P 900 companies for foundations interested in becoming more based on their relative performance on community involved in responsible, mission-related investing. investing criteria. By investing in communities in a disciplined manner, with due attention to 1. CONDUCT RESEARCH AND GATHER RESOURCES benchmarks, performance and risk, the Heron Particularly useful resources on SRI include Foundation has demonstrated how foundations the following: can embrace mission-aligned investing across a • Foundation Partnership on Corporate wide continuum of investment opportunities Responsibility: www.foundationpartnership.org without sacrificing financial returns.31 Social Venture Capital: • Social Investment Forum: www.socialinvest.org Double-Bottom-Line Mission in the Marketplace Alternative Investments 2005 Report on Socially Responsible Investing Trends in the United States In addition to Community Development Venture • SRI World Group, Inc.: www.socialfunds.com Capital, a number of foundations have made • Institutional Shareowner: www.ishareowner.com investments in social venture capital or what has been described as "double-bottom-line" private Sustainable and Responsible Investment Strategies: A equity. Generally these are debt or equity investments Guide for Fiduciaries and Institutional Investors in early-stage for-profit companies that produce Center on Corporate Responsibility • Interfaith social and environmental benefits or loans to (ICCR): www.iccr.org non-profit social enterprises. Renewable energy, • University of California Berkeley, Haas School clean technology, sustainable farming and forestry, of Business, Center for Responsible Business affordable housing, and health care delivery are Studies in Socially Responsible Investing: among the areas where social venture capital has www.sristudies.org seen the most concentrated activity. • Other useful resources and reports can be So-called individual "angel investors," such as found at the end of this guide. those in the Investors' Circle, have directed more 2. CONSULT A FINANCIAL PROFESSIONAL OR ASSET MANAGER WITH SRI EXPERTISE than $100 million to social-purpose organizations AND EXPERIENCE WITH FOUNDATIONS, with double-bottom-line returns, and foundations CHARITABLE TRUSTS, NONPROFITS OR such as the Abell Foundation, the California OTHER INSTITUTIONAL INVESTORS Health Care Foundation, the Ford Foundation, the F. B. Heron Foundation, the MacArthur •A directory of SRI financial consultants Foundation, the Rockefeller Foundation and the Weeden Fundation have incorporated and asset managers is available these socially-motivated investments into their at www.socialinvest.org. alternative investment portfolios or made them • Networks of advisors and brokers who as "program-related investments." specialize in SRI include: 16 –First Affirmative Financial Network: 7. DRAFT A NEW RESPONSIBLE –www.firstaffirmative.com INVESTMENT POLICY –Progressive Asset Management: • Specify social, environmental and governance –www.progressive-asset.com issues to be incorporated. • Allocateassets to community investing 3. ASK WHETHER YOUR EXISTING FINANCIAL instruments and institutions. CONSULTANTS AND MONEY MANAGERS HAVE THE NECESSARY SRI EXPERTISE • Askpeers in the foundation community for model investment policies. Many foundations • Ifnot, share this booklet with them and ask make theirs available online. them to examine the resources listed here. Evaluate whether the manager can meet the 8. EXPLORE COMMUNITY INVESTING full range of your needs. OPPORTUNITIES THAT LEVERAGE YOUR MISSION AND IMPACT, WHILE MEETING 4. HAVE A STRATEGIC CONVERSATION ABOUT YOUR FINANCIAL GOALS SRI WITHIN YOUR ORGANIZATION the Community Investing Center at • Visit • Discuss the strategic opportunities with www.communityinvest.org to help you identify other board members and foundation officers community investing opportunities. interested in SRI. 9. LEAD BY EXAMPLE: SHARE KNOWLEDGE AND BEST PRACTICES WITHIN THE • Identifyyour core social and environmental PHILANTHROPIC COMMUNITY concerns and relationships between your grantmaking and your investing objectives. • Make your responsible investment policies • Leverage your human resources: foundation and active proxy voting guideliness available program staff are often sources of knowledge online for others to learn from your example about social, environmental and community • Support research and advocacy initiatives issues and the stakeholders involved in matters of corporate social responsibility. in social investing and corporate social responsibility 5. PRESENT FINDINGS TO YOUR FOUNDATION BOARD OR INVESTMENT COMMITTEE • Join or encourage mission-related investing initiatives through the Foundation Partnership • Use the powerpoint presentation that on Corporate Responsibility, the International accompanies this report, available at Human Rights Funders Group, the www.socialinvest.org. Environmental Grantmakers Association, • Adapt strategies appropriate to your needs. Grantmakers in Health, the Association of Small Foundations, the Council on 6. DEVELOP ACTIVE PROXY VOTING GUIDELINES Foundations, and other foundation • Use Unlocking the Power of the Proxy from As You affinity groups. 10. JOIN RESPONSIBLE INVESTOR NETWORKS Sow Foundation and Rockefeller Philanthropy Advisors as a guide for developing more engaged proxy voting policies. • The Social Investment Forum, the Investor Network on Climate Risk, the Foundation • Several foundations provide copies of their Partnership on Corporate Responsibility, policy guidelines online; use them as models the Council of Institutional Investors, to consider. and the Interfaith Center on Corporate • Ifyou delegate your proxy voting to outside Responsibility are among the leading managers, request that they follow your networks of responsible investors. guidelines and hold them accountable for how they manage your valuable proxy assets. • Request documentation from managers describing how they cast votes in alignment with your policy. 17 Conclusion w hether implemented together or exercised individually, the strategies of responsible investing can expand the philanthropic mission of your foundation. Partnering the mission of grant-making concern for the long-term investor. Shareowner advocacy provides tools for holding companies accountable over the long run, while community investing offers unique opportunities to reduce programs with the market discipline of endowment poverty and build economic opportunity in management can help create an effective, fully lower-income communities. Social venture integrated, socially and environmentally responsible capital uses alternative investments to finance philanthropic enterprise. social enterprises in order to pursue high- impact returns. Incorporating social and environmental screening criteria into your portfolio management can help Responsible investing provides the prudent align your institution's values with investments trustee with strategic tools for simultaneously while mitigating the social and environmental creating social value and unlocking shareowner risks that have become a growing source of value. When implemented in a disciplined manner, sensitive to a foundation's appetite for risk and return, and focused on the long term, all "[I]f taking well-considered risks for public benefit is strategies of responsible investing can help build not the role of philanthropy, then what is?" true long-term wealth for the foundation and for —Luther M. Ragin, Jr., society. The strategies described in this guide Vice President, Investments, F. B. Heron Foundation can help foundation fiduciaries realize their full mission as philanthropic stewards. 18 Glossary of Terms COMMUNITY INVESTING—capital from investors, SHAREOWNER ADVOCACY—The active exercise as well as financial services and technical support, of the rights and responsibilities of corporate that are directed to communities underserved by shareownership, including options such as proposing traditional financial services. or co-filing shareowner resolutions or engaging directly with corporate management through CSR—Abbreviation for "Corporate Social correspondence, dialogue and meetings over Responsibility," the integration of social and issues of concern. Conscientious proxy voting environmental concerns into business strategy is also part of such engagement. and operations and into the relations between companies and their stakeholders, from employees SOCIAL VENTURE CAPITAL—Private-equity capital and customers to civil society and the communities invested generally in early-stage social enterprises or in which they operate. other companies pursuing social or environmental benefits as well as financial returns. DOUBLE BOTTOM-LINE—An investment seeking financial and social returns. Commonly used to SRI—Abbreviation for "Socially Responsible describe social venture capital and private-equity Investing," an investment discipline that incorporates investments. See also Triple Bottom-Line. social and environmental factors into portfolio management through strategies such as screening, ESG—Abbreviation for "Environmental, Social and shareowner advocacy, community investing and Governance" criteria or factors, incorporated into social venture capital. Depending on emphasis, investment analysis, policy or management. other terms such as "Double Bottom-Line Investing," See also Screening. "Ethical Investing," "Green Investing," "Mission-Related Investing," "Responsible Investing," "Social Investing" PROXY STATEMENT—Term used to describe the or "Sustainable Investing" are commonly used to documentation that publicly traded companies are refer to similar approaches that incorporate required by law to distribute to shareowners prior extra-financial issues into investment. to their annual meetings. In the proxy, companies report to their shareholders and solicit votes on SUSTAINABILITY—A long-term approach to value a variety of matters related to the companies' creation that seeks to maximize durable financial management and governance, including returns through managing social and environmental shareowner-sponsored resolutions on risks, minimizing social and environmental externalities, environmental, social and corporate-governance and efficiently using natural resources. issues. See also Proxy Voting. TRIPLE BOTTOM-LINE—An investment seeking PROXY VOTING—The process of voting "by proxy" financial, social and environmental returns, supporting on management and shareowner issues being profits, people, and the planet. Some corporations presented for a vote at a company's annual meeting. also state they operate with the triple bottom line as a focus. See also Double Bottom-Line. SCREENING—The practice of evaluating investment portfolios based on social, environmental or governance criteria. Screening may exclude companies with poor CSR records, actively include investments with strong social or environmental performance, or otherwise incorporate environmental, social or governance considerations into the investment process. See also ESG and CSR. 19 Additional Resources • As You Sow Foundation's Proxy Information • International Human Rights Funders Group http://www.asyousow.org/csr/proxyvoting.shtml http://www.hrfunders.org • Bellagio Forum for Sustainable Development • Investor Environmental Health Network http://bfsd.server.enovum.com/en/ http://www.iehn.org • Center for Responsible Business, Haas School of • Investor Network on Climate Risk Business, University of California, Berkeley, Studies http://www.incr.com of Socially Responsible Investing http://www.haas.berkeley.edu/responsible • KLD Research & Analytics, Inc. business/MoskowitzResearchProgram.html http://www.kld.com/resources/papers/Pensions_the _Companies_They_Own_KLD07011.pdf • Foundation Partnership on Corporate • http://www.kld.com/resources/papers/ Responsibility SRIEvolving070109.pdf http://www.foundationpartnership.org • SocialFunds.com • Foundations and Social Investment: Making Money www.socialfunds.com Work Harder in order to Achieve More, by Margaret Bolton • Social Investment Forum http://www.esmeefairbairn.org.uk/docs/EFF_ www.socialinvest.org foundations_report.pdf www.communityinvest.org www.sriadvocacy.org • The Institute for Responsible Investment at the Center for Corporate Citizenship Boston College, • The United Nations Environment Programme Wallace E. Carroll School of Management Finance Initiative (UNEP FI) http://www.bcccc.net/index.cfm http://www.unepfi.org • Interfaith Center on Corporate Responsibility • The United Principles for Responsible Investing www.iccr.org http://www.unpri.org 20 For Further Reading Edward S. Adams & Karl D. Knutsen. 1995. "A Charitable Corporate Giving Justification for the Socially Responsible Investment of Pension Funds: A Populist Argument for the Public Use of Private Wealth." Iowa Law Review 211. Duncan Austin and Amanda Sauer. 2002. Changing Oil: Emerging Environmental Risks and Shareholder Value in the Oil and Gas Industry. Washington, DC:World Resources Institute. Duncan Austin, Niki Rosinski, Amanda Sauer, Colin le Duc. 2003. Changing Drivers:The Impact of Climate Change on Competitiveness and Value Creation in the Automotive Industry. Sustainable Asset Management and World Resources Institute. Bellagio Forum for Sustainable Development and Eurosif. 2006. PRIME Toolkit: Primer for Responsible Investment Management of Endowments. Margaret Bolton. 2005. Foundations and Social Investment: Making Money Work Harder in order to Achieve More. The Ashden Trust, Esmée Fairbairn Foundation,Tudor Trust, and Venturesome, October. Peter Camejo. 2002.The SRI Advantage:Why Socially Responsible Investing Has Outperformed Financially. Gabriola Island, British Columbia: New Society Publishers. The Carbon Trust. 2004. Brand Value at Risk from Climate Change. The Carbon Trust. 2005a. Investor Guide to Climate Change. January. The Carbon Trust. 2005b. A Climate for Change—A Trustee's Guide for Understanding and Addressing Climate Risk. November. The Carbon Trust. 2006. Climate Change and Shareholder Value. The Carbon Trust and Cairneagle Associates, March. Catherine H. Clark and Josie Taylor Gaillard. 2003. "RISE Capital Market Report:The Double Bottom Line Private Equity Landscape in 2002-2003." Columbia Business School. Douglas G. Cogan, ed. 2000. Tobacco Divestment and Fiduciary Responsibility: A Legal and Financial Analysis. Washington, DC: Investor Responsibility Research Center, 2000. Douglas G. Cogan. 2006. Corporate Governance and Climate Change: Making the Connection. Boston: Ceres, March. Jed Emerson and Tim Little, with Jonas Kron. 2005. The Prudent Trustee:The Evolution of the Long-Term Investor. Washington, DC: Generation Foundation and the Rose Foundation for Communities and the Environment. Jed Emerson. 2004. "Shifting into Foundation Overdrive." Foundation News and Commentary, September/October, pp. 36–38. Jed Emerson. 2003. "Where Money Meets Mission: Breaking Down the Firewall between Foundation Investments and Programming." Stanford Social Innovation Review, summer, 38-47. Stanley J. Feldman, et al. 1997. "Does Improving a Firm's Environmental Management System and Environmental Performance Result in a Higher Stock Price?" The Journal of Investing 6, no. 4. Freshfields Bruckhaus Deringer. 2005. "A Legal Framework for the Integration of Environmental, Social and Governance Issues into Institutional Investment." UNEP Finance Initiative, Asset Management Working Group, October. Susannah Blake Goodman, Jonas Kron, and Tim Little. 2002. The Environmental Fiduciary:The Case for Incorporating Environmental Factors into Investment Management Policies. Oakland, Calif.: Rose Foundation for Communities and the Environment. Nadja Guenster, Jeroen Derwall, Rob Bauer, and Kees Koedijk. 2005. "The Economic Value of Corporate Eco-Efficiency." Erasmus University Rotterdam, July. R. Heinkel, A. Kraus, and J. Zechner. 2001. "The Effect of Green Investment on Corporate Behavior." Journal of Financial and Quantitative Analysis 36, no. 4. Innovest Strategic Value Advisors, Inc. 2002. Value at Risk: Climate Change and the Future of Governance. Boston: Ceres, April. Peter Kinder, ed. 2004 "Resources on Socially Responsible Investing, Corporations & Fiduciary Duties." Boston: KLD Research & Analytics, Inc., July 15. Peter Kinder and Steven Lydenberg. 1998. Mission-Based Investing: Extending the Reach of Foundations, Endowments and NGOs. 21 Mark Kramer and Sarah Cooch. 2006. "Investing for Impact: Managing and Measuring Proactive Social Investments." The Shell Foundation and Foundation Strategy Group, January. Darren Lee. 2006. "An Analysis of the Sustainability Investment Strategy Employing the Dow Jones Sustainability World Index." Ph.D. diss., Monash University. Steven D. Lydenberg. 2002. "Envisioning Socially Responsible Investing: A Model for 2006." Journal of Corporate Citizenship 7, autumn. Mercer Investment Consulting. 2006. "Perspectives on Responsible Investment: A Survey of US Pension Plans, Foundations and Endowments, and Other Long-Term Savings Pools." January. Michael A. Moran, Abby Joseph Cohen, et al. 2005. "The Growing Interest in Environmental Issues Is Important to Both Socially Responsible and Fundamental Investors." Goldman Sachs Global Strategy Research Report, United States Portfolio Strategy, August 26. Christopher J. Murphy. 2002. "The Profitable Correlation between Environmental and Financial Performance: A Review of the Research." Light Green Advisors. Luther M. Ragin, Jr. 2003. New Frontiers in Mission-Related Investing. New York:The F. B. Heron Foundation. Robert Repetto and Duncan Austin. 2000. Coming Clean: Corporate Disclosure of Financially Significant Environmental Risks. Washington, DC:World Resources Institute. Robert Repetto and Duncan Austin. 2000. Pure Profit:The Financial Implications of Environmental Performance. Washington, DC:World Resources Institute. Rockefeller Philanthropy Advisors and As You Sow Foundation. 2004. Unlocking the Power of the Proxy: How Active Foundation Proxy Voting Can Protect Endowments and Boost Philanthropic Missions. Rockefeller Philanthropy Advisors. Rockefeller Philanthropy Advisors and As You Sow Foundation. 2006. Proxy Season Preview: Helping Foundations Align Mission and Investment—Spring 2006. Social Investment Forum. 1998. Tobacco's Changing Context: A Challenge and Opportunity for Institutional Investors, 2nd ed. Washington, DC: Social Investment Forum. Social Investment Forum. 2006. 2005 Report on Socially Responsible Investing Trends in the United States. Washington, DC: Social Investment Forum, 24 January. Lewis D. Solomon. 1997. "The Legal Aspects of Social Investing by Non-Profit Fiduciaries." The Journal of Investing 6, no. 4. United Nations Environment Programme Finance Initiative (UNEP FI). 2004. "The Materiality of Social, Environmental, and Corporate Governance Issues to Equity Pricing." UNEP FI. United Nations Environment Programme Finance Initiative (UNEP FI). 2006. "Show Me the Money: Linking Environmental, Social and Governance Issues to Company Value." UNEP FI. UN Global Compact. 2004. Who Cares Wins: Connecting Financial Markets to a Changing World. US Environmental Protection Agency. 2000. "Green Dividends? The Relationship between Firms' Environmental Performance and Financial Performance." Washington, DC: Office of Cooperative Environmental Management, US EPA, May. Stephen Viederman. 2004. "New Directions in Fiduciary Responsibility." Journal of Practical Estate Planning, December–January. World Economic Forum. 2005. Mainstreaming Responsible Investment. Geneva, January. 22 Endnotes 1. Jed Emerson (2003), p. 46. 2. Global SRI assets based on aggregates of the most recent market analyses available from the Social Investment Forum Foundation, the European Social Investment Forum (Eurosif), the Ethical Investment Association (Australia), the Social Investment Organization (Canada), and the Association for Sustainable and Responsible Investment Asia (ASrIA). Note that each organization's methodology does not always measure its markets in identical ways. 3.World Economic Forum (2005), p. 52. 4.According to the Foundation Center (Foundation Growth and Giving Estimates, 2006), total foundation giving in 2004 totaled $31.8 billion, or 6.2% of total foundation assets, leaving the bulk of institutional philanthropic resources held in endowments. 5. Kramer and Cooch (2006). 6. Emerson and Little, with Kron (2005), pp. 7–8. 7.Adams and Knutsen (1995); Solomon (1997); Goodman, Kron, and Little (2002); Kinder (2004); and Emerson and Little, with Kron (2005). 8.As of June 30, 2006, Dow Jones Sustainability Indexes. Additional information on the performance of the DJSI can be found at www.sustainability-index.com. 9. Lee (2006). On environmental performance and capital costs, see Heinkel, Kraus, and Zechner, (2001); and M. P. Sharfman and C. S. Fernando, "Environmental Risk Management and the Cost of Capital," The University of Oklahoma, research in progress. 10. On the UN Principles for Responsible Investment, an initiative of the UN Secretary-General implemented by the UN Environmental Programme Finance Initiative and the UN Global Compact, see www.unpri.org. See also the UN Global Compact (2004); and World Economic Forum (2005). 11 . Freshfields Bruckhaus Deringer (2005). 12. Jane Ambachtsheer, Mercer Investment Consulting, Interview, September 8, 2006. See also www.mercerIC.com/srire- search. 13.As of June 30, 2006. Neuberger Berman Socially Responsive Fund Fact Sheet, 6/30/06; Kiplinger's 60, no. 9 (September 2006); Morningstar, Inc., and Lipper, A Reuters Co. For additional performance information, see www.arielmutual- funds.com, www.bridgewayfund.com, www.calvert.com, www.nb.com, and www.paxworld.com. 14. Guenster, Derwall, Bauer, and Koedijk (2005); Austin, Rosinski, Sauer, le Duc (2003); Austin and Sauer (2002); Murphy (2002); Goodman, Kron, and Little (2002); Repetto and Austin (2000); and Repetto and Austin (2000); US EPA (2000); and Feldman, et al. (1997). 15. Cogan (2006);The Carbon Trust (2004, 2005a, 2005b, 2006); Moran, Cohen, et al. (2005); Innovest Strategic Value Advisors, Inc. (2002). 16. Guenster, et al. (2005). 17.As of June 30, 2006. Winslow Green Growth Fund Fact Sheet. For further information, see www.winslowgreen.com. 18.As of June 30, 2006. For further performance information, see www.portfolio21.com. 19."SRI:What Do Investment Managers Think?" Mercer Investment Consulting, 21 March 2005; and "Socially Responsible Investing—Moving into the Mainstream," Mercer Investment Consulting, 23 June 2005. 20. Social Investment Forum (2006), pp. 12-14. 21.As applied and developed by groups such as the Social Investment Research Analysts Network (SIRAN), a working group of the Social Investment Forum, and the Asset Management Working Group of the United Nations Environment Programme Finance Initiative (UNEP FI). See www.siran.org and UNEP FI (2004). 22. Social Investment Forum (2006), pp. 7-13. For tools on tobacco screening, see Cogan (2000); and Social Investment Forum (1998). 23. UNEP FI (2006). 24. The Chronicle of Philanthropy, May 4, 2006, available at http://philanthropy.com/premium/articles/v18/i14/14000801.htm. 25. The Chronicle of Philanthropy, May 4, 2006, available at http://philanthropy.com/premium/articles/v18/i14/14000801.htm. 26. Social Investment Forum (2006), p. 16. 27.Williams (2006). 28. Rockefeller Philanthropy Advisors and As You Sow Foundation (2004, 2006). Each document can be found at http://www.asyousow.org/csr/proxyvoting.shtml. 29. Moran, Cohen, et al. (2005). 30.Tzedec Economic Development Fund, Portfolio Summary, as of 6/30/06. See also www.jewishjustice.org. 31. Ragin (2003); and "Mission-Related Investing at the F. B. Heron Foundation," Data Summary, as of June 30, 2006. 32. Kramer and Cooch (2006); and Clark and Gaillard (2003). 23 Special thanks to for its sponsorship of the distribution of this report. ShoreBank is the first and leading community development and environmental bank in the United States. With $2 billion in assets, ShoreBank makes loans to individuals, programs, and businesses that help build personal wealth and strong, stable communities. For additional information, call 800-669-7725 ext. 4700 or visit www.sbk.com. Printed on 100% recycled paper.
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