CCR Endowment Fund: Investment Policy
The objective of the fund is to provide a secure income to support and sustain the mission of the Canadian Council for Refugees.
Restriction of capital
The capital of the fund is to be preserved. Only the income from the investments will be available for use by the CCR to support its mission. From time to time additional amounts may be added to the capital, by donation or bequest, or by decision of the Executive Committee.
Overall investment objectives
The overall objective in investing the capital is to strike a balance between generating income for the CCR and maintaining the security of the capital. Where possible consistent with these objectives, we also seek growth in the capital.
Investment policies and practices are to be fully transparent.
Investments will be made in a manner consistent with the mission of the Canadian Council for Refugees. Capital will be invested in a balanced and diversified portfolio to consist of a mix of quality stocks, bonds and cash equivalents.
The CCR seeks to invest the capital in ways that respect and promote the human rights of all people. The CCR seeks to avoid investments which are inconsistent with the mission of the organization, because they contribute to the forced displacement of people or to the mistreatment of migrants. In particular, the funds will not be invested in bodies whose activities include:
- the manufacture, sale, importation or distribution of military hardware
- association, openly or tacitly, with governments involved in massive human rights abuses
- detention or deportation operations
- failure to observe the human rights of all persons
- operations that lead to the forced displacement of populations
- environmental degradation, including where it leads to forced displacement.
Investment Advisory Committee
The Executive Committee will create an Investment Advisory Committee to provide advice. The role of the Investment Advisory Committee is to monitor the management of the funds and advise the Executive Committee on decisions with respect to the fund, including through development of an investment plan and suggesting amendments to the ethical guidelines. The Treasurer will be an ex officio member of the Investment Advisory Committee.
The CCR will contract with an agent to manage the investments. The Executive Committee will choose the agent, such as an investment broker, based on their experience in ethical investment, their interest in developing an investment strategy compatible with the mission and values of the CCR, their track record in managing investments, the credibility and reliability of the institution for which they work, and the level of security of the funds they can offer. The performance of the investment manager will be reviewed annually, based on these criteria and compliance with the Investment Policy and Investment Plan.
Day-to-day decisions on the portfolio will be made by the Treasurer and Executive Director, in consultation with one other member of the Investment Advisory Committee.
Decisions to transfer money to the Fund, other than donations or bequests already so designated, will be made by the Executive Committee, on the advice of the Finance Committee. For example, the Executive could decide to transfer an undesignated major donation or bequest, or part of a year-end surplus.
Investment plan and reporting
The Investment Advisory Committee will present to the Executive Committee on an annual basis the investment plan. The investment plan must be approved by the Executive Committee.
The Investment Advisory Committee will present to the Executive Committee a quarterly report on the investments.
Approved by the Executive, 23 November 2011