The School's Environmental, Social and Governance Policy
LSE adopted a new Environmental, Social and Governance (ESG) Policy in November 2022 which seeks to minimise our investment exposure to companies deriving revenues from:
- Thermal coal; mining of thermal coat (including lignite, bituminous, anthracite and steam coal)
- Tar sands; a highly energy and carbon intensive approach to oil extraction.
- Tobacco manufacture
- Indiscriminate weapons manufacture
LSE’s ESG policy involves selecting externally managed funds that minimise indirect investments exposure in the four sectors mentioned above. Since 2016, the exposure of our investments in those areas has reduced by over 85 per cent from 3.4 per cent of total assets to 0.5 per cent in 2022-23.
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)
Additionally, under the ESG policy, the School pursues an investment policy to support companies that are aligned to climate change targets and divest from those that are not. Using the Grantham Research Institute's Transition Pathway Initiative (TPI) tool, the School further divests from the worst performers (as rated by TPI) in the Oil and Gas sectors. Further analysis on the School’s investment portfolios can be found below utilising the TPI tool.
LSE is also a signatory of the United Nations supported Principles for Responsible Investment.
FAQ- How can LSE investments support the transition to net-zero carbon?
LSE’s investment portfolios
Unlike some universities with larger endowments, LSE does not invest directly in companies. Instead LSE invests in funds, across a number of asset classes which are actively managed by external Fund Managers or in passive funds which track a market index. The School’s investment adviser selects these funds to create portfolios aimed at delivering, over the long term, an average annual real return of 4.5% within agreed risk constraints and that align to the School’s ESG aims. These investment portfolios are formed by generous donations given to the School to support education and research.
In order to achieve the return target of 4.5% plus consumer price inflation the investment portfolio is predominantly invested in equity funds for growth. These funds represent a worldwide exposure to both large and small cap companies in developed and emerging markets. Despite this growth bias, the endowment is managed prudently so as to ensure that sufficient annual liquidity is available.
More details of the assets held in LSE’s portfolio at 31 July can be found below-
Holdings at 31 July 2024 (to be published in Oct 24)
Holdings at 31 July 2023
Holdings at 31 July 2022
Holdings at 31 July 2021
Holdings at 31 July 2020
ESG Review- Transition Pathway Initiative- Annual Analysis of portfolios
The School’s holdings at 31 July 2023 have been analysed to determine the proportion which has been rated by the Grantham Institute Transition Pathway Initiative (TPI). Those stocks which have been rated are shown below in the categories of rating as detailed on the TPI website.
The analysis summarises the holdings in the School's "endowment" portfolios however currently excludes the following which haven't been rated by TPI yet-
- Mercer’s Private Equity holdings
- Property holdings (Charities Property fund and CBRE)
- Cash balances held as part of investment portfolios
Overall, 36% of LSE’s rateable holdings have been assigned a Management Quality (MQ) rating by the TPI tool as at July 2023 compared to 12% at July 2022 and 9% at July 2021 demonstrating the increased MQ analysis TPI has undertaken and published over the last year. In a similar vein, by July 2023 8% of LSE’s investment holdings had been assigned a Carbon Performance (CP) rating by TPI compared to 6% at July 2022 and 4.5% at July 2021.
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)
The Management Quality (MQ) rating aims to distribute companies according to the management of their greenhouse gas emissions and of risks and opportunities to the low-carbon transition (rated from 0 to 4* with 4* being the best). The MQ analysis for all portfolio holdings is presented in the chart below.
![](data:image/png;base64,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)
The Carbon Performance (CP) rating analyses companies’ emissions pathways against the international targets and national pledges made as part of the 2015 UN Paris Agreement limiting global warming to below 2 degrees centigrade. The levels A to E represent the following-
Level A- 1.5 degrees
Level B- Below 2 degrees
Level C- National/International pledges made
Level D- Not Aligned
Level E- No or insufficient disclosure
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)
Since July 2021, we can see an increase in the portion of the portfolio that has been TPI rated due to additional stock ratings published by TPI over the last 2 years. This analysis will continue to be prepared annually and as a larger portion of the portfolio becomes rated by the TPI, this should enable more consistent comparisons from year to year.
Our plans for the future
We are committed to strengthening our approach to responsible investment and continue to review our policies and consider further steps and actions we can take.
In early 2024, the School entered into a request for proposals alongside other UK Higher Education institutions to identify and develop a market for cash products that do not contribute to the financing of fossil fuel expansion.
In October 2020 LSE published its new Sustainability Strategic Plan, aimed at maximising the School's impact in creating a sustainable world. Investment is one of six strategic themes, with a commitment to Making sustainability a key part of our investment decisions. Explore the Investment section of the Plan for details of our commitments and supporting initiatives.
Governance
LSE’s Investment Sub-Committee and Sustainability Leadership Board play an important role in our approach to responsible investment. Furthermore, LSE’s ESG Policy is approved by Council on the recommendation of the Finance and Estates Committee.
The Investments Sub-Committee is responsible for governing the investment of School funds and to review the School's Investment Policy and Strategy. The committee is responsible for applying the School’s Socially Responsible Investment Policy and the implementation of the Investment section of the Sustainability Strategic Plan.
The Sustainability Leadership Board is chaired by the LSE Director and is responsible for monitoring the delivery of the School’s Sustainability Strategic Plan, including its Investment theme.