IMCO releases inaugural Environment, Social and Governance Report
TORONTO (June 29, 2022) – The Investment Management Corporation of Ontario (IMCO) today released its inaugural Environment, Social and Governance (ESG) report for the year ended December 31, 2021. IMCO's 2021 report, “Adapting to a changing world”, is the first of its kind for the organization and summarizes extensive analysis conducted across the entire organization.
“We view ESG as a strategic business imperative and it underpins every investment decision we make,” said Bert Clark, President & Chief Executive Officer. “We know that considering ESG issues can improve risk-adjusted investment outcomes for our clients, and we understand that our stakeholders want greater transparency on how organizations are managing ESG risks, notably climate change, in their business strategies.”
IMCO's inaugural report reflects the significant role ESG plays in its business and investment strategy. It also includes IMCO's first disclosure, in line with the Task Force on Climate-Related Financial Disclosures (TCFD) recommendations.
“As long-term investors, we are committed to meaningful action and progress — especially on significant global issues that affect the entire economy,” said Rossitsa Stoyanova, Chief Investment Officer. “For example, we have identified climate change and decarbonization in our first ever ESG report as some of our top priorities, as they are among the most pressing issues of our generation.”
2021 Report Highlights
Developed IMCO's climate strategy and action plan
Committed to net-zero emissions in our investments by 2050 or sooner
Became founding and Steering Committee member of Climate Engagement Canada
Became part of the UN's Race to Zero and the Glasgow Financial Alliance for Net Zero by joining Paris Aligned Investment Initiative
Measured carbon emissions connected to our investment portfolio and operations for the first time
Developed ESG Integration Guideline for all asset classes, ESG External Manager Guideline, and ESG Screening Guideline
Conducted Sustainable Accounting Standards Board (SASB) materiality and United Nations Sustainable Development Goals (SDG) assessment for all new direct investments
Proxy Voting Guideline created to incorporate IMCO's expectation of key priority areas: Climate Change; Diversity, Equity, and Inclusion (DEI); and Corporate Governance
Published proxy voting decisions before each shareholder meeting on IMCO website
The Investment Management Corporation of Ontario (IMCO) manages $79 billion of assets on behalf of its clients. Designed exclusively to drive better investment outcomes for Ontario's broader public sector, IMCO operates under an independent, not-for-profit, cost recovery structure. It provides leading investment management services, including portfolio construction advice, better access to a diverse range of asset classes and sophisticated risk management capabilities. As one of Canada's largest institutional investors, we invest around the world and execute large transactions efficiently. Our scale gives clients access to a well-diversified global portfolio, including sought-after private and alternative asset classes. Follow us on LinkedIn and Twitter @imcoinvest.