Canadian Yearly Meeting INVESTMENT POLICY May we look upon our treasures, the furniture of our houses, and our garments, and try whether the seeds of war have nourishment in these our possessions. -- John Woolman Much valuable Quaker work is financed by income from the investment of capital funds. It is important that such investments are in organizations whose activities are congruent with Quaker faith and practice. We realize that if we seek for absolute purity of investment, we probably could not invest at all. GUIDELINES A. ETHICAL Canadian Yearly Meeting seeks to invest so that our capital is used in ways that are beneficial and useful to people, peace-seeking endeavours and the environment. We seek to avoid investments which are harmful or of doubtful value in a well-ordered society. We refrain from investing in bodies whose activities include:
B. FINANCIAL In accordance with the terms of the Trustees Act, the types of financial vehicles that can be used are restricted to secure investments in Canada. For short term investments, that is, periods under twelve months, the goals of investment are maximizing return and preserving liquidity. For long term investments, that is, periods over twelve months, the portfolio will be managed on a total return basis with some emphasis on providing a satisfactory income. Capital will be invested in a balanced and diversified portfolio to consist of a mix of quality stocks, bonds and cash equivalents. INVESTMENT PROCEDURES Decisions on specific types of investments are made by the Trustees, within investment guidelines, taking into consideration the advice of an investment broker chosen for their experience in ethical investment and interest in developing an investment strategy compatible with Friends' beliefs and values. The Trustees will give detailed direction to the broker to aid in interpreting the ethical guidelines. Long term investments are placed in an investment pool. The investment portfolio is reviewed on an annual basis by the Board of Trustees. The investment guidelines are reviewed every five years by the Board of Trustees. The Trustees determine, on an annual basis, the portion of the interest which is to be returned to the investment pool if necessary to protect the capital from inflation. Day-to-day management of the portfolio is in the hands of the General Secretary/Treasurer as directed by a designated Trustee and/or the Clerk of the Board of Trustees. Interest is received twice yearly from the broker and is distributed among the funds in proportion to their contribution to the total investment pool. New capital received between meetings is invested in approved short term vehicles by the General Secretary/Treasurer in consultation with the broker and the designated Trustee and/or the Clerk of the Board of Trustees. Canadian Friends Service Committee follows the ethical and financial guidelines but uses investment procedures appropriate to its needs. Canadian Friends Service Committee sends a copy of its investment portfolio to the Trustees annually. This document is to be used against the background of the report of the ad hoc Committee on Fund-raising and Stewardship (CYM 1994, minute #83 and its report on pages 23-7 of Reports to Canadian Yearly Meeting 1994). Notes: In 2004 the investment vehicles used by Canadian Yearly Meeting Trustees are: Short term: Scotiabank GICs, federal treasury bills Long term: bonds from the provinces of British Columbia, Manitoba, New Brunswick, Nova Scotia.
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