CFMS Investments - Business Involvement

June 20, 2021

To all members of the CFMS Community:

I am pleased to update you on our journey to reduce the carbon footprint of our investment portfolios. The metrics below have been provided for transparency and informational purposes only.

All calculations in this report were completed using emissions data from MSCI via Blackrock. In total, the investments included in the analysis represented approximately 40% of the Canadian Federation of Medical Student’s investments as of May 2021. Please find a spreadsheet with a list of the equities we are invested in. The remaining investments are in GICs and bond ETFs with similar ESG ratings.

The current MSCI weighted average carbon intensity for our equities are 77.66 (Tons CO2E/$M SALES). This is in comparison with the University of Toronto Asset Management’s tCO2e/$M invested of 139.2

Business involvement exposures as shown above for Thermal Coal and Oil Sands are calculated and reported for companies that generate more than 5% of revenue from thermal coal or oil sands as defined by MSCI ESG Research. For the exposure to companies that generate any revenue from thermal coal or oil sands (at a 0% revenue threshold), as defined by MSCI ESG Research, it is as follows: Thermal Coal 0.00% and for Oil Sands 0.00%.

Business Involvement metrics are calculated by BlackRock using data from MSCI ESG Research which provides a profile of each company’s specific business involvement.

We are deeply grateful to predecessors who laid some of the groundwork for this work.

Best Wishes, 

Edgar Akuffo-Addo

VP Finance 2021-22