In early 2020, a section regarding the Investment Office’s Environmental, Social, Governance (ESG) investing process was added to the Carleton College Investment Policy Statement (IPS), as follows:

The Investment Office will incorporate environmental sustainability, social responsibility, and governance (ESG) factors into the Investment Manager Selection Process by assessing the manager’s hiring practices and policies, ethics and integrity, partnership structure, and governance, as well as understanding the manager’s philosophy and process on ESG investing and conducting a general review of the manager’s underlying holdings from an ESG perspective. The Investment office will incorporate its evaluation of each manager’s ESG factors in the manager selections memos presented to the Investment Committee prior to hiring a manager. ESG factors will also be considered in the Investment Office’s ongoing reviews of managers held in the Endowment portfolio.