Our Commitments
In the spirit of transparency and accountability, McConnell is pleased to share an updated overview of the steps we are taking to deliver on our commitments.


Equity, Diversity and Inclusion (EDI)
In 2024 we focused on building our EDI commitments. We also continued to advance our knowledge of reconciliation and engaged in staff training provided by the Canadian Council for Indigenous Business through our commitment to the Partnership Accreditation in Indigenous Relations (PAIR) certification program.
In addition, McConnell’s EDI committee organized discussion and training sessions for staff which focused on advancing our team’s understanding of equity, diversity and inclusion and how to further activate this in our work.

Investments and Funding
100% impact investment portfolio since 2023
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In 2023 we committed to allocating 100% of our portfolio to impact investments over the next five years, with an interim target of reaching a 50% impact portfolio by the end of 2025. Working within our existing investment policy, our aim is to build a balanced portfolio that meets the dual objectives of generating returns to fund our activities while also achieving measurable, solutions-oriented impact.
By the end of 2024, our impact portfolio represented $202.20 million or 28.4% of our total endowment. We continue to improve our investment tools and develop our process for evaluating entire asset classes from an impact standpoint.
Canadian Investor Statement on Climate Change (CISCC) since 2021 and achieving net-zero by 2050 since 2023
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The CISCC recognizes the catalyzing impact that investment assets can have on climate change and identifies actions investors can take to accelerate the transition to a net-zero economy. This includes requirements for our investees as well as standards and processes for investment practices. As signatories of the CISCC, we have also committed to divest from fossil fuels and to reach net-zero carbon emissions in our investment portfolio by 2050.
Divestment from fossil fuels
In 2022 our Board approved the portfolio removal of all investment assets that derive at least 10% of their revenue from the production, distribution and retailing of oil, gas and coal (scope 1 and 2 emissions). At the time of commitment, 3.8% of our endowment was invested in these types of fossil fuel companies; our aim was to reach 0% by the end of 2023. Since implementing the targeted negative screen, 98.9% of our portfolio is now free from oil, gas and coal assets. We reviewed our initial goal of being fully divested by 2024, considering the costs and difficulties of divesting in private asset classes. We report quarterly on our exposure, continue to engage around disclosure and expect to be fully divested by 2027.
Net-zero carbon emissions
We have committed to achieving net-zero carbon emissions in our investment portfolio by 2050 at the latest, with an interim objective of a 60% reduction in carbon emissions by 2030. In 2024 we assessed our 2020 and 2023 financed emissions, as reported in our 2023 Impact Investing report. We were pleased with the more than 40% reduction in financed emissions between 2020 and 2023 (on an absolute and intensity basis), which is ahead of our objective to reduce emissions by 35% by 2025. Our divestment approach significantly contributed to reaching this 40% reduction. Next steps include a plan to work on a climate engagement framework and to undertake a comprehensive financed emissions assessment and attribution analysis in 2026 (to assess results against our 2025 objective).
United Nations Principles for Responsible Investment (PRI) since 2017
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As the world’s leading proponent of responsible investment, PRI supports its international network of investor signatories to incorporate environmental, social and governance (ESG) factors into their investment and ownership decisions. We were last evaluated by the PRI association in 2023, using a five-star rating on ESG performance across three categories:
Policy governance and strategy
We received a three-star rating for policy governance and strategy, which is in line with the median score for PRI signatories.
Rating: ★★★☆☆
Manager selection and monitoring
Manager selection and monitoring is evaluated by asset class. We have aggregated the information for simplicity. Our three-star rating is in line with the median score in this category.
Rating: ★★★☆☆
Confidence building measures
Rating: ★★☆☆☆
Confidence building measures is an umbrella term for different practices, spanning basic internal control mechanisms to internal audit and third-party external assurance. Our two-star rating is below the median score for PRI signatories. As part of our commitment to building a 100% impact investment portfolio, we will conduct a portfolio impact audit with external reviewers in 2025.
To view the detailed report, please visit: www.unpri.org
Reconciliation
Partnership Accreditation in Indigenous Relations (PAIR) since 2022
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PAIR is a certification offered by the Canadian Council for Indigenous Business. We are committed to earning bronze-level PAIR certification by the end of 2025. In 2024 we completed phase two of the certification, which includes a focus on leadership, employment, business development and community relationships.


Climate
The Canadian and International Philanthropy Commitments on Climate Change (IPCC) since 2021.
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The International Philanthropy Commitment is a global movement of philanthropic foundations committed to taking urgent action on climate change. Action is across seven categories: education and learning, commitment of resources, integration, endowment and assets, operations, influencing and advocacy, and transparency. In 2021, we also signed the Canadian version of this statement, the Canadian Philanthropy Commitment on Climate.
Signatories must submit an annual implementation report.
Our progress towards each pillar of the IPCC:
1. Education and learning
We prioritized education opportunities for our Board and staff and shared learnings with other funders.
2. Commitment of resources
We allocated over $8.54 million to our Climate focus area and supported 76 charitable and non-qualified donees to address systemic barriers to climate mitigation in Canada.
3. Integration
We contributed to new funding at the intersection of climate action and equity, diversity and inclusion. Further, we regularly ask organizations we support how they build equity as an outcome of their climate mitigation solutions.
4. Endowments and assets
We fully divested most of our portfolio from oil, gas and coal assets by the end of 2024. We have also committed to reach net-zero carbon emissions in our investment portfolio by 2050.
5. Operations
We audited the environmental impact and carbon footprint of the Foundation. We are committed to making changes to our operations to further reduce our carbon footprint.
6. Influence and advocacy
We actively support organizations that develop policy recommendations and oversee government relations. We also fund Indigenous–led organizations who work to advance their Treaty rights.
7. Transparency
We publish all funding decisions on our website and share potential opportunities with other Canadian climate funders.