In February 2022, the MassPRIM Board established the Stewardship and Sustainability Committee to assist the Board in overseeing material risks from environmental, social and governance factors, and ecommend relevant action to address such risks. From the outset, the Committee has focused on efforts that seek to add value to the Fund and enhance the work of investment teams. Board and Committee Chair, Treasurer Deborah Goldberg has noted that the goal of the effort was to implement “common sense investment practices for the long-term.”

See Stewardship Committee

In 2023, MassPRIM established a staff level Director of Stewardship position to support the Board and Committee’s efforts.

Over 2024, the MassPRIM Board adopted policies that articulated the rationale of the Fund’s stewardship efforts, as well as how stewardship would be implemented.

The Stewardship Policy (PDF) PDF file, opens in a new tab, adopted in January 2024, reinforces that materiality and fiduciary duty are the foundation for all stewardship efforts. Additionally, the Policy identified three objectives that will guide the Stewardship Program: enhancing the risk-adjusted return profile of the PRIT Fund; achieving tangible impact by pursuing focused and measurable efforts; and promoting thought leadership and exploring opportunities for innovation.

The Engagement Policy (PDF) PDF file, opens in a new tab, adopted in July 2024, lays out how these principles will be operationalized. This Policy establishes explicit criteria for prioritizing engagement activities, including relevance to long-term value creation; strategic focus; action and outcome orientation; and innovation. This Policy also identifies tools that MassPRIM can deploy in support of stewardship efforts, including proxy voting; partnerships with investor groups; dialogue with managers and portfolio companies; and policy engagement.