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Taking Good Works to the Next Level: Increasing Investment in and Support for Higher-Risk Innovation Jessie Capper Claremont Mckenna College

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Taking Good Works to the Next Level: Increasing Investment in and Support for Higher-Risk Innovation Jessie Capper Claremont Mckenna College Claremont Colleges Scholarship @ Claremont CMC Senior Theses CMC Student Scholarship 2017 Taking Good Works to the Next Level: Increasing Investment in and Support for Higher-Risk Innovation Jessie Capper Claremont McKenna College Recommended Citation Capper, Jessie, "Taking Good Works to the Next Level: Increasing Investment in and Support for Higher-Risk Innovation" (2017). CMC Senior Theses. 1576. http://scholarship.claremont.edu/cmc_theses/1576 This Open Access Senior Thesis is brought to you by Scholarship@Claremont. It has been accepted for inclusion in this collection by an authorized administrator. For more information, please contact [email protected]. CLAREMONT McKENNA COLLEGE Taking Good Works to the Next Level: Increasing Investment in and Support for Higher-Risk Innovation SUBMITTED TO Professor William Ascher BY Jessie Capper for SENIOR THESIS Fall 2016/Spring 2017 April 24, 2017 2 Abstract This thesis explores the possible avenues available to corporations and capital-managing entities seeking to increase their commitment to good works. These organizations have the potential to fill the gap in societal needs by supporting and investing in good works, including environmental protection and highly-innovative energy technologies, beyond the traditional corporate social responsibility (CSR) norm. These means include charitable giving, working with disadvantaged communities, corporate assistance to environmental or other social non-governmental organizations, and more. This thesis discusses the advantages and limitations of various corporate structures (C Corporations, S Corporations, LLCs, B Corps, L3Cs, and benefit corporations) and capital-managing organizations (mutual funds, foundations, and pension funds). Recommendations are provided for each to encourage good works with greater impact. 3 Table of Contents ACKNOWLEDGEMENTS ........................................................................................................... 6 CHAPTER 1: INTRODUCTION ................................................................................................. 7 THE PROBLEM .............................................................................................................................. 7 Education ................................................................................................................................. 7 Health ....................................................................................................................................... 8 Environment ............................................................................................................................. 9 Physical Infrastructure ........................................................................................................... 10 CORPORATE GOOD WORKS ........................................................................................................ 12 CHAPTER 2: THE CORPORATE CONTEXT ........................................................................ 15 THE CASE FOR CORPORATE GOOD WORKS AND CORPORATE STRUCTURES ............................ 15 Privately-Held and Publicly-Traded Companies ................................................................... 17 Mutual Funds ......................................................................................................................... 19 Benefit Corporations .............................................................................................................. 21 B Corporations (B Corps) ...................................................................................................... 25 Low-Profit Limited Liability Company (L3Cs) ..................................................................... 30 WHAT STRUCTURES WORK BEST IN WHAT CIRCUMSTANCES? ................................................ 32 CHAPTER 3: VEHICLES OF CORPORATE GOOD WORKS ............................................ 35 CORPORATE GOOD WORKS BEYOND THE NORM ....................................................................... 35 Ben & Jerry’s ......................................................................................................................... 35 TOMS .................................................................................................................................... 38 Laureate.................................................................................................................................. 40 The Limitations of L3Cs (Low-Profit Limited Liability Companies) .................................... 41 CHAPTER 4: MUTUAL FUNDS ............................................................................................... 53 TOO GOOD TO BE TRUE? ........................................................................................................... 53 MSCI USA IMI ESG Index ................................................................................................... 54 Dow Jones Sustainability Index ............................................................................................. 58 FTSE4Good Index Series ...................................................................................................... 59 THE LIMITATIONS OF SOCIALLY RESPONSIBLE MUTUAL FUNDS ............................................ 61 CHAPTER 5: VEHICLES OF IMPACT INVESTING ........................................................... 63 WHAT ABOUT FOUNDATIONS? .................................................................................................. 63 Bill & Melinda Gates Foundation .......................................................................................... 65 Ford Foundation ..................................................................................................................... 69 J. Paul Getty Trust.................................................................................................................. 72 The Robert Wood Johnson Foundation ................................................................................. 72 Lilly Endowment, Inc. ........................................................................................................... 74 PHILANTHROPIC LIMITED LIABILITY COMPANIES (LLCS) ...................................................... 77 Facebook’s Chan Zuckerberg Initiative ................................................................................. 77 Emerson Collective ................................................................................................................ 79 OTHER AVENUES FOR IMPACT INVESTING? ............................................................................. 80 CHAPTER 6: PENSION FUNDS ............................................................................................... 85 SUMMARY OF CALPERS ............................................................................................................ 85 CalPERS’ Investment Report and Sustainability Initiatives .................................................. 87 Can CalPERS Do More? ........................................................................................................ 89 HOW CAN CALPERS AND OTHER INVESTMENT GROUPS DO MORE? ..................................... 92 CHAPTER 7: CONCLUSION .................................................................................................... 96 4 RECOMMENDATIONS .................................................................................................................. 98 B Corps .................................................................................................................................. 98 L3Cs ........................................................................................................................................ 99 Benefit Corporations .............................................................................................................. 99 Mutual Funds ....................................................................................................................... 100 Foundations .......................................................................................................................... 101 Pension Funds ...................................................................................................................... 101 THERE IS HOPE ........................................................................................................................ 102 BIBLIOGRAPHY ....................................................................................................................... 103 5 Acknowledgements I would like to express my deepest gratitude to Professor William Ascher for his mentorship throughout the process of writing this senior thesis. His kind patience, profound insights, and unyielding encouragement made this the most enjoyable and rewarding experience of my college career. I learned more than I could have imagined about writing and working efficiently, and am appreciative for the many life teachings I gained along the way. I would also like to thank my friends and family for their endless love and support. 6 CHAPTER 1: INTRODUCTION The Problem The United States is ranked among the nations with the highest GDP per-capita, and is one of the most powerful countries with its political, social, cultural, and economic influence across the globe.1 Despite its wealth, the United States has many pressing societal needs, including education, health, and environmental programs, and
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