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The Ford Foundation Social Bond Framework Second-Party Opinion The Ford Foundation Social Bond Framework Evaluation Summary Evaluation date June 4, 2020 Sustainalytics is of the opinion that the Ford Foundation Social Bond Framework aligns with the four core components of the Social Bond Principles 2018. This assessment is Issuer Location New York, NY, U.S. based on the following: The eligible category for the use of proceeds – socioeconomic advancement and empowerment – is aligned with Report Sections those recognized by the Social Bond Principles that seek to achieve positive socioeconomic outcomes for target populations. Introduction .................................................. 2 Sustainalytics considers that the eligible category will lead to positive Sustainalytics’ Opinion ................................ 3 social impacts and advance the UN Sustainable Development Goals, specifically SDG 1, 8 and 10. Appendices .................................................. 8 Ford Foundation’s leadership and program teams, who include subject matter experts, will be in For inquiries, contact the Sustainable charge of selecting projects that meet the established criteria as well Finance Solutions project team: compliance with legal requirements. Sustainalytics considers the project selection process to be in line with market practice. Zach Margolis (Toronto) Project Manager The Foundation will use a separate [email protected] operating account for holding and disbursing funds, and a register will (+1) 647 695 4341 be established and used to record, on an ongoing basis, the allocation Daniel Sanchez (Toronto) of net proceeds to Special Allocation Grants. The Foundation’s Project Support processes for management of proceeds is in line with market [email protected] practice. (+1) 647 264 6644 Paramjot Kaur (New York) The Ford Foundation intends to report allocation of Client Relations proceeds on its website on an annual basis until full allocation. [email protected] Allocation reporting will include a summary of the Special Allocation +1 646 518 9623 Grant program once full proceeds have been awarded and grant payments made. Sustainalytics views the allocation reporting as aligned with market practice. © Sustainalytics 2020 Second-Party Opinion The Ford Foundation Social Bond Framework Introduction The Ford Foundation (“the Foundation”, or “the issuer”) is a one of the largest private foundations in the world, with an endowment of more than USD 12 billion as of April 2020. The Foundation offers grants to a variety of organizations, focusing on reducing poverty and injustice, strengthening democratic values, promoting international cooperation, and advancing human achievement. Headquartered in New York City, U.S., the Foundation has several field offices internationally. The Foundation has developed the Ford Foundation Social Bond Framework (the “Framework”) under which it intends to issue social bond(s) and use the net proceeds to provide grant funding, above and beyond its normal grant-making, to organizations, individuals, projects and programmes. The proceeds will be directed towards building resilience in the non-profit sector and stabilizing and strengthening key non-profit organizations essential to reducing inequality, so that they are in a position to advance just, inclusive, and equitable recovery efforts following the COVID-19 pandemic. The Framework defines eligibility criteria that contribute to the Social Bond Principles category of Socioeconomic advancement and empowerment. The Foundation engaged Sustainalytics to review the Ford Foundation Social Bond Framework, dated May 2020, and provide a second-party opinion on the Framework’s social credentials and its alignment with the Social Bond Principles 2018 (“SBP”).1 This Framework has been published in a separate document.2 Scope of work and limitations of Sustainalytics Second-Party Opinion Sustainalytics’ Second-Party Opinion reflects Sustainalytics’ independent3 opinion on the alignment of the reviewed Framework with the current market standards and the extent to which the eligible categories are credible and impactful. As part of the Second-Party Opinion, Sustainalytics assessed the following: • The Framework’s alignment with the ICMA Social Bond Principles 2018; • The credibility and anticipated positive impacts of the use of proceeds; • The alignment of the issuer’s sustainability strategy and performance and sustainability risk management in relation to the use of proceeds. For the use of proceeds assessment, Sustainalytics relied on its internal taxonomy, version 1.3, which is informed by market practice and Sustainalytics expertise as an ESG research provider. As part of this engagement, Sustainalytics held conversations with various members of the Foundation’s management team to understand the sustainability impact of their business processes and planned use of proceeds, as well as management of proceeds and reporting aspects of the Framework. The Foundation representatives have confirmed (1) they understand it is the sole responsibility the Ford Foundation to ensure that the information provided is complete, accurate or up to date; (2) that they have provided Sustainalytics with all relevant information and (3) that any provided material information has been duly disclosed in a timely manner. Sustainalytics also reviewed relevant public documents and non-public information. This document contains Sustainalytics’ opinion of the Framework and should be read in conjunction with that Framework. Any update of the present Second-Party Opinion will be conducted according to the agreed engagement conditions between Sustainalytics and The Ford Foundation. Sustainalytics’ Second-Party Opinion, while reflecting on the alignment of the Framework with market standards, is no guarantee of alignment nor warrants any alignment with future versions of relevant market standards. Furthermore, Sustainalytics’ Second-Party Opinion addresses the anticipated impacts of eligible projects expected to be financed with bond proceeds but does not measure the actual impact. The 1 The Social Bond Principles are administered by the International Capital Market Association and are available at https://www.icmagroup.org/green- social-and-sustainability-bonds/social-bond-principles-sbp/ 2 The Ford Foundation Social Bond Framework is available on the Foundation’s website at: https://www.fordfoundation.org/about/library/. 3 When operating multiple lines of business that serve a variety of client types, objective research is a cornerstone of Sustainalytics and ensuring analyst independence is paramount to producing objective, actionable research. Sustainalytics has therefore put in place a robust conflict management framework that specifically addresses the need for analyst independence, consistency of process, structural separation of commercial and research (and engagement) teams, data protection and systems separation. Last but not the least, analyst compensation is not directly tied to specific commercial outcomes. One of Sustainalytics’ hallmarks is integrity, another is transparency. 2 Second-Party Opinion The Ford Foundation Social Bond Framework measurement and reporting of the impact achieved through projects financed under the Framework is the responsibility of the Framework owner. In addition, the Second-Party Opinion opines on the intended allocation of proceeds but does not guarantee the realised allocation of the bond proceeds towards eligible activities. No information provided by Sustainalytics under the present Second-Party Opinion shall be considered as being a statement, representation, warrant or argument either in favour or against, the truthfulness, reliability or completeness of any facts or statements and related surrounding circumstances that the Foundation has made available to Sustainalytics for the purpose of this SPO. Sustainalytics’ Opinion Section 1: Sustainalytics’ Opinion on the Ford Foundation Social Bond Framework Sustainalytics is of the opinion that the Ford Foundation Social Bond Framework is credible and impactful and aligns with the four core components of the SBP 2018. Sustainalytics highlights the following elements of the Foundation’s Social Bond Framework: • Use of Proceeds: - The Framework’s use of proceeds criteria are aligned with one of the categories recognized by the SBP, namely socioeconomic advancement and empowerment. - The proceeds of the Foundation’s social bonds will fund Special Allocation Grants, which will be “over and above” the Foundation’s normal grants and will be directed at building resilience in the non-profit sector and stabilizing and strengthening key non-profit organizations. - The target population for the Special Allocation Grants will be primarily existing and prospective grantees in the non-profit sector that are largely dependent on philanthropic funding and thus are particularly vulnerable to fundraising, operational, employment, and mission disruption, as a result of the wider economic slowdown caused by COVID-19 control measures. - Sustainalytics considers that, based on the Foundation’s goals and practices, grants provided by the Foundation broadly generate social benefits. Furthermore, in light of the COVID-19 pandemic and its associated effects, the Special Allocation Grants are viewed to be particularly impactful. - Sustainalytics notes that full allocation of social bonds proceeds for philanthropic purposes is not typically aligned with market practice. However, this is an exceptional case as
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