Because of Ministry… Stewarding Your Assets for a More Just World

Sustainable Investing for Long-Term Security and Lasting World Impact

A Pension Boards-United Church of Christ Sustainability Report

The Pension Boards’ sustainability report, Stewarding Your Assets for a More Just World, is rooted in a simple conviction: that how we steward resources is an expression of faith. In the United Church of Christ tradition, care for creation, concern for neighbor, and the pursuit of justice are not separate from our financial lives—they are part of our shared calling.

The insights in this report reflect a commitment to stewardship that is both practical and principled—grounded in fiduciary responsibility, informed by values, and attentive to the real-world impact of financial decisions. Together, it offers a vision of investing not only as strategy, but as ministry. View the report highlights below.

Foreword

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“Sustainability is a theological conviction rooted in justice and care for God’s people and planet. When we invest with intention on behalf of our members’ retirement assets, it is because we are listening and responding to the needs of our world. We align our resources with our shared United Church of Christ values, affirming that financial decisions are a moral imperative in creating a just world for all.”

Rev. Dr. Paul L. Ramsey
Director of Church Relations and Philanthropy

CIO Message

Advancing in Our Sustainable Journey

“We are called to prudently manage capital in ways that support resilient economies, build and foster healthy communities, and care for creation. This conviction, as a financial ministry of the United Church of Christ, guides our ongoing sustainable investing journey.”

Lan Cai
Chief Investment Officer

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Watch our video, Protecting Water and Marine Resources in Latin America Through Our Investments to learn about blue bonds, a special type of green bond that focuses on marine environments, and why they matter.

Sustainable Investing

Genuine Sustainability: Why It Matters for Your Retirement Investments

By David A. Klassen, President and Chief Executive Officer

Dave Klassen-cropped-circle

“Delaying contributions to the UCC Lifetime Retirement Income Plan (LRIP) because of ethical concerns can jeopardize your long-term security. Early investing matters—compound growth is powerful. And when you invest responsibly, you’re not endorsing bad behavior; you’re helping correct it.”

David A. Klassen
President and Chief Executive Officer

Greenwashing is when companies exaggerate their environment or social responsibility. Choosing not to invest because of fear of greenwashing may feel principled, but it leaves you without a seat at the table. When you invest through responsible channels, you gain the power to hold companies accountable. 

  • Why This Matters

Choosing not to invest due to fear of greenwashing leaves you with less say about the fate of our planet.

  • What You Will Learn
  • Why greenwashing shouldn’t hold young investors back
  • Partnership with the Interfaith Center on Corporate Responsibility
  • Pension Boards’ investment criteria
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Understanding Sustainability and ESG

By Gregory Simcik, Director of Credit Research for Fixed-Income Investments

While the path to sustainability is fraught with challenges, this article offers a foundation to explore the meaning of sustainability and ESG (Environmental, Social, and Governance) criteria, and how incorporating these principles are positively impacting both people and our planet. 

  • Why This Matters

Sustainable investment practices address climate change, social inequality, and resource scarcity while aligning financial goals with UCC values.

  • What You Will Learn
  • How sustainability and stewardship of God’s creations are connected
  • Defining ESG criteria
  • Addressing organizational conflicts with sustainable practices

“At its heart, sustainability is about conserving the limited physical resources that life relies upon and strengthening the foundations of successful human societies. If these resources and foundations are not properly safeguarded, the wellbeing of human, plant, and animal life—as well as the stability of human society—may become threatened.”

Gregory Simcik
Director of Credit Research for Fixed-Income Investments

Partnerships and Engagement

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Stewardship and Shareholder Power: Why Engagement Matters

By Minoti Dhanaraj, Director of Responsible Investing

The UCC’s corporate engagement began in the 1960s in response to apartheid. In this video, Timothy Smith, Senior Policy Advisor for the Interfaith Center for Corporate Responsibility, shares how the church helped form a coalition of faith-based investors to challenge companies investing in South Africa. 

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“… many investment firms have retreated on their positions on Equal Employment Opportunity and diversity, facing fierce attacks from the federal government…This is why it is so important for the United Church of Christ, alongside other investors, to actively engage their investment managers—making it clear they are clients who expect their portfolios to be managed responsibly and in alignment with their values.”

Timothy Smith, Senior Policy Advisor
Interfaith Center on Corporate Responsibility

  • Why This Matters

ICCR takes an active role in responding to global needs and is deeply intertwined with the history of the UCC and its advocacy against Apartheid in South Africa.

  • What You Will Learn
  • The UCC’s history of human rights
  • ICCR’s focus on human rights and climate action
  • Collaboration through manager engagement and a Bondholder Working Group

The UCC’s corporate engagement began in the 1960s in response to apartheid. In this video, Timothy Smith, Senior Policy Advisor for the Interfaith Center for Corporate Responsibility, shares how the church helped form a coalition of faith-based investors to challenge companies investing in South Africa.

Vanessa Wong - Headshot (May 2026)

Investing for a Just and Sustainable Future

A Q&A with Chris Fox, Senior Director, Ceres Investor Network
By Vanessa Wong, Associate, Investments

Founded in the wake of the Exxon Valdez oil spill, Ceres Investor Network has grown into a powerful advocate against climate change, nature loss, and systemic sustainability risks. The Pension Boards has been a proud member of the Ceres Investor Network since 2008, collaborating with peers to amplify investor voices and advance long-term value creation. Glean from this insightful interview on the evolving landscape of responsible investing. 

  • Why This Matters

Ceres is a powerful example to follow so investors can learn how to lead during a time of rapid change and global challenge.

  • What You Will Learn
  • Global investor initiatives
  • How Ceres supports the transition to a clean energy economy
  • Ceres’ Freedom to Invest initiative
Ceres Chris Fox Headshot

“The global race to clean energy is unstoppable: $2.3 trillion was invested in the energy transition in 2025…What gives me hope is knowing there are so many people worldwide dedicated to the same mission: scaling up solutions to the climate crisis, protecting nature, and accelerating the transition to a just and sustainable world of peace and prosperity for all.”

Chris Fox
Senior Director, Ceres Investor Network

In the wake of the Exxon Valdez oil spill in 1989, Ceres organized investors and environmental leaders to come together to figure out a framework for corporate responsibility. Watch as Chris Fox, Senior Director, Ceres Investor Network, share the importance of this work that involved churches from the very beginning.

Impacting Our World

The following examples highlight a selection of sustainable bonds currently held within Pension Boards portfolios and illustrate how retirement assets can help finance projects that are making real-world impact.

Verizon Communications Inc.
3.875
02/08/2029

Supports renewable energy for networks, energy efficient facilities, and forest conservation.

PepsiCo, Inc.
3.9%
07/18/2032 

Funds reduced, reused, or recycled packaging, emissions reduction, water stewardship, and regenerative agriculture across global operations.

Fannie Mae ACES 2017-M15 A2 

Financed 18 loans on apartment buildings and student housing comprising of more than 3,800 units.

Bank of America
6.204%
11/10/2028

Addresses income and social inequality through affordable housing, minority owned businesses, and green assets.

African Development Bank 0.75% 04/03/2023 (matured)

Supported pandemic relief across 12 African countries. PBUCC was a prominently featured investor.

NSTAR Electric Company 4.95% 09/15/2052

Funds energy efficiency programs for schools, homes, and small businesses in environmentally overburdened communities.

Asset Managers & Outcomes

Vanessa Wong - Headshot (May 2026)

Beyond Clean Energy: Investing in the Climate Transition

A Q&A with Peter Burke-Smith, Lombard Odier
By Vanessa Wong, Associate, Investments

In this Q&A discussion between Vanessa Wong and Peter Burke-Smith, Co-Portfolio Manager for the Climate Transition strategy in Lombard Odier Investment Managers (LOIM) Sustainable Equity team, we learn how this strategy is dedicated to supporting the shift from a fossil fuel-dependent, high-carbon economic model to a more sustainable one.

  • Why This Matters

While many people still view sustainable investing as making a sacrifice, Lombard Odier proves it to be an opportunity to change our world.

  • What You Will Learn
  • Lombard Odier’s Climate Transition strategy
  • How Lombard Odier chooses companies that deliver financial and climate impact
  • Asset manager engagement
Peter Burke Smith - LOIM Photo

“We believe the future is very bright. Whilst many people still view sustainable investing as making a sacrifice, our view is that sustainable investing is an opportunity...companies enabling and driving us towards a more efficient, equitable and clean economic system have a compelling opportunity ahead of them.”

Peter Burke-Smith
Co-Portfolio Manager 
Lombard Odier Investment Managers

In this video, Peter Burke-Smith, Co-Portfolio Manager, Lombard Odier Investment Managers, views sustainability as an investment conviction that goes beyond just chasing clean energy, it’s about evaluating the global economy.

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Reimagining Human Potential—Developing Tomorrow’s Workforce
in an AI World

A Q&A with James Tieng, Managing Partner, Lumos Capital
By Minoti Dhanaraj, Director, Responsible Investing

Learn about Lumos Capital investments in education and human capital development that impact early childhood, K-12, higher education, and workforce development. The Pension Boards partners with Lumos to invest in companies that bring high quality, accessible, equitable, educational and training opportunities to drive a more prosperous and inclusive future for everyone.

  • Why This Matters

Lumos Capital invests in companies that bring accessible and equitable educational and training opportunities to individuals, working towards an inclusive future for all.

  • What You Will Learn
  • Lumos Capital’s connection to God’s church
  • Examples of Lumos Capital’s organizational investments
  • How Lumos Capital addresses job losses due to AI and AI educational opportunities
James-Tieng_Lumos Capital

“…we knew we had similar faith values and a Gospel worldview that informs how we see professional mission and vocational calling…Our building of Lumos and our partnerships with mission-aligned investors like the Pensions Boards and the UCC very much speak to this connection…”

James Tieng
Managing Partner, Lumos Capital

As education and work rapidly evolve, so do the skills people need and ways they learn them. James Tieng, Managing Partner, Lumos Capital, shares the challenge of not only preparing learners for change but also ensuring that our shared humanity remains at the center.  

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Protecting Sustainable Use of Water and Marine Resources in Latin America

By Gregory Simcik, Director, Credit Research for Fixed-Income Investments, and Lan Cai, Chief Investment Officer

Gregory Simcik discusses blue bonds—a special type of green bond that focuses on marine environments, which help conserve and use the oceans, seas, and marine resources in a sustainable manner.

  • Why This Matters

Climate change, rising ocean temperatures, and pollution degrade our oceans and marine life. Blue bonds address these issues and advance real change.

  • What You Will Learn
  • The Pension Boards’ investment in Sabesp
  • The history of blue bonds
  • Why Latin America has become a focus of blue bond issuance
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“With this [blue bond] investment, the Pension Boards joins a growing global movement of institutions directing capital toward projects that promote sustainable water and wastewater management, biodiversity conservation, and advance climate adaptation efforts.”

Lan Cai
Chief Investment Officer

Learn more about how Pension Boards’ investments in blue bonds are protecting the environment in Latin America. Watch the video Protecting Water and Marine Resources in Latin America Through Our Investments.

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Bondholder Engagement: Influence Without a Vote

By Andrew Russell, Director, Fixed-Income Investments

Bondholders can meaningfully influence corporate behavior. The Pension Boards’ faith-based investing approach shows how disciplined fixed-income engagement can shape real-world outcomes. 

  • Why This Matters

A significant portion of the Pension Boards’ assets are invested in bonds. What we support, what we question, and what we choose not to finance has real-world implications.

  • What You Will Learn
  • Bondholder influence through capital allocation
  • What faith-based bondholders increasingly look for
  • How bonds can support communities and the world

“For the United Church of Christ, affordable housing is not merely an economic issue; it is a matter of dignity, justice, and community. When capital supports stable housing, essential services, and stronger neighborhoods, investment becomes connected to mission.”

Andrew Russell
Director, Fixed-Income Investments

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Impact Bonds—Finding the Pieces to the Puzzle

By Gregory Simcik, Director of Credit Research for Fixed-Income Investments, and Samer Saleh, Senior Manager, Trading, Fixed-Income Investments

Like putting together a puzzle intentionally and strategically, fixed-income managers select and combine impact bonds to balance risk and return while aligning investment portfolios with members’ values. 

  • Why This Matters

Impact bonds complement other bonds in our portfolios for better investment return, but they also complement each other in creating green, social, and sustainable projects funded by the bond proceeds.

  • What You Will Learn
  • Defining impact bonds
  • Risk and return management when building the portfolio
  • How impact bonds align with values like healthcare, racial justice, and gender equality
Samer S (1)

“In choosing impact bonds, we strive to address the many values and causes that our members find close to their hearts and their ministry. For example, we have impact bonds that address: lower carbon emissions, affordable housing, healthcare, gender and racial justice, and opportunities for lower income and marginalized communities.”

Samer Saleh
Senior Manager Trading

Looking Ahead Journeying Together to Advance Our World

Dave Klassen-cropped-circle

“My hope is that you see the work in this report as not only what we do, but why we do it. Our sustainable investment journey is shaped by faith, guided by fiduciary duty, and energized by the belief that capital, when deployed wisely, can be a force for good.

Together, we are advancing a future that is more just, more sustainable, and more hopeful for generations to come.”

David A. Klassen
President and Chief Executive Officer

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