Calvert Research and Management (also known as Calvert Investment Capital) is a socially and environmentally left-of-center investment company. Founded in 1976, it had $17.8 billion in managed assets as of June 30, 2019. ¹² The company focuses on perceived gender inequalities in work and corporate leadership, environmentalist priorities, and corporate governance. ³

Calvert’s parent company is the investment firm Eaton Vance. ⁴ Calvert’s subsidiary firms include the non-profit activism investment firm Calvert Impact Capital. ⁵

Investment Activism

Calvert’s investments are designed to support companies that agree with the company’s environmental and social policy views. It claims that the companies it supports have less negative social and environmental impact than other investments. ⁶ Its impact comparison is the Russell 1000, a benchmark investment index. ⁷

Calvert’s investments are designed and implemented in line with its “Principles for Responsible Investment.” These are specifically focused on corporate governance, the environment, and human rights. ⁸ These broad categories are primarily dedicated to left-leaning objectives, but include other nonpolitical advocacy such as greater technology innovation. The Principles preclude investment in many companies, including those which manufacture or are otherwise significantly involved in firearms, directly or significantly involved in alcohol and gambling, and tobacco products.

Its many funds include several which are issue-specific, such as Green and Water funds. ⁹ Its major corporate efforts focus on environmentalism and women in corporate leadership. It also engages on issues such as gun control and corporate political donations. ¹⁰¹¹

A November 22, 2019 blog post examined a World Resources Institute report in the contexts of climate change concerns, technological innovations, water scarcity, and food waste. ¹²

Calvert’s corporate activism and engagement strategy includes, but is not limited to, involvement with the United Nations, shareholder proxy voting, and investment fund culture. ¹³¹⁴ From July 2017 to June 2018, it voted on nearly 45,000 shareholder proposals. ¹⁵ The company also introduced a number of shareholder proposals in the same time period. Its overall proxy voting was made 75 percent in line with corporate management in that time. ¹⁶

Calvert’s company culture activism is also supported by its public policy and regulatory engagement strategy. CEO John Streur testified in April 2019 to the Senate Committee on Banking, Housing, and Urban Affairs about the growth and investment potential of left-leaning Environmental, Social, and Governance (ESG) principles, a category of investment into which Calvert falls. ¹⁷ Company vice president Jessica Milano was one of many left-leaning investment advocates who in November 2019 urged the Securities and Exchange Commission (SEC) to require greater corporate disclosure on left-leaning environmental, social, and corporate governance issues. ¹⁸

SEC Fine

Calvert was ordered to pay a $3.9 million fine to the federal government after Calvert Investment Management was found to have violated several laws. ¹⁹ Total dollars to be paid out by Calvert were $22.6 million. Calvert Investment Management’s activities were conducted prior to its purchase of the company. ²⁰

Leadership

Calvert’s CEO is longtime environmental and social activist John Streur. Streur joined Calvert in 2015 after decades of involvement in left-leaning investment advocacy. ²¹

John Wilson leads Calvert’s shareholder advocacy strategy. ²² He previously directed investing at the Catholic-affiliated investment group Christian Brothers Investment Services, which focuses on environmental, human trafficking, and corporate pornography and sexual responsibility issues.

Anthony Eames has been with Calvert since 1995. He directs Calvert’s Responsible Investment Strategy efforts. ²³

Jessica Milano leads Calvert’s ESG research. She was previously a deputy assistant secretary at the U.S. Department of Treasury. ²⁴

1. Calvert Research & Management, History of Engagement, Accessed December 9, 2019. https://www.calvert.com/history-of-engagement.php
2. Calvert Research & Management, Our Funds, Accessed December 9, 2019. https://www.calvert.com/our-funds.php
3. Calvert Research & Management, “World’s equity capital highly concentrated, OECD finds,” November 25, 2019. Accessed December 9, 2019. https://www.calvert.com/impact.php?post=worlds-equity-capital-highly-concentrated-oecd-finds&sku=33791
4. Eaton Vance, Calvert, Accessed December 9, 2019. https://www.eatonvance.com/calvert.php
5. Calvert Impact Capital, About, Accessed December 8, 2019. https://www.calvertimpactcapital.org/about
6. Calvert Research & Management, What is your impact, Accessed December 9, 2019. https://www.calvert.com/what-is-your-impact.php
7. FTSE Russell, Russell US Indexes, Accessed December 9, 2019. https://www.ftserussell.com/products/indices/russell-us
8. Greater Lowell Community Foundation, The Calvert Principles for Responsible Investment, June 2015. Accessed December 9, 2019. http://www.glcfoundation.org/wp-content/uploads/2015/06/Eaton-Vance-Calvert-Principles.pdf
9. Calvert Research & Management, Our Funds, Accessed December 9, 2019. https://www.calvert.com/our-funds.php
10. Calvert Research & Management, Shareholder Advocacy, Accessed December 9, 2019. https://www.calvert.com/shareholder-advocacy.php
11. Calvert Research & Management, Global Proxy Voting Guidelines, Accessed December 9, 2019. https://www.calvert.com/media/25798.pdf
12. Leah Moehlig, “Talking Turkey: Global food insecurity and climate change,” November 22, 2019. Accessed December 9, 2019. https://www.calvert.com/impact.php?post=talking-turkey-global-food-insecurity-and-climate-change&sku=33821
13. Calvert Research & Management, How we are different, Accessed December 9, 2019. https://www.calvert.com/how-we-are-different.php
14. Calvert Research & Management, History of Engagement, Accessed December 9, 2019. https://www.calvert.com/history-of-engagement.php
15. Calvert Research & Management, How we influence, Accessed December 9, 2019. https://www.calvert.com/how-we-influence.php#section31250
16. Calvert Research & Management, “Tools of change: 2019 Calvert engagement report,” Accessed December 9, 2019. https://www.calvert.com/media/31439.pdf
17. John Streur testimony, Senate Committee on Banking, Housing, and Urban Affairs, April 2, 2019. Accessed December 9, 2019. https://www.banking.senate.gov/imo/media/doc/Streur%20Testimony%204-2-19.pdf
18. Rita Raagas De Ramos, “ESG advocates urge SEC: We need better ESG disclosure now,” November 11, 2019. Accessed December 9, 2019. https://financialadvisoriq.com/c/2569863/299593/advocates_urge_need_better_disclosure
19. U.S. Securities & Exchange Commission, “In the matter of Calvert Investment Management, Inc.,” October 18, 2016. Accessed December 9, 2019. https://www.sec.gov/divisions/enforce/claims/calvert-investment-management.htm
20. Hazel Bradford, “Calvert Investments settles with SEC over improper payments,” May 4, 2017. Accessed December 9, 2019. https://www.pionline.com/article/20170504/ONLINE/170509900/calvert-investments-settles-with-sec-over-improper-payments
21. Calvert Research & Management, John Streur profile, Accessed December 9, 2019. https://www.calvert.com/john-streur.php
22. Calvert Research & Management, John Wilson profile, Accessed December 9, 2019. https://www.calvert.com/john-wilson.php
23. Calvert Research & Management, Anthony Eames profile, Accessed December 9, 2019. https://www.calvert.com/anthony-eames.php
24. Calvert Research & Management, Jessica Milano profile, Accessed December 9, 2019. https://www.calvert.com/jessica-milano.php