Endowments Code of Conduct
Demonstrate your commitment to best practices
Endowments Code of ConductView the Code (PDF)
The Investment Management Code of Conduct for Endowments, Foundations, and Charitable Organizations outlines ethical responsibilities for the sound management of longer-term financial assets. By adopting the Code, you are establishing an ethical framework for governing body members and showing your commitment to the best interests of stakeholders and beneficiaries.
View the Endowment Code of Conduct Fact Sheet (PDF)
Who Should Adopt?
Organizations that manage long-term financial resources to support grant commitments or the operations of:
- Charitable trusts
- Independent foundations
- Non-governmental organizations
- Public funds
What is Covered?
The Code contains specific investment management-related standards for each principle, supplemented by best practice guidance and examples. The Code's principles can be applied to areas of the organization beyond the management of the financial assets.
- Act with loyalty and proper purpose
- Act with skill, competence, prudence, and reasonable care
- Abide by all laws, rules, regulations, and founding documents
- Show respect for all stakeholders
- Review investment strategy and practices regularly
How Can I Comply?
Complying with our Code is voluntary. We believe that effective self-regulation goes beyond the minimum requirements of the law. It is the most effective and efficient form of market regulation.
Acknowledge your compliance with the Endowments Code (PDF)
How Was the Code Developed for a Global Audience?
CFA Institute reached out to the global endowment, foundation, and charitable communities for volunteers to help develop the Code. Individuals from the following organizations were instrumental throughout the development process.
- The Atlantic Philanthropies
- Cambridge Associates
- Commonfund Institute
- The Conference Board
- Council on Foundations
- European Foundation Centre
- GEBERT RÜF STIFTUNG
- GIFE, Brazil
- Institute for Private Investors
- London Business School
- Mercer Investment Consulting
- The Myer Foundation & Sidney Myer Fund
- National Association of College and University Business Officers
- Philanthropic Foundations Canada
- Philanthropy Australia
- Rockefeller Philanthropy Advisors