Endowments Code of Conduct

Codes, Standards & Guidelines
Read the Investment Management Code of Conduct for Endowments, Foundations, and Charitable Organizations

Acknowledge Your Claim of Compliance (PDF)

Read the comments received (PDF) on the proposed Code

The Investment Management Code of Conduct for Endowments, Foundations, and Charitable Organizations outlines ethical responsibilities for the sound management of longer-term financial assets. Organizations that adopt and incorporate the Code:

  • Establish an ethical framework for governing body members
  • Show commitment to the best interests of stakeholders and beneficiaries



What Does the Code Cover?

These overarching principles can be applied by the members of the governing body to areas of the organization beyond the management of the financial assets. The Code contains specific investment management-related standards for each principle, supplemented by best practice guidance and examples.

A.  Act with loyalty and proper purpose.
B.  Act with skill, competence, prudence, and reasonable care.
C.  Abide by all laws, rules, regulations, and founding documents.
D.  Show respect for all stakeholders.
E.  Review investment strategy and practices regularly.
Who Should Adopt the Code?The Code is a voluntary set of standards, but we believe there are efficiencies when organizations develop self-regulations that go beyond the minimum requirements of the law.

Adoption is encouraged for organizations that manage long-term financial resources to support operational needs or beneficiary grant commitments, including:
  • Charitable Trusts
  • Endowments
  • Independent Foundations
  • Non Governmental Organizations
  • Philanthropies
  • Public Funds
Was the Code Developed for a Global Audience?CFA Institute reached out to the global endowment, foundation, and charitable community for volunteers to assist in the establishment of the Code. Individuals from the following organizations were instrumental throughout the development process.

Questions? Contact us.