The Penney Family Fund believes that its investment assets should support its environmental and social values, and was an early pioneer in experimenting with supporting social enterprises and social impact screening. Beginning in 2006, the Foundation has invested its portfolio in line with Environment, Social and Governance (“ESG”) and impact investing principles and in 2014, they completely divested from fossil fuels. The Fund is also authorized to make Program Related Investments (“PRI”) that further the charitable mission of the organization.

Whenever possible, the Penney Family Fund applies a “Best of Sector” environmental screen when making investment choices. PFF invests in companies that are leaders in managing the environmental risks associated with their businesses.

The PFF Social Impact Screens Include:

Environmental & Natural Resource

  • 100% divestment from fossil fuel companies and their vendors

Employee Relations

  • avoids companies with poor union relations or employee human rights records

  • avoids companies that have inadequate management of employee risks from point of origin of a product to the consumer.

Product Safety & Quality

  • supports companies that shows leadership in product quality and safety

Human Rights & Community Impact

  • avoids companies with poor human rights records

  • avoids companies whose business negatively impacts the local community

Private Prisons & Detention Center

  • avoids any company with a business model that includes mass incarceration or the criminalization of immigration and those companies whose primary business is in the for-profit prison or detention center industries


  • avoids investing in companies that derive 5% or more of their revenue from gaming activities, such as casinos, hotels with casinos, racetracks, and the manufacture of gaming devices and technologies.

Corporate Governance

  • avoids companies involved in excessive price fixing, antitrust, and/or corruption violations

  • includes companies with progressive governance policies like transparency in political disclosures and more

Animal Welfare

  • avoids companies involved in animal testing that is unnecessary and inhumane in nature.

Defense and Weapons

  • 100% divestment from companies who manufacture civilian firearms, conventional weapons, non-conventional weapons, and nuclear weapons.

Nuclear Power Reactor Ownership

  • avoids investing in companies that own 10% or more of any nuclear reactors


  • avoids investing in companies that derive 5% or more of their revenue from the manufacture of tobacco products