Second-Party Opinion Download

Sustainalytics is of the opinion that the Social Bond Framework aligns with the four core components of the Social Bond Principles 2020. This assessment is based on the following:

USE OF PROCEEDS

The eligible category for the use of proceeds – the provision of Special Allocation Grants to nonprofit organizations– is aligned with those recognized by the Social Bond Principles, namely socioeconomic advancement and empowerment. Sustainalytics considers that the eligible category will lead to positive social impacts in the program areas to which the Foundation provides grants and advance the UN Sustainable Development Goals, specifically SDG 3, 8 and 10.

PROJECT EVALUATION/SELECTION

The Doris Duke Charitable Foundation’s Board, leadership and program team will be in charge of selecting the recipients of the Special Allocation Grants. Prospective grantees will be evaluated to ensure they align with the Foundation’s mission and that they comply with all legal requirements. Sustainalytics considers the project selection process to be in line with market practice.

MANAGEMENT OF PROCEEDS

The Doris Duke Charitable Foundation will track net proceeds of the social bonds through a register which will be updated on an ongoing basis. Pending allocation net proceeds will be invested as part of the Foundation’s endowment. This is in line with market practice.

REPORTING

The Doris Duke Charitable Foundation intends to report on the allocation proceeds on its website on an annual basis until full allocation, in line with the Foundation’s current grant-making reporting. The reporting will include a summary of grants provided detailing grant amounts and duration, a description of the organization or project funded, region, and impact metrics such target populations, if applicable. Sustainalytics views the Foundation’s allocation and impact reporting as aligned with market practice.