Through the Looking-Glass: Investment Transparency of Canadian Foundations
Bibliographic record
Abstract
Foundations are under increased scrutiny as to the source, investment, and use of their assets. Although disclosure of total assets and disbursements is mandatory in many countries, information on investment portfolios is not required and, historically, foundations have rarely volunteered suchninformation. However, the rise of trust-based philanthropy and interest in impact and responsible investing encourage greater voluntary investment transparency. This article examines the current state of investment transparency among Canadian foundations, which collectively hold over $135 billion in long-term investment portfolios. Through interviews with foundation leaders, it explores the perceived benefits and barriers to investment transparency, and the factors that support or inhibit greater openness. While the findings indicate that Canadian foundations value transparency in general, voluntary disclosure on investments is limited due to a variety of risk factors and the lack of demand from stakeholders or the public. The study also points to emerging trends that are raising expectations for greater investment transparency by foundations.
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How this classification was reachedexpand
Full frame machine prediction
Teacher imitationNot calibrated prevalence, not ground truth. Human validation pending. The Gemma side is a direct model label for every work in the frame, read from the title-only record. The Codex side is a classifier learned from the 10,348 direct Codex labels and calibrated to design-weighted sample rates; fields without enough sample support carry no Codex call. Candidate is the union of the two sides; consensus is their intersection. These outputs are machine_predicted_unvalidated and are not human labels.
Distilled classifier scores by category (both heads)
| Category | Codex | Gemma |
|---|---|---|
| Metaresearch | 0.006 | 0.025 |
| Meta-epidemiology (narrow) | 0.000 | 0.000 |
| Meta-epidemiology (broad) | 0.000 | 0.000 |
| Bibliometrics | 0.001 | 0.002 |
| Science and technology studies | 0.014 | 0.004 |
| Scholarly communication | 0.006 | 0.002 |
| Open science | 0.001 | 0.003 |
| Research integrity | 0.001 | 0.002 |
| Insufficient payload (model declined to judge) | 0.003 | 0.000 |
Machine scores (provisional)
The two teacher heads of the student model, read on this work. A score orders the frame for review; it never asserts a category, and the validation status ships verbatim with every row.
Baseline scores from an immature model (maturity gate not passed, 7 training rounds). Scores rank; they never assert a category.
score_only:v0-immature-baseline · verbatim from the scoring run: score_only means the number may rank works, and no category label ships from itClassification
machine, unvalidatedMachine predicted; a candidate call from one source (direct Gemma or distilled Codex), not a consensus.
How this classification was reached, model by model and score by score, is at the end of the page under "How this classification was reached".