5. Which of the following statements would be least appropriate for an investment policy statement ("IPS")?

A. This IPS shall be reviewed periodically and adjusted according to the beneficiary's evolving circumstances

B. The investment portfolio must hold at all times an adequate amount of cash to meet two years of the endowment's spending obligations

C. The criteria for selection of investment managers must include environmental, social responsibility, and governance (i.e., "ESG") considerations

D. Only passive investment strategies may be considered for inclusion in the portfolio