Impact Investing 2017
February 15th 2017 | New York
February 15th 2017 | New York
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Risk, return and impact: a new role for capital markets in building a better world
Join editors of The Economist and more than 200 leading financiers, institutional investors, policymakers, academics, impact investors and philanthropies to analyse the main opportunities and obstacles to the mainstreaming of impact investment.
Continue the conversation on Twitter using #EconImpact @EconomistEvents.
The relationship between the private capital markets and the well-being of society and the planet has become a hot topic. In 2015, in New York and Paris, the world’s governments signed up to ambitious goals to curb climate change and generate the sort of economic growth that benefits everyone, not just a wealthy minority – goals that it is estimated will require over $2.5 trillion a year of additional private investment. At the same time, partly in response to criticisms that irresponsible short-termism in the capital markets caused the 2008 financial crash and the Great Recession that followed, some leading capital-market institutions have pledged to take a more long-term, sustainable and socially responsible approach to investing.
The growing demand for a more socially-responsible, purpose-driven finance has been best illustrated by the emergence of a new approach to putting capital to work called “impact investing.” Having started out as a niche activity, largely practised by wealthy and philanthropically-inclined individuals, impact investment is now championed by a growing number of leading institutions in the capital markets. As a recent G8 taskforce on impact investing predicted, perhaps the 20th Century approach to investing, based on risk and return, will be replaced by a 21st Century model built on risk, return and impact.
Yet such a shift is by no means inevitable. Critics question whether the recent commitment of mainstream finance to impact investing is more than skin deep. Meanwhile, the election of Donald Trump as President, and his inclusion in his government of several people closely associated with an earlier, more free-wheeling approach to investing, raises the question of whether there will be anything socially- or environmentally-responsible about the future direction of capitalism, at least the American version of it.
We will convene, under the chairmanship of Economist editors, leading financiers, institutional investors, policymakers, academics, impact investors and philanthropies to analyse the main opportunities and obstacles to the mainstreaming of impact investment and to identify what needs to be done to make it happen. It will be an important conversation: how trillions of dollars will be invested is at stake.
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Co-founder and senior partner, Generation Investment Management
David Blood is co-founder and senior partner of Generation Investment Management. Previously, he spent 18 years at Goldman Sachs including serving as co-chief executive and chief executive of Goldman Sachs Asset Management from 1999-2003. David received a B.A. from Hamilton College and an M.B.A. from the Harvard Graduate School of Business. He is on the Board of New Forests, Dialight, SHINE, The Nature Conservancy, Ashden, the World Resources Institute and Social Finance UK, as well as a Life Trustee of Hamilton College.
Co-founder and chief executive, Warby Parker
Neil Blumenthal is a co-founder and co-CEO of Warby Parker, a transformative lifestyle brand that offers designer eyewear at a revolutionary price, while leading the way for socially conscious businesses. In 2015, Fast Company named Warby Parker the most innovative company in the world.
Prior to launching Warby Parker in 2010, Neil served as director of VisionSpring, a non-profit social enterprise that trains low-income women to start their own businesses selling affordable eyeglasses to individuals living on less than $4 per day in developing countries.
He was named a Young Global Leader by the World Economic Forum and one of the 100 Most Creative People in Business by Fast Company, and has received the Ernst & Young Entrepreneur of the Year award. He was also recognized as part of “The Next Establishment” by Vanity Fair, and serves on the board of RxArt and on the United Nations Foundation Global Entrepreneurs Council.
A native of New York City, Neil received his BA from Tufts University and his MBA from The Wharton School of the University of Pennsylvania.
Chief executive and co-founder, Ellevest
Sallie Krawcheck’s professional mission is to help women reach their financial and professional goals. She is the chief executive and co-founder of Ellevest, a soon-to- be-launched digital investment platform for women. She is the chair of Ellevate Network, a many-thousand- strong global professional woman's network. And she is the chair of the Pax Ellevate Global Women’s Index Fund, which invests in the top-rated companies for advancing women. Krawcheck has been named among the top ten of Fast Company's "100 Most Creative People" list. Before becoming an entrepreneur, she was chief executive of Merrill Lynch Wealth Management and of Smith Barney.
Managing director, Global Head of Impact Investing, BlackRock
Deborah Winshel, Managing Director, serves as Global Head of Impact Investing. She is responsible for leading and unifying the firm's impact efforts, including the current $225 billion in assets under management tied to social and environmental strategies. Additionally, Deborah oversees BlackRock's Global Corporate Philanthropy initiatives, continuing the firm's mission of "Building Better Financial Futures" and leveraging BlackRock's $100 million Charitable Fund, employee skills and expertise to create social impact on a global scale.
Prior to joining BlackRock, Ms. Winshel was President and Chief Operating Officer of The Robin Hood Foundation, New York's largest poverty- fighting organization. Known for its rigorous, metrics-based approach to fighting poverty, Robin Hood has invested over $1.5 billion since 1988 in hundreds of the most effective programs that help lift and keep children, families, and adults out of poverty. At Robin Hood, Deborah was responsible for the development of the strategy and infrastructure to ensure the organization's long-term sustainability and growth. She also worked closely with Robin Hood's board of directors, major donors and senior staff on cutting-edge programmatic initiatives and research in vital areas.
Ms. Winshel was previously the Executive Vice President, Chief Financial Officer and Chief Administrative Officer of the Metropolitan Museum of Art. Prior to working in the non-profit sector, Mrs. Winshel spent more than a dozen years working in New York and London for JP Morgan's Investment Bank, culminating as a Managing Director advising key corporate clients on a variety of financial, capital markets and strategic issues.
In 2013, she was selected by Crain's New York Business as one of the "50 Most Powerful Women in New York" and was honored with the Harvard Business School Women's Association of Greater New York's 2014 "Women Who Inspire Us" award. Deborah is a founding board member of Immigrant Justice Corps, and a member of the Economics Club of New York.
Ms. Winshel holds an MBA from Harvard Business School and is a graduate of the University of Puget Sound.
Managing partner and founder, DBL Partners
Nancy Pfund is Founder and Managing Partner of DBL Partners (formerly DBL Investors), a venture capital firm whose goal is to combine top-tier financial returns with meaningful social, economic and environmental returns in the regions and sectors in which it invests. Ms Pfund currently sponsors or sits on the board of directors of several companies, including SolarCity (NASDAQ: SCTY), where she is Chair of the governance committee and sits on both the audit and compensation committees, Farmers Business Network, The Muse, Advanced Microgrid Solutions, Off-Grid Electric and Primus Power, and prior to their public offerings, Tesla Motors and Pandora Media. Ms Pfund also sits on the Board of Trustees for National Geographic Society, member of the advisory council for The Bill Lane Center for the American West, and Advisory Board Member for the U.S. Alliance on Impact Investing (formerly the National Advisory Board on Impact Investing (NAB)). Prior to founding DBL Ms Pfund was a Managing Director in Venture Capital at JPMorgan, having started her investment career at Hambrecht & Quist in 1984.
Chief executive, John Laing
Olivier Brousse joined John Laing in March 2014 as Chief Executive Officer. Following graduation from École Polytechnique and École Nationale des Ponts et Chaussées in France, he became Commercial Director of Unic Systems and then Chief of Staff to the Chairman and CEO of Compagnie Générale des Eaux, both in France. In 1998, he moved to London as CEO of Connex South Eastern and then joined Veolia, first as CEO of Veolia Transportation Inc. in Washington DC and then as Deputy CEO of Veolia Transport Group, responsible for French and US businesses. From 2008 to 2014, he served as CEO and then Executive Chairman of Saur SA in France. In 2016, he was awarded the Légion d’Honneur by the French President François Hollande. Age 51.
Managing director, Rockefeller Foundation and former senior editor, The Economist
Matthew Bishop, Managing director, Rockefeller Foundation and former senior editor, The Economist, is an award-winning journalist whose roles at The Economist have included business editor, Wall Street editor, globalisation editor and New York bureau chief. He is the author of several books, including Philanthrocapitalism: How Giving Can Save the World (described as “important” by president Bill Clinton) and The Road From Ruin, which set out an agenda for the reform of capitalism after the 2008 crash. He is a member of the World Economic Forum’s Global Agenda Council on Global Governance. He was the official report author of the G8 Taskforce on Social Impact Investment and a member of the advisors group of the UN International Year of Microcredit. He co-founded and advises the #givingtuesday campaign and the Social Progress Index.
Our opening panel will set the scene by examining the broad trends that are pushing social and environmental impact to the top of the agenda in capital markets. A diverse group of influential investors and business people will explore whether or not a focus on impact can become the "new normal" for investors, and if so what needs to be done to make it happen.
Co-founder and senior partner, Generation Investment Management
David Blood is co-founder and senior partner of Generation Investment Management. Previously, he spent 18 years at Goldman Sachs including serving as co-chief executive and chief executive of Goldman Sachs Asset Management from 1999-2003. David received a B.A. from Hamilton College and an M.B.A. from the Harvard Graduate School of Business. He is on the Board of New Forests, Dialight, SHINE, The Nature Conservancy, Ashden, the World Resources Institute and Social Finance UK, as well as a Life Trustee of Hamilton College.
Co-founder and chief executive, Warby Parker
Neil Blumenthal is a co-founder and co-CEO of Warby Parker, a transformative lifestyle brand that offers designer eyewear at a revolutionary price, while leading the way for socially conscious businesses. In 2015, Fast Company named Warby Parker the most innovative company in the world.
Prior to launching Warby Parker in 2010, Neil served as director of VisionSpring, a non-profit social enterprise that trains low-income women to start their own businesses selling affordable eyeglasses to individuals living on less than $4 per day in developing countries.
He was named a Young Global Leader by the World Economic Forum and one of the 100 Most Creative People in Business by Fast Company, and has received the Ernst & Young Entrepreneur of the Year award. He was also recognized as part of “The Next Establishment” by Vanity Fair, and serves on the board of RxArt and on the United Nations Foundation Global Entrepreneurs Council.
A native of New York City, Neil received his BA from Tufts University and his MBA from The Wharton School of the University of Pennsylvania.
Chief investment officer, Caisse de dépôt et placement du Québec
Roland Lescure has been la Caisse’s Executive Vice-President and Chief Investment Officer since 2009. In this capacity, he oversees the investment strategy and supervises investment teams and operations in liquid markets, namely equities, fixed income securities and overlay strategies – as well as private equities outside Québec. He also oversees sector-based research reinforcing investment activities. He plays a key advisory role for real estate and infrastructure investments. Mr. Lescure co-chairs the Investment-Risk Committee and serves on la Caisse’s Executive Committee. Before joining la Caisse, Mr. Lescure held key positions in finance for more than 10 years with large French asset management firms. In particular, he actively contributed to the successful integration of several U.S. companies following their acquisition. Over the first seven years of his career, Mr. Lescure was in charge of economic forecasting at France’s National Institute of Statistics and Economic Studies and was an economist at the French department of finance. Mr. Lescure is a graduate of the École Polytechnique and the École nationale de la statistique et de l'administration économique (ENSAE ParisTech) in Paris, France. He obtained an M.Sc. in Economics from the London School of Economics and Political Science in the U.K. Mr. Lescure is a member of the Board of Directors and the Strategic Committee of the McCord Museum, and the Board of Directors and the Investment Committee of the Foundation of Great
Managing partner and founder, DBL Partners
Nancy Pfund is Founder and Managing Partner of DBL Partners (formerly DBL Investors), a venture capital firm whose goal is to combine top-tier financial returns with meaningful social, economic and environmental returns in the regions and sectors in which it invests. Ms Pfund currently sponsors or sits on the board of directors of several companies, including SolarCity (NASDAQ: SCTY), where she is Chair of the governance committee and sits on both the audit and compensation committees, Farmers Business Network, The Muse, Advanced Microgrid Solutions, Off-Grid Electric and Primus Power, and prior to their public offerings, Tesla Motors and Pandora Media. Ms Pfund also sits on the Board of Trustees for National Geographic Society, member of the advisory council for The Bill Lane Center for the American West, and Advisory Board Member for the U.S. Alliance on Impact Investing (formerly the National Advisory Board on Impact Investing (NAB)). Prior to founding DBL Ms Pfund was a Managing Director in Venture Capital at JPMorgan, having started her investment career at Hambrecht & Quist in 1984.
Managing director, Rockefeller Foundation and former senior editor, The Economist
Matthew Bishop, Managing director, Rockefeller Foundation and former senior editor, The Economist, is an award-winning journalist whose roles at The Economist have included business editor, Wall Street editor, globalisation editor and New York bureau chief. He is the author of several books, including Philanthrocapitalism: How Giving Can Save the World (described as “important” by president Bill Clinton) and The Road From Ruin, which set out an agenda for the reform of capitalism after the 2008 crash. He is a member of the World Economic Forum’s Global Agenda Council on Global Governance. He was the official report author of the G8 Taskforce on Social Impact Investment and a member of the advisors group of the UN International Year of Microcredit. He co-founded and advises the #givingtuesday campaign and the Social Progress Index.
The first in a series of "spotlight" talks in which leading impact investors talk about how they see the opportunity for moving what they do further into the mainstream of the capital markets
Founder and chief executive, LeapFrog
Dr Andrew Kuper is a multi-award winning entrepreneur, investor and author. He has been hailed by President Clinton for “opening up new frontiers for alternative investment” and The Economist group for demonstrating how “to change the way we invest as individuals, institutions and societies”. Andrew founded LeapFrog Investments in 2007. Today, LeapFrog’s companies serve 93.4 million people across Africa, Asia and Latin America with financial tools and healthcare. LeapFrog's portfolio companies have grown annual revenue on average by 43% for the past three full years. They support over 104,723 jobs. Backed by many of the world’s leading institutional investors, LeapFrog is now the largest dedicated equity investor in financial services and healthcare for emerging consumers. For his work as a pioneer of profit with purpose business, Andrew won the Ernst & Young National Entrepreneur of the Year award. He was selected as a World Economic Forum Young Global Leader in 2012. He also received the SEN Leadership Award from among the 25,000 chief executive members of YPO. Born and raised in South Africa, Andrew was educated at Witwatersrand, Cambridge and Harvard Universities. He holds a PhD from Cambridge. Andrew is the author of two books and many articles on globalisation and governance, and co-author of publications with diverse leaders and Nobel laureates.
Business affairs editor, The Economist
Andrew Palmer is the Business Affairs Editor at The Economist, where he oversees the newspaper's coverage of business, finance, science and technology. He was formerly Finance Editor (from 2009) and Banking Correspondent (2007-09), having joined The Economist as Management Correspondent in 2007. Prior to this, he spent ten years at the Economist Intelligence Unit, a sister company. He is the author of "Smart Money" (2015), a book about the good that finance can do.
There is a wide range of consumers of investment management, from sovereign funds to ordinary retail consumers. What trends are there in demand for investment with a focus on social and environmental impact? Which products are appealing most to which customers? What strategies, if any, are available to sell this approach to investment to mainstream customers, and turn them into a driving force in popularizing purpose-driven investing?
Chief executive, Morgan Stanley's Institute for Sustainable Investing
Audrey Choi is CEO of Morgan Stanley's Institute for Sustainable Investing. She is also Managing Director and Head of Morgan Stanley's Global Sustainable Finance Group. In these roles, she oversees the firm's efforts to support resilient communities and promote economic opportunity and global sustainability through the capital markets. In a career spanning the public, private and nonprofit sectors, Audrey has become a thought leader on how finance can be harnessed to address public policy challenges. Prior to joining Morgan Stanley, Audrey held senior policy positions in the Clinton Administration, the Commerce Department and the Federal Communications Commission. While at the White House, she served as Chief of Staff of the Council of Economic Advisers and Domestic Policy Advisor to the Vice President. Previously, Audrey was a foreign correspondent and bureau chief at The Wall Street Journal. She is currently a member of President Obama's US Community Development Advisory Board and on the boards of several national nonprofits focused on education, conservation and impact investing. Audrey is a graduate of Harvard College and Harvard Business School.
Co-founder and chief strategy officer, OpenInvest
Joshua Levin is a Co-Founder and Chief Strategy Officer at OpenInvest, a Y Combinator and Andreessen-Horowitz -backed Public Benefit Corporation empowering everyone to reflect their personal values and drive social change through their investments. He spent the prior six years at the World Wildlife Fund (WWF), where he managed the Sustainable Finance Program. Josh has worked in the past with the Rainforest Alliance, Root Capital, and Conservation International in various capacities. He holds an MBA from NYU Stern, where he was a Catherine B. Reynolds Fellow in Social Entrepreneurship, and a BA from Harvard University.
Managing director, MacArthur Foundation
Debra serves on the Executive Leadership Team at MacArthur, which has dedicated $500 million of its assets to impact investing. Debra’s group serves as a Foundation-wide resource, and engages deeply with selected teams to help develop strategy and devise impact investments that advance key goals. A former investment banker, Debra also leads the creation of new impact investment products and platforms that foster easier, more efficient, and more productive connections among multiple impact investors and social sector organizations. She joined MacArthur in 1995, having worked at a Chicago-based child welfare agency. A frequent speaker and guest lecturer, Debra has also served on the United States Treasury Department Community Development Advisory Board and the founding board for the Mission Investors Exchange. She earned a Master's degree from the Kellogg School of Management at Northwestern University and a Bachelor's degree from Yale College, summa cum laude.
Business affairs editor, The Economist
Andrew Palmer is the Business Affairs Editor at The Economist, where he oversees the newspaper's coverage of business, finance, science and technology. He was formerly Finance Editor (from 2009) and Banking Correspondent (2007-09), having joined The Economist as Management Correspondent in 2007. Prior to this, he spent ten years at the Economist Intelligence Unit, a sister company. He is the author of "Smart Money" (2015), a book about the good that finance can do.
You can’t manage what you don’t measure, as the adage goes. Big advances are being made in measuring social impact and environmental sustainability thanks to the efforts of organisations such as the Sustainable Accounting Standards Board and Global Impact Investment Network. But what remains to be done? Are the right things being measured? What reporting and auditing rules are needed to create confidence in claims about achieving impact and sustainability? What do we already know about the impact of current investment choices?
Managing director and head of mission-related investing practice, Cambridge Associates
Managing director and head of mission-related investing practice, Cambridge Associates
Jessica is the head of the mission-related investing practice at Cambridge Associates, overseeing the activities of all MRI resources across the firm, including a team of generalist and research directors and analysts. Jessica works with a variety of clients to implement their mission-related investment goals, including foundations, religious institutions, universities, and high-net worth families. She also publishes research on topical areas of interest to clients, is a frequent speaker and guest lecturer on MRI topics, and is actively engaged with various field-building organizations in the areas of MRI and impact investing. Prior to rejoining Cambridge Associates in 2008, Jessica was an Associate at Booz Allen Hamilton, specializing in transformation and change management for government clients in the Financial Services sector. Previously, she worked in the Investment Office at the American Red Cross, with a focus on the Alternatives Assets portfolio, and in the Global Consultant Relations group at BlackRock, where she cultivated and maintained relationships with investment consulting firms. Jessica began her career with Cambridge Associates as a consulting analyst. Jessica graduated from the University of Virginia with a BA in Government and a Minor in Economics.
Co-founder and managing director, Caprock
Shaping The CAPROCK Group’s initiative in Impact Investing, Matthew is a sought-after speaker and thought leader in the discipline. In addition to keynoting the 2013 European Commission's Annual Award for Social Innovation, Matthew has guest-lectured on sustainable business management and non-financial value creation at Harvard, Tuck, Kellogg, Booth and the American University in Paris business schools, has presented at conferences throughout the US and Europe, serves as a strategic advisor to several Impact Investing funds, and has been quoted in Barron's, International Business Daily, Bloomberg Business Week, Forbes and The New York Times. More recently, he successfully shepherded two pieces of legislation through the Idaho Statehouse, the first authorizing Pay For Success Contracting and the second awarding legal status to businesses structured as Benefit Corporations.
Prior to co-founding The CAPROCK Group, Matthew was a partner in The Owyhee Group, a boutique advisory team within Smith Barney. During his fourteen years with the company, he was a member of Citigroup’s elite Leadership Development Program and helped craft the firm’s Private Wealth Management platform. Matthew graduated from Dartmouth College, has competed internationally in five different sports and continues to serve as a Director for the Lee Pesky Learning Center, an organization he helped launch nearly 20 years ago. When not working, Matthew can usually be found outside, running, skiing, mountaineering, cycling... and generally encouraging his daughter to enjoy wilderness with the same irrational exuberance as her father.
Partner, Jarislowsky Fraser Global Investment Management and founding member, SASB Board
Dan Hanson, CFA, is a Partner with Jarislowsky Fraser Global Investment Management, a privately held $30B AUM firm. As portfolio manager he heads U.S. equities, co-manages global portfolios, and leads the firm’s ESG initiatives. Mr. Hanson has more than 20 years of experience in US and global equities, and credit and mortgage securities. Previously, Mr. Hanson spent 10 years at BlackRock, as Managing Director, Portfolio Manager, and head of fundamental research for $23B AUM, in the office of the CIO of Equities. Mr. Hanson was the architect and sole manager of the top decile BlackRock Socially Responsible Equity portfolio. Mr. Hanson served as a voting member of the North American Proxy Committee, responsible for stewardship on $900B AUM.
Mr. Hanson is the professor for the Haas Socially Responsible Investment Fund (HSRIF) at UC Berkeley, and a judge for the Moskowitz Prize. He is involved in a number of initiatives in the area of governance, corporate reporting and sustainable investing, was a founding member of the board of directors of the Sustainable Accounting Standards Board (SASB) and the Global Initiative for Sustainability Ratings (GISR), and serves on the SASB Investor Advisory Group (IAG).
Mr. Hanson is the author of a number of articles on investing, and regularly comments on investments for various media outlets. His article “The ‘Science’ and ‘Art’ of High Quality Investing” was awarded the 2016 practitioner prize by the Investor Responsibility Research Center Institute (IRRCi).He earned a BA degree in economics and French from Middlebury College, an MBA degree in analytical finance and accounting from the University of Chicago, and attended Université Paris Ouest Nanterre La Défense.
Founder and chief executive, Cornerstone Capital Inc.
Erika Karp is Founder and CEO of Cornerstone Capital Inc. The mission of the firm is to apply the principles of sustainable finance across the capital markets, enhancing investment processes through transparency and collaboration. Cornerstone offers investment advisory and corporate advisory services that integrate financial and strategic goals with sustainability considerations. Working with investors, corporations and financial institutions, the firm drives the systematic analysis of Environmental, Social and Governance (ESG) factors throughout the global capital markets.
Prior to launching Cornerstone, Erika was Managing Director and Head of Global Sector Research at UBS Investment Bank where she Chaired the UBS Global Investment Review Committee and managed a global team of analysts and strategists. Erika served on the UBS Securities Research Executive Committee and the Environmental and Human Rights Committee of the UBS Group Executive Board. While at UBS, Erika created and drove key branded global investment research products including the UBS Q-Series®, the Global I/O®, Global Signals™ and the weekly “UBS Global Portfolio Manager’s Spotlight.”
Erika is a founding Board member of the Sustainability Accounting Standards Board (SASB), a member of the World Economic Forum (WEF) Global Agenda Council on Financing and Capital, and served as an Advisor to the Clinton Global Initiative (CGI) Market-Based Approaches Track initiative. She sits on the Program Design Advisory Council for Harvard Business School’s Executive Education Program on Innovating for Sustainability, and serves as an Ambassador for the International Integrated Reporting Council (IIRC). Erika speaks at events including those of the OECD, the UN Global Compact and PRI, Oxford University, The Forum for Sustainable and Responsible Investing, Ceres, The Aspen Institute, and the White House. She holds an MBA in Finance from Columbia University and a BS in Economics from the Wharton School.
Erika presents and writes extensively on topics including: sustainable investing and finance, corporate strategy and business models, transparency and excellence in the areas of Environmental, Social and Governance performance, and employee engagement/diversity in the workplace. Her work has been featured by Bloomberg Businessweek, Euromoney, the Financial Times, Investor Relations Magazine, The Guardian, and Forbes. For driving collaboration across the capital markets, she has been named among the nation’s “Top 50 Women in Wealth” by AdvisorOne; one of the “Purpose Economy 100,” the “Good 100” and one of 50 “Conscious Capitalists” who are “Transforming Wall Street.”
Managing director, Rockefeller Foundation and former senior editor, The Economist
Matthew Bishop, Managing director, Rockefeller Foundation and former senior editor, The Economist, is an award-winning journalist whose roles at The Economist have included business editor, Wall Street editor, globalisation editor and New York bureau chief. He is the author of several books, including Philanthrocapitalism: How Giving Can Save the World (described as “important” by president Bill Clinton) and The Road From Ruin, which set out an agenda for the reform of capitalism after the 2008 crash. He is a member of the World Economic Forum’s Global Agenda Council on Global Governance. He was the official report author of the G8 Taskforce on Social Impact Investment and a member of the advisors group of the UN International Year of Microcredit. He co-founded and advises the #givingtuesday campaign and the Social Progress Index.
One of the most encouraging global trends is the growing economic role of women. Two leading investors discuss how to invest in and accelerate this trend. Do companies that empower women perform better? Should investors demand more women on boards?
Chief executive and co-founder, Ellevest
Sallie Krawcheck’s professional mission is to help women reach their financial and professional goals. She is the chief executive and co-founder of Ellevest, a soon-to- be-launched digital investment platform for women. She is the chair of Ellevate Network, a many-thousand- strong global professional woman's network. And she is the chair of the Pax Ellevate Global Women’s Index Fund, which invests in the top-rated companies for advancing women. Krawcheck has been named among the top ten of Fast Company's "100 Most Creative People" list. Before becoming an entrepreneur, she was chief executive of Merrill Lynch Wealth Management and of Smith Barney.
Managing director and investment strategist, U.S. Trust
Jackie VanderBrug is a managing director and investment strategist at U.S. Trust, Bank of America Private Wealth Management within the Global Wealth & Investment Management division of Bank of America. In this role, she is responsible for defining and executing investment strategies focusing on U.S. Trust® Impact Investing initiatives across all asset classes. She is a regular contributor of the thought leadership reports – IMPACT FORUM– with topics on sustainability, millennials and corporate strategy that align with investment strategies for high net worth individuals, families and foundations. She is a regular speaker and presenter representing U.S. Trust at conferences including the Nantucket Project, Clinton Global Initiative, Aspen Ideas Festival, and Social Capital Media (SOCAP).
Prior to joining U.S. Trust, Jackie was managing director at Criterion Ventures, a hybrid consulting firm where she worked with high net worth individuals and large non-profits on impact strategies and led the development of the field of Gender Lens Investing; she also led the Business Development of the start-up team at iBasis; and, co-founded WORK IN PROGRESS, a non-profit social enterprise focused on career development for underprivileged youth. She started her career as an domestic policy analyst for the U.S. Congress and as a strategy consultant for Fortune 500 firms.
Jackie received her M.B.A from the Ross School of Business at the University of Michigan and her B.S. in Mathematics from Calvin College. Jackie is an Aspen Institute First Mover Fellow and serves on the Board of the Trustees of the Donations.
Business affairs editor, The Economist
Andrew Palmer is the Business Affairs Editor at The Economist, where he oversees the newspaper's coverage of business, finance, science and technology. He was formerly Finance Editor (from 2009) and Banking Correspondent (2007-09), having joined The Economist as Management Correspondent in 2007. Prior to this, he spent ten years at the Economist Intelligence Unit, a sister company. He is the author of "Smart Money" (2015), a book about the good that finance can do.
The second in a series of "spotlight" talks in which leading impact investors talk about how they see the opportunity for moving what they do further into the mainstream of the capital markets
Managing partner, Fifty Years
Ela Madej is a serial entrepreneur and a Founding Partner at Fifty Years, an early stage VC fund that backs entrepreneurs solving the world’s biggest problems with technology. She’s a Y Combinator alum who previously co-founded Base CRM, the software development company Applicake, and was a Partner at Innovation Nest, a Europe-focused VC firm. With Fifty Years, Ela has invested in over 20 private companies in areas such as synthetic biology, energy, space tech, health tech, food tech, autonomous vehicles, and more. Ela also runs Impact.tech, a platform for technologists in Silicon Valley who want to combine purpose with profit.
Business affairs editor, The Economist
Andrew Palmer is the Business Affairs Editor at The Economist, where he oversees the newspaper's coverage of business, finance, science and technology. He was formerly Finance Editor (from 2009) and Banking Correspondent (2007-09), having joined The Economist as Management Correspondent in 2007. Prior to this, he spent ten years at the Economist Intelligence Unit, a sister company. He is the author of "Smart Money" (2015), a book about the good that finance can do.
Sponsored by Bank of America Merrill Lynch The language of impact is starting to be heard in the C-Suites of leading firms. But how deep does this go, and what can be done to accelerate the shift from talk to action?
Head of Wealth Management, Merrill Lynch
Andy Sieg is Head of Merrill Lynch Wealth Management, leading more than 14,000 advisors and 6,000 client associates in the firm’s U.S. Wealth Management group and over 300 private wealth advisors in its Private Banking & Investment Group. Merrill Lynch serves millions of individuals, small businesses and institutions representing more than $2 trillion in client assets. Andy is a member of the Bank of America Management Committee. Andy first joined Merrill Lynch in 1992 as an analyst in the Global Wealth Management business and rose through a series of strategy and field leadership roles until assuming his current position on January 1, 2017. From 2005-2009, Andy led the Emerging Affluent Client Segment within Citigroup Global Wealth. In recent years, he served as Head of Global Wealth & Retirement Solutions, providing comprehensive investment products and services, as well as retirement solutions, to clients of Merrill Lynch Wealth Management and U.S. Trust. Prior to Merrill Lynch, Andy served in The White House as an aide to the assistant to the President for Economic and Domestic Policy. Andy earned a Bachelor of Science in Economics from Penn State University and a Master in Public Policy from the Harvard Kennedy School. In 2015, Andy represented Bank of America at the White House Conference on Aging, where he joined President Barack Obama and leadersin the field of aging to discuss the challenges and opportunities presented by the global longevity revolution. Andy also represents Bank of America Merrill Lynch on the advisory boards of the Stanford University Center on Longevity and the Milken Institute Center for the Future of Aging. Andy was named an Alumni Fellow of Penn State in 2013, and is a member of the Schreyer Honors College External Advisory Board. He is also a member of the Harvard Kennedy School Dean’s Council.
Managing director, Bain Capital Double Impact and former governor of Massachusetts
Originally from the South Side of Chicago, Patrick came to Massachusetts at 14, when he was awarded a scholarship to Milton Academy through the Boston-based organization A Better Chance. After Harvard College and Harvard Law School, he clerked for a federal appellate judge and then launched a career as an attorney and business executive, becoming partner at two Boston law firms and a senior executive at Texaco and Coca-Cola. In 1994, President Clinton appointed Patrick to the nation’s top civil rights post, Assistant Attorney General for Civil Rights. In 2006, in his first bid for public office, he became the state’s first African-American governor. In his two terms as Governor, Patrick oversaw the expansion of affordable health care to more than 98 percent of state residents, launched initiatives stimulating clean energy and biotechnology, won a national Race to the Top grant, and steered the state out of recession to a 25-year high in employment. Patrick currently serves as a Managing Director of Bain Capital Double Impact, where he focuses on investments that deliver both a competitive financial return and significant positive social impact. He is a Rockefeller Fellow, a Crown Fellow of the Aspen Institute, and the author of two books, A Reason to Believe: Lessons from an Improbable Life and Faith in the Dream: A Call to the Nation to Reclaim American Values.
Chief executive and co-founder, GIIN
Amit Bouri is the Chief Executive Officer and co-founder of the GIIN. His work in impact investing began when he was a strategy consultant with the Monitor Institute. At Monitor he was part of the team that produced the Investing for Social & Environmental Impact report, and he left Monitor to co-found the GIIN in 2009.
Amit's other projects at the Monitor Institute included strategic planning and organizational development work for nonprofit organizations and foundations. Amit previously worked in the private sector as a strategy consultant with Bain & Company. He left Bain to work in global health at the Elizabeth Glaser Pediatric AIDS Foundation. He also worked in the corporate philanthropy units of Gap Inc. and Johnson & Johnson. Amit holds an MBA from Northwestern University's Kellogg School of Management, an MPA from Harvard University's John F. Kennedy School of Government, and a BA in Sociology and Anthropology from Swarthmore College.
Managing director, Global Head of Impact Investing, BlackRock
Deborah Winshel, Managing Director, serves as Global Head of Impact Investing. She is responsible for leading and unifying the firm's impact efforts, including the current $225 billion in assets under management tied to social and environmental strategies. Additionally, Deborah oversees BlackRock's Global Corporate Philanthropy initiatives, continuing the firm's mission of "Building Better Financial Futures" and leveraging BlackRock's $100 million Charitable Fund, employee skills and expertise to create social impact on a global scale.
Prior to joining BlackRock, Ms. Winshel was President and Chief Operating Officer of The Robin Hood Foundation, New York's largest poverty- fighting organization. Known for its rigorous, metrics-based approach to fighting poverty, Robin Hood has invested over $1.5 billion since 1988 in hundreds of the most effective programs that help lift and keep children, families, and adults out of poverty. At Robin Hood, Deborah was responsible for the development of the strategy and infrastructure to ensure the organization's long-term sustainability and growth. She also worked closely with Robin Hood's board of directors, major donors and senior staff on cutting-edge programmatic initiatives and research in vital areas.
Ms. Winshel was previously the Executive Vice President, Chief Financial Officer and Chief Administrative Officer of the Metropolitan Museum of Art. Prior to working in the non-profit sector, Mrs. Winshel spent more than a dozen years working in New York and London for JP Morgan's Investment Bank, culminating as a Managing Director advising key corporate clients on a variety of financial, capital markets and strategic issues.
In 2013, she was selected by Crain's New York Business as one of the "50 Most Powerful Women in New York" and was honored with the Harvard Business School Women's Association of Greater New York's 2014 "Women Who Inspire Us" award. Deborah is a founding board member of Immigrant Justice Corps, and a member of the Economics Club of New York.
Ms. Winshel holds an MBA from Harvard Business School and is a graduate of the University of Puget Sound.
Managing director, Rockefeller Foundation and former senior editor, The Economist
Matthew Bishop, Managing director, Rockefeller Foundation and former senior editor, The Economist, is an award-winning journalist whose roles at The Economist have included business editor, Wall Street editor, globalisation editor and New York bureau chief. He is the author of several books, including Philanthrocapitalism: How Giving Can Save the World (described as “important” by president Bill Clinton) and The Road From Ruin, which set out an agenda for the reform of capitalism after the 2008 crash. He is a member of the World Economic Forum’s Global Agenda Council on Global Governance. He was the official report author of the G8 Taskforce on Social Impact Investment and a member of the advisors group of the UN International Year of Microcredit. He co-founded and advises the #givingtuesday campaign and the Social Progress Index.
In the next few years, hundreds of millions of people in emerging economies are expected to enter the middle class, many of them living in mega-cties that are still being built. Arif Naqvi has built Abraaj by investing in these trends, and trying to do so in ways that promote sustainable, socially-impactful growth. In this one to one conversation, he will discuss lessons learnt and the challenges to come, as well as some bold new investment strategies focused on improving the quality of life in big cities.
Founder and chief executive, The Abraaj Group
Arif Naqvi established The Abraaj Group in 2002 and has served as its Group Chief Executive since inception, building it into one of the leading private equity firms in the world. Abraaj is widely recognized as a pioneer of global growth markets private equity with over 20 country offices including 5 regional hubs in
Dubai, Istanbul, Mexico City, Nairobi and Singapore. Mr. Naqvi has over three decades of experience of investing in public and private companies and has led the Group’s investment strategy, resulting in some of the most notable private equity transactions across global growth markets over the last decade. Mr. Naqvi is a Trustee of the Interpol Foundation and is on the Board of the United Nations Global Compact. He is also a Columbia Global Leadership Council member and is an Honorary Fellow of the Royal College of Art in London. Mr. Naqvi has been the recipient of numerous awards, including the Oslo Business for Peace Award, the highest form of recognition given to individual private sector leaders for fostering peace and stability through business, and the Sitara-i-Imtiaz, a prominent civilian honor awarded by the Government of Pakistan. In 2011, Private Equity International named him as one of the 50 most influential people in the global private equity industry. In 2008, Mr. Naqvi and his family established the Aman Foundation, the largest private social sector enterprise in Pakistan, which supports sustainable development in healthcare, nutrition and education. Mr. Naqvi is a graduate of the London School of Economics and Political Science.
Managing director, Rockefeller Foundation and former senior editor, The Economist
Matthew Bishop, Managing director, Rockefeller Foundation and former senior editor, The Economist, is an award-winning journalist whose roles at The Economist have included business editor, Wall Street editor, globalisation editor and New York bureau chief. He is the author of several books, including Philanthrocapitalism: How Giving Can Save the World (described as “important” by president Bill Clinton) and The Road From Ruin, which set out an agenda for the reform of capitalism after the 2008 crash. He is a member of the World Economic Forum’s Global Agenda Council on Global Governance. He was the official report author of the G8 Taskforce on Social Impact Investment and a member of the advisors group of the UN International Year of Microcredit. He co-founded and advises the #givingtuesday campaign and the Social Progress Index.
A. Session One Frontiers of impact: Africa, India and beyond Some of the biggest opportunities for investing in ways that can have a big positive impact are in Africa and India, where huge needs must be met in everything from building infrastructure to giving people access to mobile data services. What are the trends for investing impactfully in these frontier economies? What needs to be done to ensure that purpose-driven investment flourishes and that irresponsible, short-term investment does not prosper instead?Speakers Jacqueline Novogratz, founder and chief executive, Acumen Vineet Rai, founder, Aavishkaar–Intellecap Group Amy Jadesimi, managing Director, LADOL (Lagos Deep Offshore Logistics Base) Bertrand Badré, chief executive and founder, BlueOrange Capital
Founder, Aavishkaar–Intellecap Group
Vineet Rai is the Founder of Aavishkaar–Intellecap group. (www.aavishkaar.in and www.intellecap.com) and chairs the Group and its Executive Council. Vineet serves as a Commissioner at the Global Commission of Business and Sustainable Development launched at Davos 2016 and as advisor to The United Nations Economic and Social Commission for Asia and the Pacific Science Technology and Innovation Advisory Board. Aavishkaar is a pioneer Impact Investment fund with more than US$ 200 million under management and invests in India, South Asia and South East Asia. Intellecap provides thought leadership to the idea of using Business as an approach for development and works with Corporate, Enterprises, Investors and Governments to build economic engagement with the low income population. The group subsidiaries include Arohan, a Microfinance company, Intellegrow, a Venture Debt Company, Intellecash, a Microfinance incubation company. Intellecap’s other pioneering initiatives include I ‘Cube” N – India’s first Impact Angel Network and SANKALP Forum, one of the foremost Global platform for Inclusive engagement. Intellecap operate across Asia and Africa with offices in India, East Africa and Indonesia. Vineet has received numerous awards including the G 20 – SME Innovation in Finance Award 2010 in Seoul, South Korea, UNDP-IBLF –ICC World Business Award 2005 in New York and Lemelson Award for Social Venture Investing from A. P. J Abdul kalam, Honorable Ex-President of India. He has also received the Ashoka Fellowship and Honorary Membership of XLRI Alumni Association and serves on the advisory board of Tibetan Development Board. Recently on behalf of the group he received the prestigious Porter Prize 2016 for “Enabling Social Progress” . Driving on Indian roads is one of his passions and he tries to cover 50,000 KM every year.
Managing director, LADOL (Lagos Deep Offshore Logistics Base)
Amy Jadesimi is the Managing Director of LADOL, an oil and gas fabrication and multi-logistics services base in Nigeria. Beyond LADOL, Dr Jadesimi contributes to Forbes and recently joined the 2015 Advisory Board for the UN Development Programme’s “Africa Human Development Report”. Dr Jadesimi cut her teeth at Goldman Sachs and Brait Private Equity in London, before returning to Nigeria to join LADOL’s management team. Dr Jadesimi has a number of accolades under her belt: in 2012, she was named an Archbishop Desmond Tutu Fellow; in 2013, a Young Global Leader by the World Economic Forum; also in 2013, a Rising Talent by the Women’s Forum for Economy and Society; in 2014, Forbes included her in The 20 Youngest Power Women in Africa; and in 2015, the Financial Times named her one of top 25 Africans To Watch.
Chief executive, ACUMEN
One of the most revolutionary players shaping philanthropy today, Jacqueline Novogratz has redefined how we, as a society, tackle the problems of global poverty. As a 12 year old, she donated her favorite blue sweater, which she had outgrown, to Goodwill. Years later, the sweater turned up on a little boy she met in Kigali, Rwanda and inspired her lifelong quest to understand global poverty and find innovative new ways to empower the poor, which is chronicled in her New York Times best-selling memoir The Blue Sweater. Novogratz started her career at Chase Manhattan Bank but, after three years, left to figure out how to use the power of markets to create greater choice and opportunity for the poor and marginalized. This led her to travel throughout Africa as a consultant for the World Bank and UNICEF and eventually co-found Rwanda’s first microfinance institution in the 1980s. She returned to the U.S., received her MBA from Stanford and joined the Rockefeller Foundation, where she founded The Philanthropy Workshop and The Next Generation Leadership programs. Recognizing how traditional charity and markets have failed the world’s poor, she disrupted philanthropy in 2001 when she founded Acumen and pioneered a new kind of investing called “patient capital.” Rather than handing out grants, Acumen operates like a nonprofit global venture fund by investing in entrepreneurs and early stage companies that have the capacity to bring large-scale, sustainable solutions to the world’s poor. Since 2001, it has invested more than $88 million in 82 companies working in agriculture, education, energy, health care, housing, and water and sanitation. Acumen’s markets-based model has impacted the lives of more than 125 million people and is changing the way the world tackles poverty. This year, Fast Company named Acumen one of the world’s Top 10 Most Innovative Companies in Not-for-Profit. In 2011, Novogratz was featured on the cover of Forbes for Acumen’s work as well as numerous publications including The Economist, The New York Times, Wall Street Journal and Financial Times. She has also been featured on Foreign Policy's list of Top 100 Global Thinkers and named one of the Top 50 Thinkers by Bloomberg Markets and one of the 25 Smartest People of the Decade by The Daily Beast. Novogratz serves on the Aspen Institute Board of Trustees, and is a member of the Council on Foreign Relations and the World Economic Forum Global Agenda Council for Social Innovation. She was also appointed by Secretary Clinton to the Department of State's Foreign Affairs Policy Board. She is a frequent speaker at forums including the Clinton Global Initiative, TED, Aspen Ideas Festival, Skoll World Forum and COP22.
Chief executive and founder, BlueOrange Capital
Bertrand Badré is CEO and Founder of BlueOrange Capital, an investment fund with the objectives to finance the Sustainable Development Goals with market level financial returns. Previously, Mr. Badré was Managing Director of the World Bank Group and Chief Financial Officer.
Prior to joining the World Bank Group in 2013, Bertrand was the group chief financial officer at Société Générale. He also served as group chief financial officer of Crédit Agricole from 2007 to 2011. Between 2004 and 2007, Bertrand was a managing director of Lazard in Paris and responsible for the Financial Services Group. In 2003, he was invited to join President Jacques Chirac's diplomatic team and was closely involved in the preparation of the G-8 summit in Evian. In that capacity, he served as the president's deputy personal representative for Africa and as a spokesman for the working group on new international financial contributions to fight poverty and fund development, which produced the Landau Report. In 2002, he was a member of the World Panel on Financing Water Infrastructure chaired by Michel Camdessus.
In 1999 Badré joined Lazard, where he spent 18 months as assistant director in London before transferring to New York as director of the mergers and acquisitions department with specific focus on the financial services sector. From 1995 to 1999, he served in the French Ministry of Finance where he led a number of control, audit, and consultancy missions for the French National Audit Office. He began his career in 1989 as assistant group controller for BFI-IBEXSA, a Franco-American company that is now part of Avnet.
Bertrand has served as director on a number of boards, including the supervisory board of Eurazeo between 2010 and 2012, Haulotte Group between 2005 and 2013, various boards of the leading French regional daily newspaper group Ouest France, and represented Crédit Agricole and Sociéte Générale on the boards of a number of their subsidiaries. He is a member of the advisory board of the newly created International Water Bank and of the Paris based IDDRI (Institute of Sustainable Development and International Relations). He is a board member of the French-American Foundation, an honorary member of the Cincinnati Society and a fellow at the German Marshall Fund of the United States. He is chair of the Global Future Council on International Governance, Public-Private Cooperation and Sustainable Development and an advisor for the World Economic Forum.
He has taught and is currently teaching in a number of schools and universities, and is the author of several books, the most recent being “Money Honnie, si la finance sauvait le monde?” which is expected to be published in English in 2017. Bertrand is a graduate of ENA (Ecole Nationale d'Administration) and Institut d'Etudes Politiques de Paris. He also studied history at Paris IV University (La Sorbonne), and graduated from HEC (Hautes Etudes Commerciales in Paris) business school.
Business affairs editor, The Economist
Andrew Palmer is the Business Affairs Editor at The Economist, where he oversees the newspaper's coverage of business, finance, science and technology. He was formerly Finance Editor (from 2009) and Banking Correspondent (2007-09), having joined The Economist as Management Correspondent in 2007. Prior to this, he spent ten years at the Economist Intelligence Unit, a sister company. He is the author of "Smart Money" (2015), a book about the good that finance can do.
Many of the pioneers of impact investing have been mission driven families and charitable foundations. In this panel, practitioners discuss what strategies have had the greatest impact so far, and explore how mission driven investors should can maximise their influence and impact during the process of mainstreaming purpose-driven finance. Will different approaches work better in the future? Should they be the primary investors in the infrastructure of impact measurement? What can they do to ensure that mainstreaming doesn't become superficial "impact washing"?
Executive director, US Impact Investing Alliance
Fran Seegull is the Executive Director of the U.S. Impact Investing Alliance. The Alliance works to increase awareness of impact investing in the United States, foster deployment of and demand for impact capital across asset classes globally, and partner with stakeholders, including government, to build the impact investing ecosystem. Seegull was the Chief Investment Officer and Managing Director of Investments at ImpactAssets where she headed investment management for The Giving Fund—an impact investing donor advised fund. She also oversaw product development and managed the Global Sustainable Agriculture and Microfinance Plus Notes. Prior to joining ImpactAssets, Seegull was Managing Director at Funk Ventures, an early-stage impact venture capital firm. She also served as Vice President of Business Development at Novica, an online retailer of products made by artisans in Asia, Africa and Latin America. Seegull has consulted to National Geographic and NPR West as well as a number of family foundations and offices. She has a BS in Economics from Columbia University/Barnard College and an MBA from Harvard Business School. Seegull tweets on impact investing at @franseegull.
Chief executive, ImPact
Abigail Noble is CEO of The ImPact, is a nonprofit network of families who commit to make more impact investments, more effectively. Prior Abigail was Head of Impact Investing Initiatives at the World Economic Forum and Head of Africa and Latin America for The Schwab Foundation for Social Entrepreneurship. She is a graduate of Harvard and Tufts, was a Fulbright Scholar in Uruguay, a World Economic Forum Global Leadership Fellow, and is a term member of the Council on Foreign Relations.
Co-founder, Cordes Foundation
Ron D. Cordes has enjoyed a 30+ year career in the investment industry. He was a co-founder and CEO of AssetMark, a leading U.S. managed account platform with $30+ billion of AUM, co-authored “The Art of Investing” published by Mc-Graw Hill, and was an Ernst & Young Entrepreneur of the Year. Since co-founding the Cordes Foundation in 2006, Ron has focused on impact investing and social entrepreneurship, and currently serves on the Boards of MicroVest, ImpactAssets, Fair Trade USA and the Center for Social Impact Learning at the Middlebury Institute. His work in this area has been profiled in an array of publications including the New York Times, Barron’s, FastCompany, Forbes and FORTUNE.
Managing director, Rockefeller Foundation and former senior editor, The Economist
Matthew Bishop, Managing director, Rockefeller Foundation and former senior editor, The Economist, is an award-winning journalist whose roles at The Economist have included business editor, Wall Street editor, globalisation editor and New York bureau chief. He is the author of several books, including Philanthrocapitalism: How Giving Can Save the World (described as “important” by president Bill Clinton) and The Road From Ruin, which set out an agenda for the reform of capitalism after the 2008 crash. He is a member of the World Economic Forum’s Global Agenda Council on Global Governance. He was the official report author of the G8 Taskforce on Social Impact Investment and a member of the advisors group of the UN International Year of Microcredit. He co-founded and advises the #givingtuesday campaign and the Social Progress Index.
Social impact bonds, also known as "pay for success" contracts, have prompted talk of an impact-investment driven performance revolution in government services. With the prospect of a sharp increase in spending on infrastructure in America occurring hand-in-hand with ever intensifying pressure to demonstrate value for money in public spending, what can be done to bring private capital into partnership with public goals in ways that deliver demonstrable benefits to taxpayers and investors alike? What lessons can be learnt from previous efforts at public-private collaboration and partnership? Where will be the greatest opportunities to deploy significant amounts of capital to achieve large scale change?
Chief executive, John Laing
Olivier Brousse joined John Laing in March 2014 as Chief Executive Officer. Following graduation from École Polytechnique and École Nationale des Ponts et Chaussées in France, he became Commercial Director of Unic Systems and then Chief of Staff to the Chairman and CEO of Compagnie Générale des Eaux, both in France. In 1998, he moved to London as CEO of Connex South Eastern and then joined Veolia, first as CEO of Veolia Transportation Inc. in Washington DC and then as Deputy CEO of Veolia Transport Group, responsible for French and US businesses. From 2008 to 2014, he served as CEO and then Executive Chairman of Saur SA in France. In 2016, he was awarded the Légion d’Honneur by the French President François Hollande. Age 51.
Chief executive and co-founder, Social Finance
Tracy Palandjian is co-Founder and chief executive of Social Finance, a nonprofit organization which is leading the development of Pay for Success financing and Social Impact Bonds, an innovative public-private partnership that mobilizes capital to drive social progress.For more than a decade, Tracy has committed to building a more impactful nonprofit sector by re-imagining the role of the capital markets in enabling social progress. Inspired by Social Finance UK, Tracy co-founded Social Finance US in January 2011 to develop the Social Impact Bond and Pay for Success model in the United States. Prior to Social Finance, Tracy was a Managing Director for 11 years at The Parthenon Group where she established and led the Nonprofit Practice and worked with foundations and NGOs to accomplish their missions in the US and globally. Tracy also worked at Wellington Management Co. and McKinsey & Co.
Tracy is co-author of Investing for Impact: Case Studies Across Asset Classes. She is Vice-Chair of the U.S. National Advisory Board to the Global Impact Investment Steering Group (previously the G8 Taskforce). She is a member of the Board of Overseers at Harvard University, and serves on the boards of Facing History and Ourselves and the Surdna Foundation. She is also a Director of Affiliated Managers Group (NYSE: AMG).
Tracy is a frequent speaker and writer on impact investing and social innovation, having been covered in The Wall Street Journal, Atlantic, Economist, Forbes, and New York Times. A native of Hong Kong, Tracy is fluent in Cantonese and Mandarin. She graduated magna cum laude from Harvard College, with a B.A. in Economics, and holds an M.B.A. with high distinction from Harvard Business School where she was a Baker Scholar.
Executive director, Center for Financial Markets, Milken Institute
Staci Warden is the executive director of the Center for Financial Markets at the Milken Institute, where she leads initiatives on strengthening capital markets, access to capital, financial education and financial-markets solutions, among others. Warden is chair of the Rwandan Capital Market Authority. Prior to joining the Milken Institute, she spent six years with JPMorgan in London, where she ran JPMorgan's Central Bank client franchise in Europe, Eurasia and Africa, and two years in New York as part of the sovereign-debt-restructuring deal team. Before joining JPMorgan, she was a director at the Nasdaq, where she led their two initiatives for micro-cap companies, the BBX and the OTCBB.
Warden has spent many years in the not-for-profit and public sectors managing, advising, and writing on issues of international economic development. At the U.S. Treasury Department, she ran the international debt-for-nature swap program and participated in the Argentina debt-restructuring and heavily indebted poor countries (HIPC) initiatives. In the not-for-profit sector, she served as startup chief operating officer of the Center for Global Development, an associate in the economic-reform program at the Carnegie Endowment for International Peace, and a development associate at the Harvard Institute for International Development. She has worked or done business in over 50 countries and has served as an advisor to several ministers of finance on sovereign-wealth management, debt management, and poverty reduction.
Warden holds a master's of public policy from the Kennedy School of Government at Harvard University, with a concentration in international trade and finance, and has completed her coursework for a Ph.D. in economics from Brandeis University.
Business affairs editor, The Economist
Andrew Palmer is the Business Affairs Editor at The Economist, where he oversees the newspaper's coverage of business, finance, science and technology. He was formerly Finance Editor (from 2009) and Banking Correspondent (2007-09), having joined The Economist as Management Correspondent in 2007. Prior to this, he spent ten years at the Economist Intelligence Unit, a sister company. He is the author of "Smart Money" (2015), a book about the good that finance can do.
The third in a series of "spotlight" talks in which leading impact investors talk about how they see the opportunity for moving what they do further into the mainstream of the capital markets
Partner, Bridges Ventures
Brian Trelstad is a Partner at Bridges Ventures, a sustainable and impact fund manager with $1B under management invested in growth equity, sustainable real estate and social sector funds in the US and UK. Before launching Bridges in the United States, Brian was the Chief Investment Officer of Acumen Fund, a social investment fund that invested in innovative social enterprises in South Asia and Sub-Saharan Africa. Prior to Acumen, Brian was a consultant at McKinsey & Company, worked at the Corporation for National Service and was the co-founder of several for-profit and non-profit social enterprises. He got his undergraduate degree from Harvard College, and has graduate degrees from Stanford’s Graduate School of Business and UC-Berkeley’s College of Environmental Design. Brian also teaches a graduate course on social entrepreneurship at Princeton.
Business affairs editor, The Economist
Andrew Palmer is the Business Affairs Editor at The Economist, where he oversees the newspaper's coverage of business, finance, science and technology. He was formerly Finance Editor (from 2009) and Banking Correspondent (2007-09), having joined The Economist as Management Correspondent in 2007. Prior to this, he spent ten years at the Economist Intelligence Unit, a sister company. He is the author of "Smart Money" (2015), a book about the good that finance can do.
How can the capital markets be harnessed as a driving force for environmentally sustainable economies, rather than against them? In recent years there have been several significant efforts to create sustainability products for investors, including through markets in carbon credits and for "green bonds". At the same time, tools such as Carbon Tracker have encouraged a more sophisticated, data-driven approach to carbon by investors, even as the growing Divest/Invest movement has encouraged investors to avoid carbon altogether. What lessons have been learnt? What can be done to ensure that capital market innovation around the environment is not "green washing" but drives real change? What light does experience with green investing shed on how to invest in other kinds of positive impact?
Founder and executive director, Carbon Tracker Initiative
Mark is the founder of the Carbon Tracker Initiative and conceived the ‘unburnable carbon’ capital markets thesis. He commissioned and was editor of ‘Unburnable Carbon, are markets carrying a carbon bubble’ report. Mark is responsible for management strategy, board matters and developing our capital markets framework analysis. Prior to forming Carbon Tracker, Mark had twenty five years experience in sustainable financial markets. Mark is a co-founder of some of the first responsible investment fund at Jupiter Asset Management in 1989, NPI, AMP Capital, and Henderson Global Investors. Mark served on the World Business Council for Sustainable Development working group on capital markets leading up to the 1992 Earth Summit; was a Member of the Steering Committee of UNEP Financial Sector Initiative (1999-2003), and continues to advise a number of investment funds including Armstrong Energy. Mark was a Founder Director of the UK Sustainable and Responsible Investment Forum (UKSIF), 1990-2006, is a member of the Advisory Council of ImpactBase.org and the UNEP-WRI working group on greenhouse gas emissions and the financial sector. He is the Treasurer of The Rainforest Foundation UK Chairman of Emerald BioEnergy. Mark has a BA in Politics & Economic History and an M.Sc in Agricultural Economics.
Managing director, Goldman Sachs Asset Management
John Goldstein is a managing director within Goldman Sachs Asset Management. John joined Goldman Sachs in 2015 through the acquisition of Imprint Capital to help expand the firm’s Environmental, Social and Governance and impact investing capabilities. Previously, John co-founded Imprint Capital Advisors in 2007 to help foundations, families and financial institutions create and manage impact investing programs and portfolios. Imprint made and managed more than 120 investments with its clients across asset classes, geographies, and impact themes and worked with 11 of the 25 largest foundations in the United States. Previously, John co-founded Medley Capital Management, a private investment
firm. He also served as senior managing director of Medley Global Advisors. During that time, he co-founded and served as the executive director of the Medley Institute. Prior to that, John was a management consultant at Andersen Consulting (now Accenture). John has served as an advisor or board member to a diverse set of organizations in the impact space including groups such as the US National Advisory Board of the G8 Social Impact Investing Task Force, the Global Impact Investing Network’s ImpactBase initiative, the Global Social Venture Competition, McKinsey’s working group on Social Impact Bonds, Global Giving, the Sustainable Food Lab, the UN Capital Development Fund, the International Interfaith Investment Group and a range of other organizations. John graduated from Yale University with honors. He was awarded the Richter Fellowship and the Townsend Prize.
Head of product strategy, sustainable finance, Bloomberg
Lenora Suki, CFA, CAIA, LEED AP, manages Product Strategy for Bloomberg’s Sustainable Finance activities. Lenora's emphasis is on extending Bloomberg's Environmental, Social and Governance (ESG) product and other sustainable finance efforts across asset classes to help Bloomberg clients understand a comprehensive range of investment risks and opportunities. She is currently working on projects in fixed income, real estate, and private equity, as well as initiatives at the intersection of philanthropy and product strategy, such as green and social bonds, impact investment and data science applications. Before Bloomberg, Lenora founded Smart Cities Advisors, an affordable housing and urban regeneration advisory firm for emerging markets. In 2002, she joined the Earth Institute at Columbia University as an Associate Director advising on sustainable development. Prior to Columbia, Lenora was regional fixed income strategist at Santander Investment and emerging markets analyst at OFFITBANK, now Wells Fargo. Lenora also worked at the World Bank in the Treasury, Europe and Central Asia and in private sector development. Lenora earned an MBA from the MIT Sloan School of Management, a BA in Government from Pomona College and a BA in economics from the University of Houston. She serves on the Board of the Jessie Smith Noyes Foundation as a member of the finance and fund development committees. She also holds the CFA, CAIA and LEED AP designations.
Managing director, Rockefeller Foundation and former senior editor, The Economist
Matthew Bishop, Managing director, Rockefeller Foundation and former senior editor, The Economist, is an award-winning journalist whose roles at The Economist have included business editor, Wall Street editor, globalisation editor and New York bureau chief. He is the author of several books, including Philanthrocapitalism: How Giving Can Save the World (described as “important” by president Bill Clinton) and The Road From Ruin, which set out an agenda for the reform of capitalism after the 2008 crash. He is a member of the World Economic Forum’s Global Agenda Council on Global Governance. He was the official report author of the G8 Taskforce on Social Impact Investment and a member of the advisors group of the UN International Year of Microcredit. He co-founded and advises the #givingtuesday campaign and the Social Progress Index.
The fourth in a series of "spotlight" talks in which leading impact investors talk about how they see the opportunity for moving what they do further into the mainstream of the capital markets
Co-founder and principal, Blue Haven Initiative
Ian Simmons is Co-Founder and Principal of Blue Haven Initiative where he oversees a portfolio focused on investments that generate competitive financial returns and address social and environmental challenges. This portfolio spans asset classes, including private and public equity, fixed income, direct investments, alternative investments, and philanthropic programs. A champion and practitioner of impact investing for two decades, Ian advances Blue Haven's investment, research, and policy strategies. He is particularly passionate about pursuing solutions to complex challenges, such as clean energy and affordable housing. Ian also advocates for policies that facilitate long-term investing and promote corporate and political transparency and accountability. Committed to initiatives and corporations that advance investing and strengthen democracy, Ian is the President of Foundation for Civic Leadership and Chair of the Youth Engagement Fund. Ian serves on the board of directors of the U.S. Impact Investing Alliance, Social Finance, Issue One, Organizing for Action, the National Advisory Board for Public Service at Harvard College and Karibu Homes, an affordable housing company in Kenya. Ian graduated with honors from Harvard College in 2000.
Business affairs editor, The Economist
Andrew Palmer is the Business Affairs Editor at The Economist, where he oversees the newspaper's coverage of business, finance, science and technology. He was formerly Finance Editor (from 2009) and Banking Correspondent (2007-09), having joined The Economist as Management Correspondent in 2007. Prior to this, he spent ten years at the Economist Intelligence Unit, a sister company. He is the author of "Smart Money" (2015), a book about the good that finance can do.
Some of the fastest growth in impact investing has been focused on publicly-traded companies. Yet many of these investments have largely involved screening out "undesirable" companies from investment portfolios, rather than actively trying to make every company more virtuous. Does this really count as impact investing? What are the effective strategies that institutional shareholders could use to engage with company management to drive more sustainable and socially-impactful behaviour?
Chair, The Social Stock Exchange
Mr Melvin is Chair of The Social Stock Exchange, a Business mentor at the Prince’s Trust and Visiting Fellow at the ICMA Centre at the UK’s Henley Business School. He is also a Board Member of the Principles for Responsible Investment and a Member of the 30% Club Investor Group. Colin Melvin is the former global head of Stewardship at Hermes Investment Management, and between 2004 and January 2016 was Chief Executive of Hermes EOS. He has been at the forefront of developments in corporate governance, sustainability and responsible investment for over 20 years and is an expert in the good management and direction of businesses. He is a qualified fund manager and Member of the CFA Institute and was Head of Responsible Investment at Baillie Gifford before joining Hermes in 2002. Mr Melvin holds an MA from Aberdeen University and an MPhil from Cambridge University (both in History), and Diplomas in Investment Analysis from Stirling University and Company Directorship from the Institute of Directors. He is a Chartered Director.
Chief executive, ShareAction
Catherine joined ShareAction in July 2008, having previously been the founder and lead organiser of West London Citizens. Earlier in her career she was Senior Researcher at the New Policy Institute. Catherine is a board member of Green Alliance and of the Scott Trust, owner of The Guardian, seving on the Scott Trust’s investment committee. She was a Member Nominated Trustee of The Pensions Trust (the multi-employer pension scheme for the UK’s not-for-profit sector) for five years until Spring 2013. She served for four years on The Pensions Trust’s Investment Committee.
Catherine holds a First Class BA in Modern History from Oxford University and an MSc in Industrial Relations from the London School of Economics. In June 2011 Catherine was named a ‘Rising Star of Corporate Governance’ by Yale University’s, Millstein Center. In 2013, Pensions Insight featured her as one of the 50 most influential people in pensions and in May 2011 Investment and Pensions Europe called her one of the ‘top ten women in pensions’. Catherine was recognised by the World Economic Forum as a Young Global Leader in 2014.
Chief executive, Focusing Capital on the Long Term (FCLT Global)
Sarah Williamson became the CEO of FCLT Global on July 1, 2016 after over 21 years at Wellington Management Company LLP. She first joined Wellington in 1995 in Boston and opened the institutional investment manager’s San Francisco office in 1997. In her last role, she was a Partner and Director of Alternative Investments, where she was responsible for guiding the evolution and growth of the firm’s alternative investment offerings by understanding clients’ objectives and creating alternative investment solutions to meet those objectives.
Ms. Williamson served on numerous firm-wide boards and committees including as Chair of the Wellington Trust Company, NA and the Trust Investment Committee. Ms. Williamson had also been instrumental in Wellington Management’s global diversity and inclusion efforts as the founding chair of the Diversity Committee.
Prior to joining Wellington, Ms. Williamson spent over five years with McKinsey & Company. She was also employed by the US Department of State and was a mergers and acquisitions investment banker at Goldman, Sachs & Co. in New York and London. In addition, she has served on boards and investment committees for several educational and charitable organizations for over 15 years. She is a graduate of Harvard Business School and Williams College, and holds the Chartered Financial Analyst and Chartered Alternative Investment Analyst designations.
Managing director, Rockefeller Foundation and former senior editor, The Economist
Matthew Bishop, Managing director, Rockefeller Foundation and former senior editor, The Economist, is an award-winning journalist whose roles at The Economist have included business editor, Wall Street editor, globalisation editor and New York bureau chief. He is the author of several books, including Philanthrocapitalism: How Giving Can Save the World (described as “important” by president Bill Clinton) and The Road From Ruin, which set out an agenda for the reform of capitalism after the 2008 crash. He is a member of the World Economic Forum’s Global Agenda Council on Global Governance. He was the official report author of the G8 Taskforce on Social Impact Investment and a member of the advisors group of the UN International Year of Microcredit. He co-founded and advises the #givingtuesday campaign and the Social Progress Index.
Managing director, Rockefeller Foundation and former senior editor, The Economist
Matthew Bishop, Managing director, Rockefeller Foundation and former senior editor, The Economist, is an award-winning journalist whose roles at The Economist have included business editor, Wall Street editor, globalisation editor and New York bureau chief. He is the author of several books, including Philanthrocapitalism: How Giving Can Save the World (described as “important” by president Bill Clinton) and The Road From Ruin, which set out an agenda for the reform of capitalism after the 2008 crash. He is a member of the World Economic Forum’s Global Agenda Council on Global Governance. He was the official report author of the G8 Taskforce on Social Impact Investment and a member of the advisors group of the UN International Year of Microcredit. He co-founded and advises the #givingtuesday campaign and the Social Progress Index.
10 on the Park is located on the 10th floor of the Time Warner Center, overlooking New York's skyline and Central Park. 10 on the Park provides a unique experience for entertaining that is not to be missed. Designed to host up to 700 guests and equipped with state-of-the-art technology, our multiple event spaces are ideal for a variety of functions. 10 on the Park is conveniently located above The Shops at Columbus Circle, and steps away from the subway. Extensive parking is located within two blocks of Time Warner building. Guests can be comfortably accommodated at the notable hotels that are located within walking distance.
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At Bank of America, we are guided by a common purpose to help make financial lives better through the power of every connection. We deliver on this through a focus on responsible growth and environmental, social and governance leadership. Through these efforts, we are driving growth—investing in the success of our employees, helping to create jobs, develop communities, foster economic mobility and address society’s biggest challenges—while managing risk and providing a return to our clients and our business.
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