Elizabeth Corley CBE, former CEO, of Allianz Global Investors, talks about the social impact investing 'Implementation Taskforce' , why and how it was established and what's in store at the conference on 12th June.
Tomorrow we’re hosting our first Implementation Taskforce event – ‘Growing the Social Impact Investing opportunity in the UK’. The conference will convene thought leaders and senior practitioners from the finance industry to explore the opportunities presented by impact investing.
In 2016 I was asked by the Government to chair an advisory group to look at how individuals can be offered more savings and investment choices that allow them to target positive social outcomes as well as financial returns. The result of that work was a report - ‘Growing a Culture of Social Impact Investing in the UK’ - which contained 53 recommendations to help make that happen.
To build on the enthusiasm and momentum generated by the report I was then asked by the Prime Minister to lead an industry taskforce focusing on bringing those recommendations to life. I’m delighted to say this has received strong industry support, twenty-five leading financial services organisations have pledged their commitment to help create a culture of social impact investing in the UK and drive forward the recommendations of the Advisory Group. It’s my belief that industry has a vital role to play in accelerating the development of social impact investing and in turn help tackle social and environmental challenges.
The Taskforce has been setup based on the five key action areas identified in the advisory group report with Working Groups focused on each area and is made up of senior representatives from a cross section of industry and signatory firms. These Working Groups have now formed their membership, agreed terms of reference and have begun working on the individual recommendations with a focus on short term milestones, medium term actions and long term progress.
We recognise there are many other organisations working in this area – from the UK National Advisory Board to Accounting for Sustainability – so are committed to avoiding unnecessary duplication of time and effort. Instead, we want to be a focal point of engagement and cohesion that can sustain engagement and maintain the momentum we have already built.
At tomorrow’s event, attendees will hear from some fantastic speakers working from a wide range of different sectors and organisations who all share the same commitment to creating a culture of social impact investing in the UK. The breadth of speakers, that participate across the spectrum of capital, highlights that there are a broad range of risk/return strategies in sustainable and social impact investments. It is my hope that the examples discussed at the conference will provide encouragement to those that may not have considered social impact investing as an option within their organisation that this is an area of growing opportunity and demand.
I’m looking forward to meeting attendees tomorrow and being able to provide an update about all the work of the Implementation Taskforce on social impact investing.
Follow the event on Twitter: #CultureofSocialImpact