Responsible Investment Roundtable: 

What are the implications for not complying with responsible investment principles?

COP17 Side Event, Hosted by Sanlam, Durban South Africa, 7 December 2011


National Business Initiative (NBI)
Responsible Investment Roundtable COP17 Side Event

Hosted by Sanlam Limited

What are the implications for not complying with responsible investment principles?
@ Docklands Hotel, Durban, South Africa, Wed, 7 December 2011; 9AM- 2PM

Chairman’s Remarks (welcome)    Richard Anderson / Sanlam

Seminar: The state of sustainable investment – local and international perspectives    
Introduction to SEMINAR

Panel discussion on responsible investment, covering:
• Investor Initiatives & Compliance - Are existing monitoring mechanisms effective in assessing adherence to responsible investment principles eg. CRISA, PRI, Equator Principles, or expect in Regulation 28? What are the consequences for non-compliance? Are investor initiatives effect?
• Sustainable investment in Africa - how does the region compare to other markets? What can we teach other regions? What can we learn from other regions? What impresses you the most?
• Climate Finance - How do we commit real capital to combating climate change? How much of your/your clients’ portfolios are investing in technologies to adapt or mitigate climate change in Africa? If there is no binding legal framework after 2012, if/how will that affect your investment thinking?

• Facilitator: Graham Sinclair, Principal - SinCo + President - Africa Sustainable Investment Forum (

•    Rob Lake /Head of Strategy, Principles for Responsible Investment
•    Deon Botha / Corporate Governance Specialist, Public Investment Corporation
•    Bashkar Latchman / 2nd Vice President, Institute of Retirement Funds
•    Malango Mughogho /Business and Markets Transformation, World Wildlife Fund for Nature (South Africa)

Afterword: Announcement on launch of IFC + POA ESG education "Sustainable Returns" project

•    Wanjiru Kirima, Head: Group Pensions, First Rand + Chair, Principal Officers’ Association

Vote of thanks and closure    

•    Chair: Ian Anderson / Sanlam Investment Management


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SPEAKER Biographies

Adrian Bertrand, ESG Manager, Government Employees Pension Fund of South Africa
Adrian, in his role as Environmental, Social and Governance (ESG) Manager of the Government Employees Pension Fund is responsible for managing and implementing the Fund's Responsible Investment Policy. Previously, Adrian was employed by the UN Principles for Responsible Investment (PRI) where he managed and coordinated the work of the PRI South Africa Network comprising asset owner, asset manager and asset consultant signatories. Adrian serves on the Responsible Investment Standing Committee of the Association for Savings and Investment SA (ASISA), the CRISA Committee responsible for the drafting of the Code for Responsible Investing by Institutional Investors in South Africa, and the Emerging Markets Disclosure Project South Africa team. Adrian also represents GEPF on the joint GEPF and PIC ESG Working Committee, and the Investment Committee of the Pan African Infrastructure Development Fund (PAIDF). Adrian's professional experience includes working as a research analyst for the Johannesburg Stock Exchange Socially Responsible Investment (SRI) Index (2010) and the Corporate Governance Rating Matrix of the Public Investment Corporation (PIC) in 2009, both in association with the Centre for Corporate Governance in Africa, a centre within the University of Stellenbosch Business School. Adrian holds a BA (Humanities), Post Graduate Certificate in Education and an MBA, all from the University of Stellenbosch.

Gareth Allison, Vice President – Client Coverage, South Africa, MSCI
Gareth Allison joined MSCI in 2007 as a Vice President within the client coverage team based in Cape Town. Prior to joining MSCI, Mr Allison worked at Wilshire as a Managing Director responsible for sales in EMEA. At Wilshire, he has covered different territories in EMEA. Prior to Wilshire, Mr. Allison worked in various sales roles for Inlumen PLC, Bloomberg LP and Tullett & Tokyo as an Italian Government Bond Broker. Prior to this, Mr Allison was a professional Rugby Union player for NEC Harlequins in London and Montferrand in France. During this time Gareth also represented England 'A' three times. Mr Allison has a BA from Reading University and an MPhil in Management Studies from Oxford University. He is fluent in Italian, French, and English.

Graham Sinclair, Principal, SinCo
Graham Sinclair is a sustainable investment strategist, ESG investment architect and global project leader. He advises institutional investors on the integration of sustainability (environmental, social and corporate governance (ESG)) factors into investment policy and practice. Graham holds a variety of investment and retirement fund industry-specific certifications and in 1997 he was one of the youngest-ever dual fellows of the Institute of Life and Pensions Advisors. He is a past steering committee member of Sustainability Investment Research Analyst Network (SIRAN), member of the Network for Sustainable Financial Markets (NSFM), and the Investment Analysts Society of South Africa (IASSA) since 1999. In 2009, Graham was invited onto the Responsible Investment sub-committee of the Association for Savings & Investment South Africa (ASISA) where he chairs the Prudential Assets Working Group (PAWG). He is a Senior Fellow of the Environmental Leadership Program (USA) since 2004, and a professional contributor to the CSR Initiative of the Harvard University Kennedy School of Government.  Graham has lectured on sustainable investment at leading business schools in North America, Europe and Africa. He has contributed three chapters [Private Equity, Frontiers in Africa, Sustainability Indexes] to "Evolutions in Sustainable Investing" (Wiley FInance, 2011) and wrote the IFC report Sustainability In Sub-Saharan Africa [July, 2011]. Graham earned his MBA in the USA on scholarship at Villanova University in 2004, conducting research into SRI and co-managing the Arnone-Lerer SRI Fund, an active US equity portfolio. He holds a B.Com from the University of Natal and a Bachelor of Laws (LL.B) from the Howard College School of Law.

Greg Barker - Director, Head of Research, Portfolio Manager - Sustainable Capital, CFA,
Greg heads up Sustainable Capital’s investment team. He is responsible for managing the Africa Sustainability Fund. Sustainable Capital is an independent, owner-managed, responsible investment asset manager that specialises in the research and management of listed African equity securities. The firm’s investment philosophy is that the sustainability performance of countries and companies is fundamentally linked to long-term investment returns, yet inefficiently priced by African financial markets. Greg has extensive experience in sustainable investment research in Africa and developed a strong track record of investment decision-making in his previous role as a fundamental investment analyst at a leading responsible investment management firm in South Africa. Since co-founding Sustainable Capital 3 years ago, Greg has been traveling into African countries to conduct detailed, bottom-up, fundamental research on companies. Greg is a CFA Charterholder with over 12 years of industry experience. He is a graduate of the University of Cape Town, having completed a Masters Degree in Sustainability and subsequently an MBA from the Graduate School of Business.

Richard Anderson, Senior Portfolio Manager, Sanlam Investment Managers
Richard is Senior Portfolio Manager at Sanlam Investment Management (SIM), managing SIM’s ZAR1.3-billion property fund.  Have been an investor, managing institutional portfolios and doing equity research, for over 25 years. Started in JHB at UAL Merchant Bank, moved to Cape Town with the Syfrets merger, and joined SIM in 2002. Currently work as a contractor with primary responsibility for corporate governance at SIM.

Malango Mughogho, Business and Markets Transformation, WWF SA
Malango Mughogho heads up Business and Markets Transformation at WWF South Africa. Malango Mughogho leads WWF’s engagement with business on the broad issue of ecological footprint - using a cross-sectoral approach, addressing issues such as water, energy efficiency and climate change, and using a sector specific approach, looking at the environmental sustainability issues faced by particular industries such as retail or financial services. Malango has more than 10 years' experience in the banking and development finance sector, coupled with consulting experience on projects with a strong environmental focus in the areas of economic development, event management and product certification. Malango has degrees from the University of Warwick and City University (Great Britain).

Mark van Wyk, Portfolio Manager, Mergence
Mark is Portfolio Manager - SRI Debt. He has 11 years' experience in development finance, structured finance, external auditing and property management. Always keen to increase his knowledge base, Mark is currently registered for CFA 3, which he expects to complete in 2011. With is extensive experience and skill in the field of debt funding, Mark has worked with Mergence during the past 18 months to identify appropriate opportunities for the Mergence High Impact Debt Fund. Mark has recently joined the Mergence team on a more regular basis to source, model and manage the entire Mergence SRI product offering. Mark has degrees of B Com (Hons), (CA) SA.

Rob Lake, Director of Strategic Development, PRI
Rob joined PRI in May 2011 to oversee strategic initiatives, signatory relations and recruitment, public policy work and the PRI's Academic Network.  From February 2007 to April 2011 Rob was Head of Sustainability and Governance at APG Asset Management, Amsterdam. In that role he was responsible for integrating sustainability and corporate governance factors into APG's investment process across all asset classes, and for managing an active programme of engagement with companies, regulators and policymakers. Rob is a member of the Program Board of the Sustainable Investment research programme funded by MISTRA, the Swedish government environmental research agency, and the Advisory Group to the Chair in Socially Responsible Investment at the Ecole Polytechnique, Paris, and the University of Toulouse.

Deon Botha, PIC
Deon Botha studied at the University of Pretoria where he obtained degrees in Law as well as in Business Economics. After his studies, he joined the National Treasury (the then Department of Finance) as a Parliamentary Officer dealing with financial legislation. In 1999 he was appointed Manager in the Office of the then Director-General, Maria Ramos.  In 2000 he was appointed Head Ministerial Support Services and Private Secretary to Finance Minister Trevor Manuel. In 2004 he was seconded by the National Treasury to the then Public Investment Commissioners as Senior Manager: Special Projects to drive the corporatisation of the Public Investment Commissioners and the establishment of the Public Investment Corporation. Following the successful corporatisation of the PIC he was tasked with establishing a corporate governance function within the PIC and he was appointed to the position of Corporate Governance Specialist in 2005.

Bashkar Latchman, Independent Trustee and 2nd Vice president, Institute of Retirement Funds of Southern Africa Bashkar provides expertise and services to a wide range of funds across South Africa, encouraged the trustees and urged them to value their membership in the different pension fund boards.

Wanjiru Kirima, Head: Group Pensions, First Rand + Chair, Principal Officers’ Association
Until recently, Wanjiru Kirima was the Principal Officer of the Shell and SAPREF Pension Funds in South Africa. She also held the portfolio of Global Trustee Support within the Shell Global Pensions Group. Wanjiru now heads up Group Pensions at First Rand.

LIVE input was solicited from audience members by moderator Graham SInclair, including from:



Sanlam is a leading financial services group listed on the JSE Securities Exchange and the Namibian Stock Exchange. The South Africa based Sanlam Group conducts its business through Sanlam Limited, the corporate head office and four business clusters – Sanlam Personal Finance, Sanlam Emerging Markets, Institutional and Short-term insurance. The Group operates in South Africa, Botswana, Malawi, Nigeria, Ghana, Kenya, Tanzania, Uganda, Zambia, Namibia, India and the United Kingdom. It also has offices in the USA and Australia. Sanlam provides financial solutions to individuals and institutional clients. These solutions include personal financial services such as estate planning, trusts, personal loans, savings and linked products, investment, asset management, stock-broking, risk management and capital market activities. Established in 1918 as a life insurance company, Sanlam has grown into a diversified one-stop financial services group.


The National Business Initiative (NBI) is a voluntary group of leading national and multi-national companies, working together towards sustainable growth and development in South Africa through partnerships, practical programmes and policy engagement. This is achieved through evidence based experience and research in key areas and thus effects system change. Since its establishment in 1995, the NBI has been an advocate for the collective role of business in support of a stable democracy, growing economy and healthy natural environment. As one of close to 60 global regional partners to the World Business Council for Sustainable Development (WBCSD), the NBI provides a platform for business leadership and a vision of how companies can contribute to shaping and achieving a sustainable society.



  1. COP17: Sanlam becomes first private sector asset owner to commit to principles of responsible investing, Durban, 8 December 2011, Written by: Lulu Letlape 
  2. Ignore Code on Responsible Investing at your own peril, institutional investors told, 19 JULY 2011

Check back regularly for new dates added. We look forward to meeting you and engaging in conversation about the research, findings and recommendations to grow Sustainable Investment in global emerging markets, including Africa.



COP17: Sanlam becomes first private sector asset owner to commit to principles of responsible investing, Durban, 8 December 2011, Written by: Lulu Letlape

Role players from the United Nations-backed Principles for Responsible Investing (PRI), Public Investment Corporation, Government Employees Pension Fund and Sanlam, among others, met yesterday to examine the role of investors in promoting sustainable investment in companies and in climate change investment. The roundtable event, a parallel session to the COP17 climate change conference in Durban, was hosted by Sanlam.

Among the key outcomes was that Sanlam as one of South Africa and Africa’s biggest asset owners, publicly committed to the UN-PRI, making it the first private South African asset owner, along with the Government Employees Pension Fund and the Eskom Pension Fund, to take this forward-thinking step. Several South African asset managers are already signatories.

“As part of the ongoing improvement of our sustainability and governance focuses, Sanlam has committed to the UN-PRI and will become a signatory in early 2012,” said Ms Lulu Letlape, executive head of Group Corporate Affairs at Sanlam. “We are committed to working with local and international partners to address the impact of the financial services industry on the broader South African society.”

Signatories to the UN-PRI join a network of international investors working together to put six principles for responsible investing into practice. The principles were devised by the international investment community and reflect the view that environmental, social and corporate governance (ESG) issues could impact on the performance of investment portfolios and should therefore be given appropriate consideration by investors if they are to fulfil their fiduciary duty.

Commenting on the move, Richard Anderson, head of corporate governance at Sanlam Investment Management (SIM), said asset owners need to play a greater role in driving the adoption and implementation of sustainable investment practices as they relate to ESG issues. “It is becoming increasingly important for asset owners to build responsible investing into their business models.”

SIM has for several years been a signatory to the UN-PRI, which has about 900 signatories around the world representing assets worth more than US$30 trillion.

Sanlam is also ranked 8th on the JSE’s Carbon Disclosure Leadership Index (CPLI) – an index which highlights leaders in terms of transparency and accountability regarding climate change related issues and the quality of internal data management practices. It is one of the few companies that have been included in the index for more than three years. 


COP17: Responsible investing in sa ‘doing well compared to other countries’, Durban, 8 December 2011, Written by: Lulu Letlape

Asset owners and managers were challenged yesterday to “do some introspection, get involved in more development investments, and look at longer terms gains for sustainability – not just short term performance”. This challenge came from the Public Investment Corporation (PIC), South Africa’s largest asset manager, and was made at a COP17 parallel event hosted by Sanlam in Durban yesterday.

Role players from the United Nations-backed Principles for Responsible Investing (PRI), Public Investment Corporation, Government Employees Pension Fund and Sanlam, among others, participated in the responsible investment round table which examined the role of investors in promoting sustainable investment.

Commenting on behalf of the PIC, Deon Botha, its governance head, said South Africa was doing well from a responsible investment point of view when compared to many other countries. “On governance we are doing well, on social considerations we are doing well, but we are lagging behind from an environmental point of view,” he said, adding that the PIC was also taking a more careful look at remuneration issues linked to modified key performance indicators. Wage differentials are seen as an additional sustainability factor that needs to be addressed in South Africa.

Greg Barker from fund manager Sustainable Capital said the biggest impact an asset manager can have in terms of sustainable investing is allocation of capital. “Starving it from those companies that do not meet its investment criteria and rewarding those companies that are best managed and governed. This can influence the behaviour of equity fund constituents and help companies to change the cost of their equity and their debt.”

Taking a broader view on Africa, Barker said it was crucial for investors to do intensive sustainability research when investing in African countries and companies. He said the strong performance of its Africa Sustainability Fund – in which Sanlam was a seed capital investor – was due to comprehensive on-the-ground research and engagement.

“You can’t have a stuffed chair approach or you will only get enough information to be dangerous. It is more about avoiding losing 50% of your capital than it is about getting a big return,” warned Barker.

Graham Sinclair, a sustainable investment consultant and the facilitator of the roundtable event, stressed the need for innovation and the re-invention of business models to meet challenges relating to sustainability. “There is a definite opportunity for fund managers to manage financial risk from rising carbon footprints by tilting their portfolios towards more carbon efficient companies while maintaining finance performance consistent with the market benchmark.”

Giving a perspective from the UN-backed PRI, Rob Lake, its director of strategy, said its voluntary disclosure model was being replaced with a model that would make a certain degree of public disclosure mandatory. “We are currently debating how wide and how deep this public disclosure will need to be,” he said, adding that the assessment of UN-backed PRI signatory performance was also being reviewed.

Lake, who travels around the world in his strategic development role, said he was extremely impressed by the high level of commitment shown by the PIC and GEPF to responsible and sustainable investment principles and practices.

Significantly, Elias Masilela, CEO of the PIC, South Africa’s largest asset manager, said more needed to be done in South Africa through the investment process to address social imbalances. “One has to understand capital’s role in sustainability. Owners of capital have to be prepared to allocate capital properly – some pension funds are advised by short term focused investment managers,” he said.

Focusing on the importance of environmental, social and governance factors in structuring portfolios, Gareth Allison of MSCI, the global provider of investment decision support tools, said “they are often quiet storms that reconfigure the financial landscape when they make landfall.

“The integration of environmental, social and governance signals addresses the challenges of mis-pricing risk and opportunity,” said Allison, underlining the need for these factors to be absorbed into portfolio construction processes through identifying, assessing and calculating possible impacts.

Adrian Betrand, an analyst at the Government Employees Pension Fund, said if a company is in the JSE Top 40 by market capitalisation, but is not included in the JSE’s Social Responsibility Index (SRI), “that is a reason for concern”. “The processes and systems may be there, but disclosure may not be happening properly, so it is important for companies to get this right,” he said.

Closing off the roundtable debate, Sanlam Investment Management’s head of corporate governance, Richard Anderson said the seeds of sustainability change had been sown in Durban, but delegates now “have to take them back to our companies and get them implemented throughout our operations”.




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