Sustainable Returns Project 2011 - 2013

#sustainablereturns #definingmomentum @SustReturnsSA @IFC @IFCAfrica @POASouthAfrica @NoradNo @SinCoESG

  • Sustainable Returns is 4-phase project commissioned by IFC Sustainability team in Africa funded by Government of Norway to develop an ESG toolkit for pensions trustees, begun in October 2011 and expected to be completed in H2 2013. See website at www.sustainablereturns.org.za.
SinCo Role
  • SinCo conducted original research, tracked project, presented findings to stakeholder engagements, and prepared a final report providing intellectual underpin to findings on the state of the retirement funds investment value chain.
  • For Phase 1: SinCo developed research and prepared the report mapping the pension fund system and how new investment themes develop was delivered in a report in July 2012 entitled Defining Momentum: The Retirement Fund Investment Value Chain and the Progress of ESG in South Africa. 
  • The Defining Momentum report used a combination of new data from online surveys in South Africa of over 171 pension and retirement funds designed with UNISA ICC Responsible Investment Unit, 30 key investment stakeholders and expert interviews, added to an analysis of previous research in South Africa and global best practices.
  • SinCo continues to promote the objectives of the project and the various outcomes with stakeholders globally in the retirement funds investment value chain, and in South Africa.
Related Work
ABOUT SUSTAINABLE RETURNS PROJECT

Sustainable Returns is an industry-led initiative to integrate environmental, social, and corporate governance considerations into the mainstream of retirement industry investment practices in Southern Africa led by the IFC, a member of the World Bank Group, and the Principal Officers Association of South Africa (POA). More than a dozen institutions, including the National Treasury of South Africa, the South African Government Employees Pension Fund, Financial Services Board and the Association for Savings and Investment South Africa, are active in this project that is supported by funding from the Norwegian Government.


As climate-related business impacts become embedded in the global economy, investors must consider such factors as carbon emissions, energy efficiency, water use and climate change risk. The project will draw on local and international best practice, including IFC’s Sustainability Framework for private sector investment in emerging markets. The Sustainability Framework reflects IFC's strategic approach to climate change and the integration of environmental and social sustainability. The broad adoption of these practices can transform markets and improve people’s lives.


Phase I of the Sustainable Returns project will deliver a landscape analysis by conducting research, stakeholder interviews and prepare a written report analysing current investment practices in the retirement and pension fund industry in Southern Africa, covering the current extent of ESG integration. SinCo plays the crucial role in mapping the landscape of decision with the investment value chain analysis, conducting a research survey of more than 100 major pension funds, and developing tutorials for ESG training of pension fund trustees and Principal Officers.


SinCo's work includes building a question set with the research heuristic by UNISA. The ESG MASTERCLASS we will design for POA Tutorials will be using our approach tested and applied in leading business schools and MBA programs in North America, Europe and Africa (see Lectures & Conferences page), including the design approach used by the successful AfricaSIF.org Investor ESG Masterclass on 31 August 2011 attended by POA and sponsored by the IFC (see videoclip, below).


One of the five recommendations in the IFC Sustainable Investment in Sub-Saharan Africa (July, 2011) is the focus of this project, namely to ramp up the education and experience of retirement fund trustees by developing local and global best practice into an experiential learning experience. We are proud to be a strategic partner in making this project a success for systemic change in the practice of sustainable investment in Africa. See http://www.sincosinco.com/siinssa.php.

Learn more at http://www.sustainablereturns.org.za/about/.

PROJECT FILES AND LINKS

Responsible Investment and Ownership: A Guide for Pension Funds in South Africa (July 2013)

 http://www.sustainablereturns.org.za/the-guide/#.UeU8ihbnmu4

Factsheet 

2012_Sustainable_Returns_Project_factsheet.pdf 2012_Sustainable_Returns_Project_factsheet.pdf
Size : 929.585 Kb
Type : pdf

Presentation May 2012 

Draft “Responsible Investment & Ownership” Guide 

Asset_Owners_Guide_13_Dec_2012.pdf Asset_Owners_Guide_13_Dec_2012.pdf
Size : 5525.801 Kb
Type : pdf
RIO Cover Letter_23Oct2012.pdf RIO Cover Letter_23Oct2012.pdf
Size : 300.514 Kb
Type : pdf
RIO_Guide_draft_June_4_2013.pdf RIO_Guide_draft_June_4_2013.pdf
Size : 4505.438 Kb
Type : pdf

Presentation to Commonwealth Club - Sustainable Returns Presentation by Wanjiru Kirima

SustainableInvesting-WanjiruKirima.pdf SustainableInvesting-WanjiruKirima.pdf
Size : 813.252 Kb
Type : pdf
OUTPUTS FROM PHASE 1 - Analytical Report on Investment Value Chain
In Phase I, the IFC has contracted SinCo to analyse current investment practices within the retirement and pension fund industry in Southern Africa, and development of introductory training material for principal officers and trustees.


Defining Momentum
The Retirement Fund Investment Value Chain and the Progress of ESG in South Africa


Prepared for Sustainable Returns Project 2011 - 2013
By
SinCo
Funded for the International Finance Corporation by the Government of Norway through the Norwegian Trust Fund for Private Sector and Infrastructure (NTF-PSI)


The report is the major deliverable of Phase I of the project, produced by SinCo using a mix of conducting research, stakeholder interviews and preparing "a written report (maximum 30 pages excluding annexures) analysing current investment practices in the retirement and pension fund industry in Southern Africa. Where appropriate this may include the current extent of ESG integration, but the research will not focus on ESG integration at this stage".


The report will be based on findings from:
  1. secondary research of existing investment industry studies
  2. new, primary research surveys
    1. the largest retirement funds in South Africa in 2012
    2. the 15-organization Steering Committee, and
    3. influence makers in investment industry in South Africa
  3. SInCo's original mosaic model of investment architecture

The report was delivered to the Project Management Committee on 19 July 2012, and presented to the Project Steering Committee on 20 August 2012. 
A public version is in final edit with the Project Steering Committee in July 2013.

Defining Momentum
The Retirement Fund Investment Value Chain and the Progress of ESG in South Africa

Retirement funds investment practices in 2012 reflect awareness of the challenges and opportunities of investing, the need for investment education and developing environmental, social and governance (ESG) integration. Investment decisions in a growing African economy in the 21st century are made within parameters of fiduciary duty and regulation, competitive investment market realities and demands from stakeholders. When will momentum for investment integrating ESG factors by retirement funds overcome the inertia of investment-as-usual, defined by moving from investment policy talk to fund practices action?


CONTENTS

1.    Introduction
2.    Investment Value Chain
3.    Retirement Investing Systems
4.    A Brief History Of ESG In RSA
5.    2011: The ESG Tipping Point?
6.    Answering Questions
7.    The Language of ESG
8.    Big vs Small Funds
9.    DB vs DC Funds Investing
10.    Investment Knowledge
11.    Fund Roles
12.    Collaboration
13.    Reporting
14.    A Co-designed Future
15.    Some Conclusions
Recommendations
Footnotes


________________________________________



ABOUT SUSTAINABLE RETURNS
Project

The Sustainable Returns Project is an industry-led initiative to integrate environmental, social, and corporate governance considerations into the mainstream of retirement industry investment practices in Southern Africa. Supported by funding from the Government of Norway, the project was convened in 2011 by the Principal Officers Association of South Africa (POA), IFC (International Finance Corporation), the Government Employees Pension Fund (GEPF) of South Africa, and the Association for Savings and Investment South Africa (ASISA).  It is led by a Steering Committee comprising the Financial Services Board (FSB), National Treasury of South Africa, Banking Association of South Africa (BASA), Botswana Public Officers Pension Fund, Congress of South African Trade Unions (COSATU), Debswana Pension Fund, Federation of Unions of South Africa (FEDUSA), Financial Planning Institute (FPI), Government Institutions Pension Fund Namibia (GIPF), Institute of Directors (IoD), Institute of Retirement funds (IRF), National Council of Trade Unions (NACTU), Pension Lawyers Association, South African Institute of Chartered Accountants (SAICA), Southern Africa Venture Capital Association (SAVCA), Telkom Pension Fund, and the UN-backed Principles for Responsible Investment (PRI). 

The project aims to develop a consistent framework and set of tools to help retirement funds and their service providers comply with the new Regulation 28 of South Africa’s Pension Funds Act and the Code for Responsible Investing in South Africa (CRISA). 
The Large Funds Survey with 71 respondents was distributed by the POA and IRF to their members. Detailed feedback was received from large funds representing 2,273,792 active members contributing, 453,034 beneficiaries and total assets under management of over ZAR1,5 trillion.  http://sustainablereturns.org.za/


ABOUT SinCo

SinCo is a specialist sustainable investment advisory boutique. SinCo designs ESG architecture for long term sustainable investment that matters. We have no other focus, we have no conflicts of interest, and we have a track record of building hard answers to tough questions in sustainable investment in frontier and emerging markets. SinCo engagements deliver innovative sustainable investment policies, strategies and indexes that move our clients faster up the learning and experience curves in ESG for maximum positive impact. Since 2006 SinCo has delivered sustainable investment architecture globally to pension funds, asset managers, private equity funds, stock exchanges and international organizations integrating environment, social and governance (ESG) factors into investment practice for sustainable long-term investment performance. Most recently in Africa, SinCo produced the seminal Sustainable Investment in Sub-Saharan Africa (2011) report for the IFC. See our portfolio of work at sincosinco.com/portfolio-of-work.php


________________________________________




REPORT SCOPE AND RESEARCH METHODOLOGY

The Sustainable Returns Project  relies on mapping key stakeholders in institutional investment decision-making in the southern African retirement funds industry. Phase I of the Sustainable Returns Project presents a landscape analysis of the investment value chain by conducting research, stakeholder interviews and prepare a written report analysing current investment practices in the retirement and pension fund industry, with brief commentary on the state of ESG integration. The research was completed in the period October 2011 to May 2012 . Three types of research inputs increased the accuracy and relevance:

1.    Review of the research knowledgebase (secondary research) including the annual reports of major asset management firms and pension funds, major reports on investment in South Africa for example Sustainable Investment in Sub-Saharan Africa (2011), Whose Money Is It Anyway? (2008), the State of Responsible Investment in South Africa (2007), and Socially Responsible Investing in South Africa (2001), industry research, academic and media articles, and speeches.

2.    New findings (primary research) from interviews and surveys of large retirement funds (funds with largest assets under management ) in South Africa in March – May 2012, a survey of the 15-institution Sustainable Returns Project Steering Committee, and 44 influence makers in the retirement fund investment value chain . The large funds survey 50 question-set was prepared by SinCo and UNISA Institute for Corporate Citizenship Responsible Investment Unit with guidance from the Sustainable Returns Project Management Committee bound by UNISA Research Policy: Research Ethics  and distributed by the POA and IRF.

3.    SinCo’s original mosaic model of investment value chain architecture.

This report maps the South African retirement industry value chain and how the industry currently engages with each of its stakeholders, recommendations for the southern African retirement industry on issues to consider to further guide Sustainable Returns Project phases II, III and IV, and a summary of consultation with all relevant stakeholders. The report is presented as a series of sections and mostly without jargon to reach a wider audience, offering a balance between being precise but too complex, and misleadingly over-simplified. The research adds a new piece to the growing body of knowledge probing new best practices for institutional investment and retirement funds governance. Further engagement on these themes is necessary.



________________________________________



ACKNOWLEDGEMENTS

We acknowledge all respondents to the online surveys, interviewees, and the many colleagues inside and outside South Africa who helped the ideation and execution of the research. We acknowledge a major debt of gratitude to three groups of people who have made this report possible.

Our foremost thanks go to 70+ Chairs of Trustees, Principal Officers and retirement funds representatives in South Africa who participated in the retirement funds survey, including Tongaat Hulett Pension Fund, Clover S.A. Limited Provident Fund, Debswana Pension Fund, Old Mutual Superfund Provident Fund, FundsatWork Umbrella Pension & Provident Fund, Sentinel Mining Industry Retirement Fund, Rand Water Provident Fund, Unicover, Government Employees Pension Fund (GEPF), Eskom Pension and Provident Fund, The Preservation Provident Fund, Mutual & Federal Pension Fund, Denel Retirement Fund, Murray and Roberts Pension Fund, Fraser Alexander Group Pension and Provident Funds, RMB Pension and Provident Funds, HCI Provident Fund, Old Mutual Superfund Provident Fund, Simba Retirement Fund, Thacsa, Robben Island Museum Provident Fund, ABB Pension Fund, Amplats Mine Retirement Fund, Armscor Retirement Funds, Sun International Provident Fund, University Stellenbosch Retirement Fund, Illovo Sugar DB fund, Building Industry Pension Scheme (W.P.) and Building Industry Provident Fund (W.P.), Xstrata South Africa Provident Fund, ThyssenKrupp Engineering Pension Fund, Murray & Roberts Retirement Fund, Amplats Group Provident Fund, National Housing Finance Corporation Provident Fund (2003), Classic Retirement Annuity, Classic Preservation Provident And Classic Preservation Pension, Armscor Provident Fund, Bosele National Provident Fund, University of Pretoria Provident Fund, Christen Gemeenskap Pensioenfonds, Palabora Pension Fund, TFG Retirement Fund, Santam Aftreefonds A & B, Road Freight and Logistics Industry Provident Fund, Tswhane Municipal Pension Fund, Altron Group Pension Fund, Tiger Brands Workers Provident Fund, Germiston Municipal Retirement Fund, Metropolitan Staff Retirement Fund (pension and provident fund sections), Illovo Sugar Pension Fund, National Fund for Municipal Workers, Absa Group Pension Fund, Foschini retirement fund, Massmart Pension and Provident Fund, The Classic Preservation Pension Plan / The Classic Preservation Provident Plan / Classic Retirement Annuity Fund, CSIR Pension Fund, CSIR Pension Fund, Impala Workers Provident Fund, SABC Pension Fund, PetroSA Retirement Fund, Retirement Fund of the South African Reserve Bank, South African Reserve Bank Retirement Fund, Amplats Mines Retirement Funds, Unilever SA Pension Fund, Altron Group Pension Fund, FNB Pension Fund, Sasol Pension Fund, Amplats Group Provident Fund, Media24 Retirement Fund, Cape Retirement Fund for Local Government, and the Sustainable Returns Project Steering Committee who participated in the online surveys and interviews.


The second group comprises the Sustainable Returns Project team, especially our colleagues at the POA, IRF, GEPF, ASISA, and IFC (Anne-Marie O’Connor, Wanjiru Kirima, Mark de Klerk, Ruwaida Kassim, Adrian Bertrand, Cecilia Bjerborn, Louise Gardiner, Trevor Chandler, Samantha Jagdessi). Their support and encouragement enabled us to prepare world-class research. The third group comprises our colleagues who worked closely with us on the work programme, from UNISA Institute for Corporate Citizenship Responsible Investment Unit, the SinCo team and colleagues in the investment system who offered expert insights and/or participated in our online survey, including Andrew Da Costa, Werner Opperman, Malcolm Gray, Gareth Allison, Anthony Lester, David Couldridge, Ian Jones, Kris Adams, Andrew Cairns, Mandisa Zungu, Itumeleng MarAuMe, Leila Lederman, Samantha Jagdessi, Loyiso Mabece, Rob MacMahon, Corli le Roux, Andrew Cairns, Kevin French, Asanda Asa Dodi, Nerina Visser, Pranay Chagan, Katharine Pulvermacher, Russell Shanglee, Yves Ilunga, Claire Rentzke, Gerrit van der Merwe, Carolynn Chalmers, Catherine Swanepoel, Sakkie Hurd, Rosemary Hunter, Dhesen Moodley, Godfrey Marozva, Itumeleng MarAuMe, Greg Barker, Derrick Msibi, Malango Mughogho, Kris Adams, Zaheera Soomar, Gareth Druce, Keith Wolstenholme, Jeremy Andrew, Chris Brits, Erika van der Merwe, Frank Magwegwe, Mark Van Wyk, Nina Saad, Neil Eccles, Sue Blaine, Malcolm Fair, Lise Pretorius, Ian Jones, Michael Power, Corli le Roux, Dirk Oosthuizen, Kobus Hanekom, Rob Southey, Reg Labuschagne and other anonymous contributors. We also appreciate the comments from peer reviewers Rowan le Roux, Claire Rentzke, Kerry Kilcullen Sinclair, Modula Mofulo, Neil Eccles, Fatima Rustin, Kevin French, and anonymous reviewers who helped sharpen the text and analysis in the final report. As always, any errors and omissions are the authors' responsibility.


Written by: Graham Sinclair and team at SinCo.
Edited by: Management Committee of the Sustainable Returns Project and Neil Eccles (UNISA)
Published for Project: July 2012
Edited: Louise Gardiner and Project Steering Committee
Published for Public: Q3 2013
Photo credit: Cherie Vale and SinCo archive ©2012

PROJECT MILESTONES

  1. Launch of RIO guide in Sandton RSA, 17 September 2013
  2. Publication of Phase 1 Report *pending from Steering Committee
  3. Steering Committee meeting 3 December 2012 postponed
  4. The draft Asset Owners guide has just been finalised for consultation. 
  5. Report to Steering Committee 20 Aug 2012
  6. Final report to PMC 21 Jul 2012
  7. Draft report for review, 9 May 2012
  8. Survey online closes 4 May 2012
  9. Stakeholder Interviews go-live 15 Mar 2012
  10. POA Summer Tutorials, Gold Reef City, Johannesburg, South Africa, 13 Mar 2012
  11. Briefing to Steering Committee, Sandton, South Africa: Project Update, 12 Mar 2012
  12. Online survey goes live to large retirement funds in southern Africa, 5 Mar 2012
  13. Briefing to Steering Committee, Sandton, South Africa: Project Update, 31 Jan 2012
  14. Project go-live, 30 Nov 2011
  15. SinCo appointed as Phase I consultants by IFC, Nov 2011


Sustainable Returns Project Management Meetings
  • Phase I Steering Committee Meeting
    • SC4 at IFC Johannesburg, Gauteng, 20 Aug  2012  10AM - 12:30PM
    • SC 3 at IFC Johannesburg, Gauteng, 11 May 2012  10AM - 12:30PM
    • SC 2 at Gold Reef City, Gauteng, Thu 1 Mar 2012  10AM - 12:30PM
    • SC 1 at Hilton Sandton, Gauteng, Mon 31 Jan 2012 
  • Phase I Project Management Committee
    • PMC 13, Thu 21 Jul 2012
    • PMC 12, Thu 10 May 2012
    • PMC 11, Thu 3 May 2012
    • PMC 10, Thu 26 Apr 2012
    • PMC 9, Thu 19 Apr 2012
    • PMC 8, Thu 12 Apr 2012
    • PMC 7, Thu 5 Apr 2012
    • PMC 6, Thu 1 Mar 2012
    • PMC 5, Thu 23 Feb 2012
    • PMC 4, Fri 27 Jan 2012
    • PMC 3, Wed 25 Jan 2012
    • PMC 2, Mon 23 Jan 2012
    • PMC 1, Fri 20 Jan 2012
  • Project Management Committee
    • 5 Telcon, Wed 25 Jan 2012
    • 4 Telcon, Wed 18 Jan 2012
    • 3 Telcon, Wed 11 Jan 2012
    • 2 Telcon, Fri 15 Dec 2011
    • 1 Telcon, Thu 1 Dec 2011
SELECTED EVENTS
  • Sustainable Returns Project Responsible Investment Handbook launch to pension industry Sandton Convention Center, Johannesburg South Africa, 17 September 2013 8AM-12PM sustainablereturns.org.za.

  • South Africa National Treasury and The Financial Services Board hosting a workshop on "Sustainable Returns for Pensions and Society", JSE Sandton RSA, 23 January 2013 9AM - 3PM http://ebnet.co.za/a/show-event/47
  • Consultation with ASISA Responsible Investment Steering Committee, 3 December 2012
  • South African National Treasury Breakfast Briefing hosted at JSE, Sandton Gauteng, South Africa, 8 May 2012 7:45 - 11 AM
  • POA Summer Tutorials, Gauteng, South Africa, 13 March 2012 11-11:45 AM
PARTNERS


About Sustainable Returns Project
Sustainable Returns Project is an industry-led initiative to integrate environmental, social, and corporate governance considerations into the mainstream of retirement industry investment practices in Southern Africa.
More than a dozen institutions, including the National Treasury of South Africa, the South African Government Employees Pension Fund, Financial Services Board and the Association for Savings and Investment South Africa, will lead this initiative. These institutions comprise the steering committee of the project and have responsibilities for retirement fund investment practices in South Africa, Botswana and Namibia. This project is supported by funding from the Norwegian Government. Convened by the Principal Officers Association of South Africa (POA), IFC, the Government Employees Pension Fund (GEPF), and the Association for Savings and Investment South Africa (ASISA), the project Steering Committee includes high-level representatives of the Financial Services Board (FSB), National Treasury of South Africa, Banking Association of South Africa (BASA), Botswana Public Officers Pension Fund, Congress of South African Trade Unions (COSATU), Debswana Pension Fund, Federation of Unions of South Africa (FEDUSA), Financial Planning Institute (FPI), Government Institutions Pension Fund Namibia (GIPF), Institute of Directors (IoD), Institute of Retirement funds (IRF); National Council of Trade Unions (NACTU), Pension Lawyers Association, South African Institute of Chartered Accountants (SAICA), Southern Africa Venture Capital Association (SAVCA), Telkom Pension Fund, and the UN-backed Principles for Responsible Investment (PRI). 



About the Principal Officers Association
The Principal Officers Association (POA) is a non-profit organization, and the only one of its kind in South Africa, that aims to promote the common interests of Principal Officers of retirement funds. The POA’s membership of 425 Principal Officers and associate members represent more than 6.2 million retirement fund members in South Africa. The POA also has members in Southern Africa Development Community (SADC). The principles espoused by CRISA are endorsed by the POA. For more information, visit www.poa.org.za.



About IFC
IFC, a member of the World Bank Group, is the largest global development institution focused exclusively on the private sector. We help developing countries achieve sustainable growth by financing investment, providing advisory services to businesses and governments, and mobilizing capital in the international financial markets. In fiscal 2011, amid economic uncertainty across the globe, we helped our clients create jobs, strengthen environmental performance, and contribute to their local communities - all while driving our investments to an all-time high of nearly $19 billion. For more information, visit www.ifc.org.

PEOPLE
  1. Alvinah Thela  SA National Treasury
  2. Ansie Ramalho IODSA
  3. Cas Coovadia  Banking Association of South Africa
  4. Clair Mathe  Botswana Public Officers Pension Fund
  5. Dennis George  FEDUSA
  6. Gerard Shavatu  IRF
  7. Godfrey Nti  FPI
  8. Gosego January  Debswana Pension Fund
  9. Graham Terry  SAICA
  10. Isaac Ramputa  SASBO
  11. Janine Player  Old Mutual
  12. Jurgen Boyd  FSB
  13. Karthi Pillay  TELKOM Pension Fund
  14. Leevi Tshoopara  GIPF
  15. Leon Campher  ASISA
  16. Mark de Klerk  POA
  17. Natasha Bouwman  IODSA
  18. Olano Makhubela  FSB
  19. Yusuf Dukander  SAICA
  20. Adrian Bertrand  GEPF
  21. John Oliphant GEPF
  22. Trevor Chandler  ASISA
  23. Dan Siddy  Delsus
  24. Ryan Short  Genesis Analytics
  25. Anne-Marie D'Alton  POA
  26. Wanjru Kirima  POA
  27. Cecilia Bjerborn  IFC
  28. Louise Gardiner  IFC
  29. Mark De Klerk  Anglo American
  30. Dan Sonnenberg  Genesis Analytics
  31. Neil Eccles  UNISA
  32. Ruwaida Kassim  IRF
  33. Rob Lake  Principles for Responsible Investment
  34. Jonathan dePasquallie  Principles for Responsible Investment
  35. GH Strauss  United Transport & Allied Trade Union
  36. Almo Lubowski  FPI
  37. Graham Sinclair  SinCo
SUPPLEMENTARY REPORT ON 
SURVEY of LARGE RETIREMENT FUNDS in SOUTHERN AFRICA

A supplementary report was prepared by SinCo just focusing on the retirement funds surveyed. The report covers output of the survey of large retirement funds in South Africa (see below) prepared by SinCo + UNISA Institute for Corporate Citizenship Responsible Investment Unit. The report will be visually-based, with commentary per question and/or graph totaling about 70 pages to cover the content of the 50 question survey question-set. Responses below 30 are flagged as an issue.

Findings from the online survey developed by SinCo + UNISA Institute for Corporate Citizenship Responsible Investment Unit in response to the request for an analysis of the retirement funds industry investment value chain South Africa by the IFC-sponsored Sustainable Returns project. The survey question-set was prepared by SinCo + Institute for Corporate Citizenship Responsible Investment Unit with guidance from the SR Project Management Committee, and the online survey distributed via email by the POA and IRF to 156  large retirement funds in South Africa with the largest assets under management  from March to May 2012. The survey response paths were driven by role at fund (Chair of Board of Trustees, Chair of Investment Committee, Principal Officer), with a question budget of 50 questions assuming a time budget 20-40min.

The Phase I survey of retirement funds uses the UNISA research ethics policy. Funds were briefed in March 2012 at the POA Summer Tutorials and telephonic and email follow-up was conducted. Fewer than 10 respondents submitted hardcopy responses that were transcribed into the online survey. Further analysis of the data will lead to academic papers prepared in 2012 – 2013. See also Gatekeepers and Gateways for the retirement funds industry investment value chain report (2012).


SURVEY QUESTION BUDGET

2. Basic Information - 4q
3. Fund information and education - 3q
4. Attitudes to ESG – 11q
5. Fund information and investment background - 3q
6. Investment roles and functions - 3q
7. Fund statistics - 2q
8. Demand for investment services – 4q
9. Performance - 2q
10. Proxy voting - 3q
11. Recent industry activity – 2q
12. Approaches - q4
13. Supply - q6
14. Looking Ahead – q3 


ONLINE SURVEY RESPONDENTS @ 5PM 4 May 2012
 

Old Mutual Superfund Provident Fund
FundsatWork Umbrella Pension & Provident Fund
FundsatWork Umbrella Pension & Provident Fund
Sentinel Mining Industry Retirement Fund
Rand Water Provident Fund
Unicover
Government Employees Pension Fund (GEPF)
Eskom Pension and Provident Fund
The Preservation Provident Fund
Mutual & Federal Pension Fund
DENEL RETIREMENT FUND
Murray and Roberts Pension Fund
Fraser ALexander Group Pension and Provident Funds
RMB Pension and Provident Funds
HCI Provident Fund
Old Mutual Superfund Provident Fund
Debswana Pension Fund
Simba Retirement Fund
Thacsa
Robben Island Museum Perovident Fund
ABB Pension Fund
Amplats Mine Retirement Fund
Armscor Retirement Funds
Sun International Provident Fund
University Stellenbosch Retirement Fund
Illovo Sugar DB fund
Building Industry Pension Scheme (W.P.) and Building Industry Provident Fund (W.P.)
Xstrata South Africa Provident Fund
ThyssenKrupp Engineering Pension Fund
Murray & Roberts Retirement Fund
Amplats Group Provident Fund
National Housing Finance Corporation Provident Fund (2003)
CLASSIC RETIREMENT ANNUITY, CLASSIC PRESERVATION PROVIDENT AND CLASSIC PRESERVATION PENSION
Armscor Provident Fund
Clover S.A. Limited Provident Fund
Bosele National Provident Fund
University of Pretoria Provident Fund
Christen Gemeenskap Pensioenfonds
Palabora Pension Fund
TFG Retirement Fund
Santam Aftreefonds A & B
Road Freight and Logistics Industry Provident Fund
Tswhane Municipal Pension Fund
Altron Group Pension Fund
Tiger Brands Workers Provident Fund
Germiston Municipal Retirement Fund
Metropolitan Staff Retirement Fund (pension and provident fund sections)
Illovo Sugar Pension Fund
National Fund for Municipal Workers
Absa Group Pension Fund
Foschini retirement fund
Massmart Pension and Provident Fund
The Classic Preservation Pension Plan / The Classic Preservation Provident Plan / Classic Retirement Annuity Fund
CSIR Pension Fund
CSIR Pension Fund
Impala Workers Provident Fund
SABC Pension Fund
PetroSA Retirement Fund
PetroSA Retirement Fund
Tebogo Nancy Seale
Retirement Fund of the South African Reserve Bank
South African Reserve Bank Retirement Fund
Amplats Mines Retirement Fund (plus 5 others)
Unilever SA Pension Fund
Altron Group Pension Fund
FNB Pension Fund
Sasol Pension Fund
Amplats Group Provident Fund
Media24 Retirement Fund
Cape Retirement Fund for Local Government

LARGE RETIREMENT FUNDS IN SOUTH AFRICA 2012

The universe of largest retirement funds in southern Africa list is supplied by Institute of Retirement Funds and Principal Officers Association in March 2012, with a total of 156 retirement funds for consideration for the research program.

Absa Group Pension Fund
AECI Pension Fund
African Oxygen Limited Pension Fund
Alexander Forbes Retirement Fund (Pension Section)
Alexander Forbes Retirement Fund (Provident Section)
Altron Group Pension Fund
Amplats Group Provident Fund
Amplats Mines Retirement Fund (Pension Section)
Amplats Mines Retirement Fund (Provident Section)
Anglo American Corporation Pension Fund
Anglo American Corporation Retirement Fund
Anglogold Ashanti Pension Fund
Arcelor Mittal South Africa Selector Pension Fund
Arcelormittal South Africa Pension Fund
Arcelormittal South Africa Selector Provident Fund
Armscor Provident Fund
Auto Workers Provident Fund
Aveng Provident Plan
Barloworld (South Africa) Retirement Fund (Provident Section)
Bidcorp Group Pension Fund
Bidcorp Group Provident Fund
BP Southern Africa Pension Fund
British American Tobacco Retirement Fund
Building Industry Pension Scheme (Western Province)
Cape Retirement Fund For Local Government
Chemical Industries National Provident Fund
City Of Johannesburg Pension Fund
Classic Preservation Provident Plan
Corporate Selection Pension Fund
Corporate Selection Retirement Fund No 2
CSIR Pension Fund
De Beers Pension Fund
Denel Pension Fund
Denel Retirement Fund
Distell Retirement Fund
Durban Pension Fund
Edcon Provident Fund
EJoburg Retirement Fund
Engen Pension Fund
Engineering Industries Pension Fund
Eskom Pension And Provident Fund
Evergreen Pension Fund
Evergreen Provident Fund
Exxaro Provident Fund
Fairbairn Capital Retirement Annuity Fund
Fundsatwork Umbrella Pension Fund
Gauteng Building Industry Pension Scheme
Germiston Municipal Retirement Fund
IBM S.A. 1994 Provident Fund
Impala Workers Provident Fund
Investec Group Provident Fund
Investec Investment Linked Preservation Pension Plan
Investec Investment Linked Preservation Provident Fund
Iscor Employees Umbrella Provident Fund
Johannesburg Municipal Pension Fund
Joint Municipal Pension Fund
Kumba Iron Ore Selector Provident Fund
KwaZulu-Natal Joint Municipal Provident Fund
KZN Municipal Pension Fund
Liberty Pension Fund
Liberty Provident Fund
Life Healthcare Provident Fund
Masakhane Provident Fund (1998)
Massmart Provident Fund
Media24 Retirement Fund
Medi-clinic Retirement Fund
Mercedes-Benz South Africa Pension Fund
Metal Industries Provident Fund
Metropolitan Staff Retirement Fund (Provident Fund Section)
Mine Employees Pension Fund
Mineworkers Provident Fund
Momentum Staff Pension Fund
Mondi Group Fund
Mondi Pension Fund
Motor Industry Pension Fund (2005)
Motor Industry Provident Fund
Municipal Councillors Pension Fund
Municipal Employees Pension Fund
Municipal Gratuity Fund
Murray And Roberts Retirement Fund
Mutual And Federal Pension Fund
Nampak Contributory Provident Fund
Nampak Group Pension Fund
Natal Joint Municipal Pension Fund - (Superannuation)
Natal Joint Municipal Pension Fund (Retirement)
National Fund For Municipal Workers
National Tertiary Retirement Fund
Nedgroup Defined Contribution Pension Fund
Nedgroup Defined Contribution Provident Fund
Nedgroup Pension Fund
Nestle Pension Fund
Netcare 1999 Provident Fund
North-West University Pension Fund
Novel Platinum Pension Fund
Old Mutual Staff Retirement Fund
Old Mutual Superfund Pension Fund
Old Mutual Superfund Provident Fund
Palabora Pension Fund
Petrosa Retirement Fund
Pick 'N Pay Non-Contributory Provident Fund
Pioneer Foods Provident Fund
Political Office-Bearers Pension Fund
Ppwawu National Provident Fund
Predikante Pensioenfonds Van Die Ned. Geref. Kerk In Suid-Afrika
Printing Industry Pension Fund For Satu Members
Private Security Sector Provident Fund
Prosure Retirement Annuity Fund
Protektor Preservation Pension Fund
Provision Fund
Retail Provident Fund
Retail Retirement Fund
Retirement-On-Line Provident Fund
Road Freight And Logistics Industry Provident Fund
SABC Pension Fund
Samancor Group Pension Fund
Sanlam Staff Umbrella Provident Fund
Sanlam Umbrella Pension Fund
Sanlam Umbrella Provident Fund
Sanlam-Pensioenfonds (Kantoorpersoneel)
Santam-Aftreefonds B
SAPPI Pension Fund
SAPPI Provident Fund
Sasol Pension Fund
SATU National Provident Fund
Scaw Metals Pension Fund
Sentinel Mining Industry Retirement Fund
Shell South Africa Pension Fund
Siemens Superannuation Fund
South African Breweries Staff Provident Fund (The)
South African Municipal Workers`Union National Provident Fund
South African Reserve Bank Retirement Fund
South African Retirement Annuity Fund
Sun International Provident Fund
Telkom Retirement Fund
TFG Retirement Fund
The Soweto City Council Pension Fund
Tiger Brands Workers Provident Fund
Tongaat-Hulett Pension Fund
Toyota South Africa Pension Fund
Toyota South Africa Provident Fund
Tshwane Municipal Pension Fund
Tshwane Municipal Provident Fund
Universiteit Van Stellenbosch Aftredefonds
University Of Cape Town Retirement Fund
University Of Kwazulu - Natal Retirement Fund
University Of Pretoria Pension Fund
University Of Pretoria Provident Fund
University Of South Africa Retirement Fund
University Of The Witwatersrand Retirement Fund
Vodacom Group Pension Fund
Vrystaat Munisipale Pensioenfonds
VWSA Pension Fund
VWSA Provident Fund
Woolworths Group Retirement Fund
Xstrata South Africa Provident Fund

SURVEY of STAKEHOLDERS in SOUTHERN AFRICA
A survey was conducted with steering committee membrs as stakeholders, with 19 Questions

RESPONDENTS @ 31 May 2012       

Government Employees Pension Fund (GEPF)    
Association for Savings and Investment South Africa (ASISA)    
Financial Services Board (FSB)    
National Treasury of South Africa    
Debswana Pension Fund    
Federation of Unions of South Africa (FEDUSA)    
Financial Planning Institute (FPI)    
Institute of Directors (IoD)    
Pension Lawyers Association    
South African Institute of Chartered Accountants (SAICA)    
UN-backed Principles for Responsible Investment (PRI)
Total Started Survey: 12
Total Finished Survey: 6  (50%)


Principal Officers Association of South Africa (POA)    
International Finance Corporation (IFC)         
Banking Association of South Africa (BASA)         
Botswana Public Officers Pension Fund         
Congress of South African Trade Unions (COSATU)         
Government Institutions Pension Fund Namibia (GIPF)    
Institute of Retirement funds (IRF)         
National Council of Trade Unions (NACTU)         
Southern Africa Venture Capital Association (SAVCA)         
Telkom Pension Fund

MEDIA


Related media articles in the knowledgebase and/or covering the project and the SinCo report, Defining Momentum.



Check back regularly for new media added.

MEDIA RELEASES

2013


MEDIA RELEASE: IMMEDIATE

In Johannesburg:

Graham Sinclair, Principal, SinCo

Phone: +27.81.87.87.332

E-mail: graham.sinclair[at]sincosinco.com


New Research Provides Platform For Global Best Practices in South African Retirement Funds Industry, ESG Guidebook Launched in Johannesburg

Johannesburg, South Africa, 17 September 2013  -  New investment research by SinCo on the progress of environmental, social and governance (ESG) factors applied by pension funds in South Africa the roll-out of a global best practice guidebook on responsible investment today. The “Responsible Investing and Ownership Guide” launch this morning in Johannesburg at an event with 120 stakeholders from the retirement funds investment industry was hosted by the International Finance Corporation, a member of the World Bank Group, and the Principal Officers Association of South Africa.


“New evidence-based research is critical to guide funds on what is - and is not - working,” said Graham Sinclair, Principal of SinCo. “Investment is about trust. Making investment decisions when those buy/hold/sell decisions include all factors, including ESG factors, increases investment fidelity.”


The “Responsible Investing and Ownership Guide” includes extensive input from the retirement fund investment industry from first draft in October 2012 that helped to significantly improve its accessibility to the target audience: pension funds and their services providers. Input came from institutional investors, pension and provident funds, unions, the regulator in the form of the Financial Services Board, asset consultants, sustainability specialists, media, and the largest pension fund in Africa, the Government Employees Pension Fund, with US$ 131 billion AuM. A pilot programme is seeking pension funds to test the guidebook.


The Sustainable Returns Project, launched in October 2011, has 4 phases. The guidebook comes 2 years after SinCo was commissioned by the IFC funded by the Government of Norway to research the dynamics of the retirement funds investment value chain in southern Africa in 2012, looking at South Africa, Namibia and Botswana.


The sustainable investment theme has over US$13.6 trillion AuM globally in 2013 with over US$450 billion in frontier and emerging markets integrating ESG according to SinCo estimates. The AfricaSIF.org 2013 Trends Report has identified at least US$130 billion in AuM is self-described by institutional investors to be applying environmental, social and governance (ESG) factors in African investment.


In Phase 1, SinCo mapped the South African pension fund system and how new investment themes develop in the report “Defining Momentum: The Retirement Fund Investment Value Chain and the Progress of ESG in South Africa”. Findings point to gaps in investment education for trustees, costs embedded in the investment value chain. a lack of metrics and/or impact tracking of ESG factors, and the divergence between a global best practice investor cohort at the forefront of the sustainable investment theme, and a long tail of inaction amongst asset managers and pension funds. The recommendations will be released later this month.


“It is up to institutional investors managing South African pension funds and unit trusts to proactively consider ESG factors,” said Sinclair.


“Without active stewards, professional asset management has little incentive to test the merits of key ESG issues, like corruption, water scarcity, acid mine drainage, reducing carbon pollution, job creation and enterprise development, or the pros and cons of fracking in the Karoo.”


The Defining Momentum report used new data from online surveys to over 170 of the largest funds in the Institute of Retirement Funds and POA member universe. Questions ranging from pension funds’ views on the right investment time horizon to what ESG issues had impacted their funds’ assets were part of the survey co-designed with the UNISA Institute for Corporate Citizenship Responsible Investment Unit. Seventy-one retirement funds and more than thirty key investment stakeholders were surveyed and/or interviewed.


The “Responsible Investing and Ownership Guide” launch included presentations and comments by key voices in the industry, including David Couldridge of activist value investor Element Investment Management, new Pension Funds Adjudicator, Rosemary Hunter, Today’s Trustee editor Allan Greenblo and John Oliphant of GEPF. Pension funds’ fixation with the short term and their failure to ask the tougher questions of their portfolio companies and investment advisors were flagged by speakers.


The Sustainable Returns project’s research and tools for retirement funds builds on an impressive series of firsts for South Africa since 2011, including the world-first Regulation 28 of South Africa’s Pension Funds Act updated from 1 January 2012 to enable ESG factors to be explicitly considered as one of 9 principles. Other firsts include the voluntary investor initiative, the Code for Responsible Investing in South Africa (CRISA) and the IFC-commissioned Sustainable Investment in Sub-Saharan Africa report by SinCo + RisCura which identified US$10.6 billion AuM in private equity integrating ESG in 2011.


In early October 2013, Cape Town hosts the “PRI in Person” global responsible investment conference in Africa for the first time for the UN-backed Principles for Responsible Investment. PRI is a UN-supported initiative of investment firms voluntarily choosing to be signatories to six principles for repsonible investment. Signatory asset owners and investment managers in aggregate invest $34 trillion AuM globally; 52 signatories are Africa-based and 44 of them investors (5 asset owners and 39 investment managers).


Learn more about the Sustainable Returns project at

www.sustainablereturns.org.za/

and SinCo research at 

http://www.sincosinco.com/project-sustainable-returns.php

ENDS


###


About SinCo

SinCo - sustainable investment consulting - is a boutique sustainable investment advisory firm specializing in environment, social and governance (ESG) architecture in frontier and emerging markets. SinCo designs ESG architecture for long term sustainable investment that matters. Since 2006 SinCo has delivered sustainable investment architecture globally to pension funds, asset managers, private equity funds, stock exchanges and international organizations integrating ESG factors into investment practice for sustainable long-term investment performance. See our portfolio of work at sincosinco.com/portfolio-of-work.php

www.sincosinco.com  |  @SinCoESG  |  info@sincosinco.com





2012


IFC and South African Retirement Industry to Advance Ground-Breaking Sustainability Legislation
http://www.ifc.org/IFCExt/pressroom/IFCPressRoom.nsf/0/37B46A7E73BB249D42257958003C8657

In Johannesburg:
Gregor Pfeifer, IFC
Phone: +27 11 731 3139
E-mail: gpfeifer@ifc.org

Johannesburg, South Africa, November 30, 2011—IFC, a member of the World Bank Group, today signed an agreement with the Principal Officers Association of South Africa to work on the integration of environmental, social, and corporate governance issues in investment decisions. POA is a trade association of pension fund managers representing more than ZAR 2 trillion (about $250 billion) in assets under management.

The project will provide a consistent framework and set of tools for retirement funds to comply with the new Regulation 28 of South Africa’s Pension Funds Act. The regulation is pioneering on a global level in that it requires pension funds to actively consider sustainability issues in their investment decisions. This is reinforced by a number of national and international policy initiatives such as the Code for Responsible Investing in South Africa (CRISA) and the UN-backed Principles for Responsible Investment.

“Improving the environmental, social, and governance performance of businesses contributes to their financial resilience and profitability. Institutional investors have a key role to play in catalyzing innovation and investment, especially when it comes to climate change,” said Wanjiru Kirima, Chairperson of the Principal Officers Association and also the Chairperson of the project steering committee. “This project is an innovative and practical step for the industry to help address the challenges that South Africa is facing while improving returns for pensions and society.”

The project will draw on local and international best practice, including IFC’s Sustainability Framework for private sector investment in emerging markets. The Sustainability Framework reflects IFC's strategic approach to climate change and the integration of environmental and social sustainability. The broad adoption of these practices can transform markets and improve people’s lives.

“IFC invests in priority sectors such as renewable energy, infrastructure, agribusiness and small and medium enterprises based on our sustainability framework. By working with other institutional investors we seek to leverage additional long-term and sustainable investment into such sectors,” said Saleem Karimjee, IFC Southern Africa Country Manger. “Incorporating environmental, social, and corporate governance practices can help to protect investment portfolios, especially in the light of increasing risks from climate change.”

More than a dozen institutions, including the National Treasury of South Africa, the South African Government Employees Pension Fund, Financial Services Board and the Association for Savings and Investment South Africa, will lead this initiative. These institutions comprise the steering committee of the project and have responsibilities for retirement fund investment practices in South Africa, Botswana and Namibia.

This project is supported by funding from the Norwegian Government.

About this Project
Sustainable Returns for Pensions and Society is an industry-led initiative to integrate environmental, social, and corporate governance considerations into the mainstream of retirement industry investment practices in Southern Africa. Convened by the Principal Officers Association of South Africa (POA), IFC, the Government Employees Pension Fund (GEPF), and the Association for Savings and Investment South Africa (ASISA), the project Steering Committee includes high-level representatives of the Financial Services Board (FSB), National Treasury of South Africa, Banking Association of South Africa (BASA), Botswana Public Officers Pension Fund, Congress of South African Trade Unions (COSATU), Debswana Pension Fund, Federation of Unions of South Africa (FEDUSA), Financial Planning Institute (FPI), Government Institutions Pension Fund Namibia (GIPF), Institute of Directors (IoD), Institute of Retirement funds (IRF); National Council of Trade Unions (NACTU), Pension Lawyers Association, South African Institute of Chartered Accountants (SAICA), Southern Africa Venture Capital Association (SAVCA), Telkom Pension Fund, and the UN Principles for Responsible Investment (PRI). For more information, please visit www.gepf.gov.za and www.asisa.co.za.

About the Principal Officers Association
The Principal Officers Association (POA) is a non-profit organization, and the only one of its kind in South Africa, that aims to promote the common interests of Principal Officers of retirement funds. The POA’s membership of 425 Principal Officers and associate members represent more than 6.2 million retirement fund members in South Africa. The POA also has members in Southern Africa Development Community (SADC). The principles espoused by CRISA are endorsed by the POA. For more information, visit www.poa.org.za.

About IFC
IFC, a member of the World Bank Group, is the largest global development institution focused exclusively on the private sector. We help developing countries achieve sustainable growth by financing investment, providing advisory services to businesses and governments, and mobilizing capital in the international financial markets. In fiscal 2011, amid economic uncertainty across the globe, we helped our clients create jobs, strengthen environmental performance, and contribute to their local communities—all while driving our investments to an all-time high of nearly $19 billion. For more information, visit www.ifc.org.

Stay Connected
www.facebook.com/IFCAfrica
www.twitter.com/IFCAfrica
www.youtube.com/IFCvideocasts
www.ifc.org/SocialMediaIndex 

RESEARCH PROTOCOL

The Phase I survey of retirement funds uses the UNISA research ethics policy. The "gentleman's agreement" is that the IP in the data is such that it may be used for academic and other research, provided that the SR project and the project sponsor IFC is acknowledged and cited.


UNISA Research Ethics Policy.pdf UNISA Research Ethics Policy.pdf
Size : 338.12 Kb
Type : pdf

RESOURCES and RESEARCH TOOLKIT


  • http://vimeo.com/26069118
  • http://www.youtube.com/watch?v=_OlcAJXRM7s
  • http://www.youtube.com/watch?v=UWMNYMbM-X0&feature=relmfu
  • http://www.youtube.com/watch?v=b4au6LV_duE&feature=relmfu
  • http://www.youtube.com/watch?v=71LtyVVD4Co&feature=relmfu
  • http://www.youtube.com/watch?v=ajaxaC2N6og&feature=relmfu
  • http://www.youtube.com/watch?v=YOojFyLRqqA&feature=relmfu
  • http://www.calpers.ca.gov/eip-docs/investments/video-center/view-video/esg-wrkshp-transcript.pdf
  • http://www.youtube.com/watch?v=TUCjYWVvSig&feature=results_main&playnext=1&list=PLDC076070D7F12F95
  • http://www.surveymonkey.com/s/ValueChain
  • http://www.surveymonkey.com/s/top100funds2012
  • http://www.surveymonkey.com/s/steercom

  • http://www.simekaconsult.co.za/articles.php?cat_id=2 BBaobab Bulletin for February 2012
    Implementing CRISA – Work in Progress (85 kb PDF)
  • Baobab Bulletin for October 2011
    Law on Responsible Investing (100 kb PDF)
  • Baobab Bulletin for June 2011
    How will Responsible Investing affect you as a Member? (150 kb PDF)
  • Baobab Bulletin for February 2011
    Regulation 28: New Opportunities (140 kb PDF)
    More on Responsible Investing (120 kb PDF)
  • Baobab Bulletin for October 2010
    Code on Responsible Investing (160 kb PDF)
  • Baobab Bulletin for June 2010
    SRIs and Trustees’ Investment Powers (125 kb PDF)
    Socially Responsible Investing (75 kb PDF)
    King III and Socially Responsible Investing by Retirement Funds (75 kb PDF)
  • Baobab Bulletin for February 2010
    King III and Retirement Funds (250 kb PDF)
    The King III Code of Governance (260 kb PDF)
  • Baobab Bulletin for September 2007
    PF 130 on investment strategies (100 kb PDF)
  • Baobab Bulletin for October 2006
    BBBEE: What are the Trustees' duties? (200 kb PDF)
 
 


Follow us on

           

"Graham was instrumental in the planning, kick-off and growth stages of [FIRM] multi-phased strategy of factoring ESG analysis into the investment decision process. His deep knowledge of sustainability issues, business strategy, risk assessment, and stakeholder engagement helped to form the basis for a highly successful integration of robust environmental, social and governance analysis." -  Sustainable Investment Project Manager, New York, USA.




"[Graham's] panel moderation at Responsible Europe 2013 was excellent." - portfolio manager, European development financing institution.




"Graham quickly mastered our internal needs and requirements, understood our culture, and made broad contributions in equities, fixed income, real estate and alternatives. He was generous in sharing his ideas and stepping up when we needed his expertise, which was transferable across sectors and asset classes."  -  VP Sustainability, trillion-dollar institutional investor, New York, USA.




"Graham brings energy, ideas and networks for solutions to complex challenges linking good business practice with good development practice. He is an exceptional facilitator of expert panels and groups of diverse stakeholders."  -  Manager, international financing facility,international organization, Geneva.




"Graham was extremely helpful in helping get up the curve on our sustainability initiative. Graham was very knowledgeable and insightful and allowed us to quickly get up the curve on Sustainability."  -  Chief Administrative Officer, Global Real Estate, trillion-dollar New York headquartered global institutional investor.




"[SinCo] brings a balanced and realistic perspective to sustainable investment and the claims related to performance. As a sustainable investment architect, [Graham] provides tangible and practical points of view on the subject without sacrificing the intellectual rigour that is needed to better understand the challenges facing the sector. Furthermore, Graham's enthusiastic and entertaining style makes the challenging subject of finance one worth listening to."  -  Associate, global social responsibility consultants, France




“Graham brings energy, ideas and networks for solutions to complex challenges linking good business practice with good development practice. he is an exceptional facilitator of expert panels and groups of diverse stakeholders.”  -  Fund manager, international organization, Geneva, Switzerland.




“Graham has one of the most fantastic international networks that I've ever encountered. His understanding of, and passion for, responsible investment makes him one of the most knowledgeable in the field. I've always been impressed with his delivery and focus.”  -  Sustainability officer, leading premium retailer, Cape Town, South Africa.




“I have known Graham personally for over 20 years. Graham is one of the most motivated and focused people I know. Graham is committed and trusted in his work and in his relationships. He invests passionate effort in everything he does to attain the best”  -  global human resources officer, global investment bank, London, UK.




“Graham launched the Boston Professional chapter of Net Impact and his leadership was instrumental in the chapter being awarded the "Rookie Chapter of the Year" award. Graham steps up, takes the lead, and always goes beyond what's required. I'm pleased to endorse him - highly recommended.”  - Professional Net Impact member, Boston, USA.

Home  |  Our Approach  |  Portfolio of work  |  What we do  |  How we do it  |  About us  |  Library  |  Lectures & Conferences  |  Contact Us

Recommendations  |  Frequently Asked Questions FAQs  |  Subscribe to our Newsletter  |  Terms of Use  |  Privacy Statement

Copyright SinCo 2006 - 2013.  All Rights Reserved.