Defining Momentum 

Report for Sustainable Returns Project 2011 - 2013

#sustainablereturns #definingmomentum


  • Report explores the role of the investment value chain in generating positive investment performance for retirement fund members in the context of environmental, social and governance (ESG) factors.

Highlights: 

  • TBA

SinCo Role

  • SinCo was commissioned by the IFC fund by the Government of Norway to research and write a report on the dynamics of the retirement funds investment value chain in southern Africa in 2012.
  • 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.

SinCo Work

  • Report written and delivered in July 2012, revised and updated May 2013, entitled Defining MomentumThe retirement fund investment value chain and the state of ESG in South Africa
  • Report used combination of new data from online surveys of retirement funds, investment stakeholders and expert interviews, analysis of previous research, and available contextual research.

Related Work

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



MEDIA RELEASES

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 state 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 


THE report is a major deliverable produced by SinCo 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.

Defining Momentum
The retirement fund investment value chain and the state 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 (SR) 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 Norwegian Government, 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 - sustainable investment consulting - is a boutique investment advisory firm specializing in sustainable investment architecture in frontier and emerging markets. 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: July 2012
Photo credit: Cherie Vale and SinCo archive ©2012

SELECTED EVENTS
  • 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
SUPPLEMENTARY REPORT ON SURVEY of LARGE RETIREMENT FUNDS in SOUTHERN AFRICA
MEDIA


Related media articles in the knowledgebase and/or covering the project and our report



Check back regularly for new media added. 



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

 

 
 


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