Report for Sustainable Returns Project 2011 - 2013
- 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.
- 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.
- Report written and delivered in July 2012, revised and updated May 2013, entitled Defining Momentum: The 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.
- Learn more about the backstory to the report and the Sustainable Returns project at http://www.sincosinco.com/project-sustainable-returns.php
- Sustainable Returns project stemmed from stakeholder engagement facilitated by SinCo during the IFC-commissioned Sustainable Investment in Sub-Saharan Africa Report 2009 - 2011. See http://www.sincosinco.com/siinssa.php
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
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
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
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.
The retirement fund investment value chain and the state of ESG in South Africa
Prepared for Sustainable Returns Project 2011 - 2013
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:
- secondary research of existing investment industry studies
- new, primary research surveys
- the largest retirement funds in South Africa in 2012
- the 15-organization Steering Committee, and
- influence makers in investment industry in South Africa
- 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.
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?
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
14. A Co-designed Future
15. Some Conclusions
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/
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.
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
- 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
Related media articles in the knowledgebase and/or covering the project and our report
- Does Money Grow on Trees? CNBC Africa live interview on Investment 360, 31 January 2013 http://www.abndigital.com/page/multimedia/video/investment360/1510775-Does-Money-Grow-on-Trees
- JSE charts a path for the future of its Socially Responsible Investment (SRI) Index - JSE SRI Index By Corli Le Roux: Head of the SRI Index and Sustainability at the JSE, Sep 2012 http://www.sharedata.co.za/SRI/SHBf12_SRI_article.pdf
- Responsible investing takes shape in Southern Africa, Public Investor, PIC July 2012 http://greenpepper.biz/newsletter/pic/2012/july/responsibleinvest.html
- SOUTHERN AFRICAN PENSION FUNDS TACKLE RESPONSIBLE INVESTING, LOUISE GARDINER, ESG Specialist, IFC and Samantha Jagdessi, Project Manager, Sustainable Returns Project http://www.world-exchanges.org/focus/2012-06/m-2-2.php
- Responsible investing toolkit for retirement fund trustees
- Sovereign debt ratings: A new side to risk by Lise Pretorius, Financial Mail, Thursday, 12 Apr 2012 http://www.fm.co.za/Article.aspx?id=169464
- Editorials: REGULATION 28 Tools for the job, Todays Trustee, December 2011 / February 2012 http://www.totrust.co.za/28112011_regulation.htm
- Growing African roots: Sub-Saharan Africa - Sustainable investment on the rise by Lise Pretorius, Financial Mail, Thursday, 18 Aug 2011 http://www.fm.co.za/Article.aspx?id=151080
- Dispel myths around responsible investment, United Nations-Backed research urges, 03 Oct 2007, http://www.itinews.co.za/companyview.aspx?cocategoryid=44&companyid=261&itemid=C1F12DD8-9326-40AC-9737-DBA63614DE81
Check back regularly for new media added.
IFC and South African Retirement Industry to Advance Ground-Breaking Sustainability Legislation
Gregor Pfeifer, IFC
Phone: +27 11 731 3139
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.
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.
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
Size : 338.12 Kb
Type : pdf
"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 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.
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