EIRIS Foundation announces the winners of its £1million Responsible Investment Mandate: Castlefield Investment Partners and Snowball Impact Management
“Which responsible investment solution represents the best value for a charity equally concerned with its financial future and a financial system that works for people and planet?” Earlier this year the EIRIS Foundation earmarked £1 million of capital that it is looking to invest in ways which align with its mission and work and attempt to help answer this question for both itself and, potentially, other charities. The Foundation issued a public RfP based on its newly updated Responsible Investment Policy. The policy focuses on the principles of a positive focus, negative screening, public benefit, high impact social investments, engagement and stewardship and ESG integration. After assessing the proposals received and asking short-listed organisations to present at a webinar which was also open to other charities and foundations, the Foundation has chosen to split the mandate equally between Castlefield and Snowball.
Peter Webster, CEO of the EIRIS Foundation, said: “We received a number of excellent proposals and felt in the end that the best option for us was to go with both Castlefield and Snowball. Castlefield impressed us with their openness and transparency as well as their high scores with regards to human rights and conflict screening. They also seemed genuinely willing to learn from us and their other charity clients. With regards to Snowball, our investment committee felt in particular that they provided a unique offering to the market by investing significantly in impact investing. The EIRIS Foundation supports this and would like to promote it as a credible responsible investing option for charities. We are delighted to have an option that offers both measurable impact and competitive risk-adjusted returns.”
Castlefield’s Simon Holman said: “The Million Pound Question was a captivating challenge for Castlefield; being part-owned by a charity, we have a strong affinity with the sector, so there was an added incentive for us to do well. This initiative enabled us to demonstrate how our sustainable approach could be tailored for charities with investments of this size.”
As part of the proposal, a representative from EIRIS was invited to join Castlefield’s External Advisory Committee, an independent advisory board which oversees responsible investment work.
Simon continues: “We’re naturally delighted to have been recognised by the EIRIS trustees and are looking forward to working with the Foundation’s representative who will be joining our External Advisory Committee.”
Snowball’s CEO Daniela Barone Soares said: “We are delighted to have been selected following The EIRIS Foundation’s robust and public tender process. They have now set a standard in going beyond ESG by connecting their own capital with the innovative social equity, climate and biodiversity solutions in the Snowball portfolio.
Of the $100 trillion in global assets under management, still less than 1% is invested positively, for impact. We hope other foundations, pension funds and institutional investors follow EIRIS’s example of investing in a catalytic way.”
For further information regarding the RfP and EIRIS Foundation’s Responsible Investment Policy: EIRIS Foundation’s £1million Question
Contact: Lisa Stonestreet [email protected] Tel: 0203 7525711
About the EIRIS Foundation
The EIRIS Foundation is a research, advice and advocacy charity that seeks to bridge gaps and pioneer the next steps for sustainable finance to advance the vision of a financial system that works for people and planet.
The Foundation has over 30 years’ experience of providing free and objective information on ethical finance and corporate activity to other charities and the public. For more information please visit: www.eirisfoundation.org.