wednesday 22nd may 2019 - transparency task force...presentation #1, delivered by joe st clair, uk...
TRANSCRIPT
Wednesday 22nd May 2019
Imperial College Business School, South Kensington Campus, Ayrton Road, London SW7 2AZ
Welcome to
on
"ACCELERATING OUR JOURNEY TOWARDS A GREEN ECONOMY,
BEFORE IT'S TOO LATE"
Dr Mirabelle Muuls, Assistant Professor in Economics,Imperial College Business School
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Welcome to
Andy Agathangelou, Founding Chair,Transparency Task Force
on
"ACCELERATING OUR JOURNEY TOWARDS A GREEN ECONOMY,
BEFORE IT'S TOO LATE"
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Today’s programme:
18:00 Registration, drinks, nibbles and networking.
18:30 Andy Agathangelou, Founder of the Transparency Task Force to introduce the Transparency Task Force and set the scene for the event, explaining its importance and how it fits into the Transparency Task Force's overall strategy for driving change.
Andy will also be presenting the Transparency Trophy to one of the attendees. Who will be the latest winner of this prestigious prize? It is awarded at each of our transparency symposia to an individual that is encouraging pro-transparency finance reform.
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Today’s programme continued:
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18:40Presentation #1, delivered byJoe St Clair, UK Director, World Sustainability Forum
Joe will be exposing the mountain of scientific and academic research pointing to why we should be seriously concerned about the potential risks that 5G may cause the planet and life on it.
"Is there a chance that 5G might 'micro-wave' life on Earth?" "There isn't a Planet B, so why are we getting 5G?"
If you are not already aware of the potential perils of 5G, Google it!
Will 5G tip us over the edge? - or are the scientists and academics who are claiming there are serious issues with 5G getting it all wrong?
Is it a problem we should know about even if the concerned scientists and academics are only 10% right?
Today’s programme continued:
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19:00Presentation #2, delivered byCaroline Hopper, Senior Writer, Quietroom
Caroline will show a new video that has been specially produced. It is about the public’s attitude to responsible investing.
The evidence shows that pension scheme members’ interest in where their money is invested could be the key to getting them more engaged in financial services; and thereby increase interest and demand for investment solutions that can provide decent returns without harming the planet to achieve them.
Today’s programme continued:
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19:10Presentation #3, delivered bySital Cheema, Sustainability Investment Consultant and BSI Steering Group Member
As you may be aware, the British Standards Institute have embarked on a major international project to introduce standards in relation to sustainability.
This is a very important initiative which may help to properly establish exactly what is meant in relation to the language surrounding sustainability and thereby help to accelerate progress.
Sital is a member of the BSI Steering Group helping to lead the project; she will be explaining the thinking behind the initiative, who else is involved, and what is being planned.
Today’s programme continued:
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19:20Presentation #4, delivered by Sunil Murlidhar Shastri, Director, Ocean GovernanceSunil will be talking about the importance of environmental governance.
19:30Power Panel: Moderated by Dr Mirabelle Muuls
Julia Dreblow, SRI Services
Henry Greenwood, Founder & MD, Green Schools Project
Peter Uhlenbruch, Research and Engagement Manager, ShareAction
Nick Spencer, Sustainable Investment Advisor, Gordian Advice
Today’s programme continued:
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19:55Final conclusions, wrap-up & close
20:00Final close
Let’s please show our appreciation to today’s host:
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But before we go any further…
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About and PISCES• There is extensive information about the TTF in the slide deck that we will
circulate to all attendees tomorrow; see the Appendix
• We have 21 Special Interest Groups; this event was inspired by the work of our PISCES Special Interest Group, its aim is to “encourage the financial services sector and the world’s capital markets to be a force for good”
P = Purposefulness
I = Impact Investing
S = Sustainability
C = Climate Change
E = Environment, Social and Governance
S = Socially Responsible Investing
• There is no cost to join any of our Special Interest Groups
• PISCES has over 160 members; very useful for networking so if you want to be included please email [email protected]
• The TTF shines a light on problems; to help solve them
• The TTF also shines a light on transparency champions; to encourage others
• We do this by awarding a Transparency Trophy at each of our symposia
• The winner gets to keep it
• The star-shape is significant - people can navigate using the stars so the star shape has been chosen to symbolise the idea that the winners are helping to navigate the sector to a better place
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About
• February 2016: Tomas Wijffels, Pensioen Federatie
• April 2016: Rachel Haworth, ShareAction
• June 2016: Jackie Beard, Morningstar
• September 2016: Gina & Alan Miller, the True & Fair Campaign
• October 2016: Robin Powell, Evidence-Based Investor
• November 2016: Daniel Godfrey, The People’s Trust
• December 2016: Ralph Frank, Cardano Risk Management
• February 2017: Con Keating, Brighton Rock Group
• May 2017: David Pitt-Watson, London Business School
• July 2017: Mike Barrett, The Lang Cat
• September 13th 2017: Steve Conley, Founder, Values Based Adviser
• September 28th 2017: George Kinder, Founder, The Kinder Institute
• November 15th 2017: Angela Brooks, Founder, Pension Life
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Previous winners of
• November 23rd 2017: Dr. Chris Sier, Independent Chair, FCA’s IDWG
• November 30th 2017: Dan Brocklebank, Head of UK, Orbis Investments
• March 8th 2018; Henry Tapper, Pension PlayPen, First Actuarial & AgeWage
• March 14th 2018; Bob Compton, Director, ARC Benefits Ltd
• May 24th 2018: Susan Flood, Vice Chair, Ark Campaign Group
• May 24th 2018: Nicholas Morris, Adjunct Professor, Faculty of Law, UNSW
• July 11th 2018: John Howard, Director, Consumer Insights
• July 26th 2018: JB Beckett, UK Lead, Association of Professional Fund Investors
• September 20th 2018: Heather Buchanan, Dir. of Pol. APPG/Fairer Business Bk’g
• 6th November 2018: Lesley Curwen, Reporter, BBC Freelance
• 14th November 2018: Dr. Kara Tan Bhala, President and Founder, Seven Pillars Institute for Global Finance and Ethics
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Previous winners of continued
• 17th December 2018: Julia Dreblow, Director, SRI Services & Founder, The Fund EcoMarket
• 16th January 2019: Norma Cohen, Former Financial Times Correspondent
• 12th March 2019: Darby Hobbs, CEO/Founder SOCIAL3, Co-Founder & Chairperson Conscious Capitalism Boston Chapter; and Professor Boston University
• 14th March 2019: Connie Erlanger, Co-Founder and Chief Executive Officer of Goknown; and Michael Erlanger, Co-Founder, Director and Chief Visionary, GoKnown.
• 20th March 2019: Mark Falcon, Director, Zephyre
• 16th May 2019: Dr Anna Tilba, Associate Professor in Strategy and Governance, Durham University Business School
➢22nd May 2019: ?????????????????????????????????????
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Previous winners of continued
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Joe St Clair, UK Director, World Sustainability Forum
Until 19:00 including Q&A
Joe St ClairUK Director
World Sustainable Development Forum(WSDF-UK)
Working in conjunction with
Dr. Rajendra Pachauri – former Chairman of the IPCC and
Founder of ‘The World Sustainable Development Forum’
UNITED NATIONS ENVIRONMENT PROGRAMME
WORLD METEOROLOGICAL ORGANISATION
At the UN General Assembly on 25 September 2015, Heads of Government from
193 UN Members States gathered to ratify the Sustainable Development Goals. In
doing so the international community committed that:
“We resolve, between now and 2030, to end poverty and hunger everywhere; to
combat inequalities within and among countries; to build peaceful, just and
inclusive societies; to protect human rights and promote gender equality and the
empowerment of women and girls; and to ensure the lasting protection of the
planet and its natural resources…”
5G ‘THE UNDISCLOSED TRUTH’
“ We recommend a moratorium on the roll-out of the
fifth generation, 5G, for telecommunication until
potential hazards for human health and the environment
have been fully investigated by scientists independent
from industry. Electromagnetic radiation frequencies
have been proven to be harmful for humans and the
environment”
5G Scientific Appeal sent to the United Nations and signed by 240
scientists from 36 Countries
5G ‘THE UNDISCLOSED TRUTH’
- Deployment of 5G technologies across the whole planet
- 20,000 satellites being launched causing massive air pollution
- 5G masts in every city, neighbourhood and street across the world
- Roll out has already started
- More trees being cut down
- Health of millions of people at risk (particularly the old, pregnant mothers
and children)
- Telecoms Companies admit no independent safety testing has been done
- 5G frequencies previously used as stealth based military weapons
- Governments licensing 5G to Telco’s without any due diligence
- Potentially the biggest threat to human existence in history
5G ‘THE UNDISCLOSED TRUTH’THE THREAT TO OUR HEALTH
- DNA single and double strand breaks
- Compromised immune system
- Disruption of human body cell metabolism
- Identified by WHO as potential carcinogen
- Oxidative damage (tissue degeneration / premature aging)
- Generation of stress proteins
- Melatonin reduction
- Skin damage (exterior and interior)
- Weakens the blood-brain barrier
- Disrupts birds, bees and insect navigation system
- Damages all cell based organisms (trees, plants, bacteria)
5G ‘THE UNDISCLOSED TRUTH’
New masts are being installed globally every day as well as various forms of ‘signal booster units’ (MIMO’s)
THE BENEFITS?
• Global high-powered constant communication
• Complete global coverage
• Faster speeds
• Facilitates a raft of new technologies including…
• More effective ‘artificial Intelligence’
• Higher quality robotics
• Driverless cars
• Smart TV’s, Radio, Fridges
• Smarter surgical precision
• Enhanced mobile phone services
• Better gaming, Virtual Reality, Social Media
• The ‘must have’ technology for business
The “Internet of Things” (IOT) promises a new totally automated world – whether we like it or not!
5G ‘THE UNDISCLOSED TRUTH’
• NOV 2018 – US Federal Communications Commission (FCC) authorises
‘SpaceX’ to launch a further 7518 satellites in order to provide global satellite
broadband services to every corner of planet Earth (4425 satellites have
already been launched)
• ‘Boeing’, ‘One Web’ and ‘Spire Global’ are also launching smaller fleets of
satellites bringing a total of 20,000 new satellites to saturate the planet in 5G
frequencies. Not one inch of this world will be free of radiation.
• We will be a totally ‘SMART Planet’ – an ‘Electronic Ecosystem’
“The launch of 5G in the UK moves a step closer with the UK Government awarding acontract of £25 million to a number of high tech organisations, with the aim of makingthe UK a world leader in 5G”
The six companies and organisations who have won contracts to trial and test 5G across arange of applications are:
• Cisco (Grant: £4.3m)• West of England Combined Authority (Grant: £5.0m)• Worcestershire Local Enterprise Partnership (Grant: £4.8m)• Sensor City (Grant: £3.5m)• Airspan Communications Ltd (Grant: £4.1m)• Quickline Communications (Grant: £2.1m)
RECENT NEWS…
“In an appeal to the European Union over 200 Scientists and
doctors from 36 countries warn about the dangers of 5G
which will lead to a massive increase in involuntary
exposure to electromagnetic radiation. The scientists and
doctors urge the EU to follow ‘Resolution 1815’ of the
Council of Europe asking for an independent task force to
reassess the health effects”
The UK 5G Trial starts this SUMMER at Glastonbury Festival
exposing thousands of young people to untested radiation
frequencies
THE PLANNED LAUNCH SITES FOR 5G 2019/2020
EE – London, Manchester, Cardiff, Edinburgh, Belfast,
Birmingham
02 – Belfast, London, Cardiff, Edinburgh
Vodafone – London, Liverpool, Portsmouth, Bristol, Stoke,
Wolverhampton, Blackpool, Bournemouth, Newbury,
Plymouth, Reading
Three – to be confirmed
The Challenge?
Separating FACT, FICTION and DISINFORMATION(“Lies, damnable lies and Statistics” – Winston Churchill)
- World wide deployment of 5G technology
- UK Government target – 15m premises connected by 2025
- 20,000 satellites being launched to facilitate global coverage
- 5G masts in every city, town, village and in rural areas across the
world
- Small scale 5G trials have already started – or just about to
- Trees being cut down to facilitate smoother communication
- Health of millions of people at risk (particularly the old, pregnant
mothers and children)
- Telecoms Companies admit no independent safety testing has been
done
- 5G frequencies previously used as stealth based military weapons
- Governments licensing 5G to Telco’s without independent safety
checks
- Potentially the biggest threat to human existence in history
- Masts and booster units being quietly fixed to buildings and
lampposts in early hours of morning
- Proximity of masts causing cancers/ nosebleeds & migraines
- Existing standards with recommended ‘safety limits’ are being
used to justify the safety of 5G
- Little real public information is being released
- ‘Vested interests’ stand to make trillions in profits
- Telecoms Companies ignoring health warnings
- Governments turning a ‘blind eye’ to the evidence and more
concerned with potential tax revenues
- Insurance Companies not covering EMF related illnesses
- Living near 5G masts will reduce house values by 20%
- “5G is an ‘experiment’ on humanity”
- “The technology will be used in a military way to control
protestors”
- Hidden ‘video surveillance’ – remote X-ray viewing of building
interiors
- A ‘spy’ technology
- Invisible weapons
- “Extinction Rebellion (Climate Change) and Brexit are
smokescreens to distract the public from the truth about 5G”
HOT NEWS
- Anti-5G groups forming and steadily growing across the
world including many towns in the UK
- Some Countries (and US States) refusing to accept 5G
- More and more EMF scientists and Health Professionals
raising their voices
- More and more studies proving the real detrimental effects of
EMF’s and 5G
- ‘Lamppost issues’ delaying deployment in the UK
- UK ‘Green Party’ proposing a moratorium on 5G until further
independent tests are undertaken
- The ongoing ‘Huawei’ issues
- Community authorities are being overruled
- Public safety concerns about proliferation of 5G masts
“A small body of determined spirits fired by an unquenchable faith in their mission can alter the course of history.”
- Mahatma Gandhi
THANK YOU
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Caroline Hopper, Senior Writer, Quietroom
Until 19:10 including Q&A
What pension scheme members think about responsible investing
22 March 2019
50
51
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Until 19:20 including Q&A
Sital Cheema,
Sustainability
Investment
Consultant &
BSI Steering Group
Member
Imperial CollegeAccelerating our journey to a green
economy before it is too late
Sital CheemaFounder & Sustainability Investment Consultant
Jaanu Sustainable Investment Consulting
22nd May 2019
Agenda
BSI standard in sustainable investment– UK leadership
Why is full integration of ESG required in active and passive?
Education
Issues – translation of disparate data, taxonomy, viable products
Disclosure –a consistent mandatory disclosure framework
BSI Sustainable Investment Management Project
Fast track standard to establish UK leadership which aims to:
Clarify and set consistent terminology
Guidelines to integrate ESG in policies and investment process
Define levels of stewardship required
Consistent and transparent approach to outcomes based reporting
Why ESG?
Invest in leaders, forward-thinkers – LR sustainable outperformers
Best FMs will choose ESG companies; best ICs will select ESG focused FMs; Best-in-class clients will choose ESG
Invest in economic prosperity and social progress …………power = responsibility
Purpose of finance – help clients live & retire with dignity in a sustainable manner
Into a world WORTH retiring into and a planet where our children are thriving not striving for depleting resources
Where are we today?
G (Governance) is done – G-word was a ‘bad’ word 20 years ago
E & S (Responsible Investment) now require our attention in both passive and active
Clients now demanding – USS competition, millennials, DCIF survey, climate change debate
Fund managers
• ‘branding’ / website stage
• change in behaviour still required
• need to understand importance of embedding ESG in research
• Need to overcome data capture issues
• translation of non-financials in a financially material format
• BAU like financial analysis required
DCIF survey by Ignition House
April 2018
1000 DC members surveyed
ESG factors important NOT just financial performance
• Source: https://www.dcif.co.uk/wp-content/uploads/2018/04/navigating-esg-final-lo-res.pdf
Climate Change
IPCC report October 2018
Retiring in sustainable manner requires:
• Education
• Integration
• Disclosure
IIGPCC report October 2018
Committee on Climate Change Cost-Benefit ReportMay 2019
• Net zero consistent with IIGCC 1.5D (-80% =NDCs = 2D)
• Socio-techno-economically viable by 2050
• You will earn same by 2051 versus 2050…CHEAP!
• Transition offers HUGE opportunity for UK to invest, re-orient and re-train workforce and lead the world into a new era of sustainable and green finance
• As a nation we have the brains, wealth and responsibility as an early polluter of our planet
Climate Change Education
Schools – on track
Universities – on track
Fund managers & Investment Consultants – CFA
Wealth Managers – DWP change - MCISI?
DC members – see DCIF survey
Asset owners & Trustees – should ask 2 questions
Cambridge Impact
Framework -Dashboard
January 2019
Physical Risk Framework
• Based on insurance company expertise
• Catastrophe modelling
• Adaption modelling
Transition Risk
Framework
EU Airports case study
on transition risk
disclosure
Summary
ESG integration is key to future financial stability
BSI Sustainable Investment Management project seeks to define practical guidelines for policy, investment process, ongoing stewardship and disclosure
Open and transparent dialogue welcome with all parties – academics, fund managers, investment consultants, data providers and government.
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Until 19:30 including Q&A
Sunil Murlidhar Shastri,
Director,
Ocean Governance
Environmental Governance:
Three Approaches for ChangeSunil Murlidhar SHASTRI FRGS FRSA
CONSULTANT | EXPERT | SPEAKER
Director, Ocean Governance Limited
Transparency Task Force Imperial College – 22 May 2019
There is nothing more difficult to carry out, nor more doubtful of success, nor more dangerous to handle, than to initiate a new order of things
Niccolo Machiavelli (1469-1527)
Be the change you want to see in the world
Mahatma Gandhi (1869-1948)
Government and governance
• Government is the entity: Governance is the process –new buzzword in development discourse
• Public sector management, transparency, legal framework, accountability and information are key components
• Selflessness, integrity, objectivity, accountability, openness, honesty, leadership (Committee on Standards in Public Life)
• Governance Architecture to achieve horizontal (sectors) and vertical (levels) integration • Both top down and bottom up• Multi-scaler (micro to macro)• Multi-level (local to regional to global)
1. Advice: 7 Pillars of Environmental Governance
• Science and technology
• Geopolitical economy
• Institutions and organisations
• Legislation and implementation
• Stakeholder participation
• Financial initiatives
• Education and awareness
In the end,You will protect what you love,Love what you understand,Understand what are you taught.
Sylvia Earle 1936 –
2. Advocacy: “It’s our ethical duty to give”
• What is 0.7? 1970s voluntary commitment by OECD
• 34 OEC*D* (similar membership as 28 NATO – Pity we spend so much more of defence – 3.0%) commitment
• What does it mean in resource terms?
• Why give? The ‘Simple Singer Test’ (Want vs Need)
• What can it do year after year?• Dealing with death, disease and destruction• Servicing of the Sustainable Development Goals• Natural disaster mitigation
3. Action: “Build toilets, not temples”
• 70% of India’s population• Lacks access to clean drinking water and improved sanitation
• Water water everywhere• But mostly untreated and contaminates fresh water including
rainwater
• Wrong kind of water• This is particularly true of most Coastal and Small Islands
States
We don’t see change when it is happening
Bertrand Russell (1872-1970)
Thanks for listening
Contact: [email protected]+44 7771 685414 (WhatsApp)http://oceangovernance.org/
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Until 19:55 including Q&A
Power Panel: Moderated by Dr Mirabelle Muuls
Julia Dreblow,
Founder
SRI Services
Henry Greenwood,
Founder & MD,
Green Schools Project
Peter Uhlenbruch,
Research and Engagement Manager,
ShareAction
Nick Spencer,
Sustainable Investment Advisor,
Gordian Advice
Our work is done, for today!
Thank you for your attendance, input and ongoing support!
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Andy AgathangelouFounding ChairTransparency Task Force
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Many thanks again to today’s host, and everybody else for taking part so fully!
APPENDIX - SEE THE FOLLOWING SLIDES FOR FURTHER INFORMATION ABOUT THE TRANSPARENCY TASK FORCE
APPENDIX - SEE THE FOLLOWING SLIDES:
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Further info about
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About mission
• We are an informal but increasingly influential forum of ethically-minded people that care about the financial services sector and the people it serves
• We are collaborative, collegiate and consensus-building; focusing on solutions not blame
• We believe the financial ecosystem is profoundly important to the wellbeing of society, the global economy and political stability; but there’s a great deal wrong with it that needs reforming
➢ Our mission: “To drive positive, progressive and purposeful finance reform by harnessing the transformational power of transparency"
• Hidden and excessive costs
• Hidden and excessive risks
• Opportunistic opacity
• Opportunistic obfuscation
• Short-termism
• Insufficient client-centricity
• Scams and scandals
• Regulatory capture
• Irresponsible reward systems
• Malpractice, Malfeasance, Misconduct, Miss-selling
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What is
• A ‘profit before principles’ mindset
• A ‘money before morals’ mindset
• Conflicts and misalignment of interest
• Excessive lending and gearing
• Disingenuous communications
• Financial instability
• Weak governance
• A lack of market integrity
• Lightweight leadership
helping to reform?
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Why isso concerned about the Trust Deficit?
Key Insights from the 2108 Edelman Trust Barometer:
• An annual global study in its 18th year; 28 countries; 33,000 respondents
• Bad news: The Financial Services sector scores a very poor 15th out of 15 (i.e. last) in terms of general levels of trust
• This is a systemic problem for a sector that needs to be trusted to function successfully
• “If you take trust out of financial services, what do you have left?”
• The problem manifests in many ways; for example the UK’s Savings Ratio is the lowest since records began, way back in 1963 – is that partly because people are predisposed to distrust the sector?
➢ What does the worst case scenario look like if low levels of trust in financial services persists?
➢Something needs to change!
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strategy for driving change:
Our Strategy for Driving Change is all about bringing togethor two groups of people:
#1, those with a sense of passion & purpose about what needs to be changed; such as the members of our SIGs
#2, those with the power & position to make change happen; such as the financial regulators
We do this in many ways, for example through our Transparency Symposia; and through our Special Events
Here are three good examples of our Special Events:
‘The First Transparency Strategy Summit in the World’
‘The primary purpose of the first Transparency Strategy Summit in the world is to begin to build consensus on the best way to protect the interests of the UK’s pensions-saving public through full disclosure on all the costs and charges they are paying but not being told about’.
• 12th September 2016 at the Houses of Parliament
……which may have led to the opening of the Work & Pensions Select Committee’s Enquiry on Pensions Costs Transparency
5th Sept 2018 at the Commons:
x 110 (99 in the UK+ 11 overseas)13th Jan 2017
‘Launch of the TTF Banking Team’s White Paper on Current Accounts’
• 26th June 2017 at the Houses of Parliament
‘Sensible recommendations about the lack of transparency around charges for Free-If-In-Credit personal current accounts’
“Ideas to help reduce the chance of another Global Financial Crisis”
• 7th February 2018 at the Houses of Parliament
‘A special meeting at which we presented our White Paper on the topic and initiated the launch of a new All Party Parliamentary Group on Financial Stability’; the inaugural meeting is on 23rd May
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About today…1. We have run 30 Transparency Symposia
2. The Transparency Times goes to many thousands of people, monthly
3. We have awarded 29 Transparency Trophies
4. We have held 3 special meetings at the House of Commons
5. We have over 650 volunteers; organised and mobilised into 21 Teams
6. We have responded to 13 formal Government/Industry Consultations
7. Have had dozens of meetings & calls with Regulators & Government Officials
8. We have produced 8 Thought Leadership White Papers
9. We have gathered over 100 Transparency Statements
10. Have had 100’s of articles/comments published; on Radio 4 three times
11. Spoken at dozens of conferences and events
12. We are growing our presence in 18 countries
➢ We have the support of a global network of Ambassadors; many of whom have extensive subject matter expertise
TTF Ambassadors: UK
David Pitt-WatsonExecutive Fellow
London Business School
Daniel GodfreyCo-Founder
The People’s Trust
Catherine HowarthChief Executive Officer
ShareAction
Con KeatingHead of Research
Brighton Rock Group
Ralph FrankCEO DC (UK)
Cardano
Steve ConleyFounder
Values Based Adviser
Henry Tapper, Founder, Pension PlayPen;
Director, First Actuarial Markus Krebsz,The United Nations Group
of Experts on Risk Management
in Regulatory Systems
TTF Ambassadors: UK continued
Philip MeadowcroftIndependent Shareholder
Activist
Rory MaguireCEO
FundhouseIan Peacock
Chief Client OfficerIG Group
Dr. Anna TilbaAssociate Professor in Strategy and
Governance, Durham University Business School
JB BeckettUK Lead, Association of
Professional Fund Investors
Robin PowellFounder
Evidence-Based Investor
Jackie BeardDirector of Manager Research, EMEA
Morningstar
Mark PolsonFounder and Principal
the lang cat
TTF Ambassadors: UK continued
Mike BarrettConsulting Director
the lang cat
Julia DreblowFounder SRI Services & Fund EcoMarket
Helen Scott,Chief Executive Officer,
Eris FX
Andrew Parry,Head of Sustainable Investing
Hermes Investment Management
James DaleyManaging Director
Fairer Finance
Will PriceGlobal Pensions Consultant
The World Bank
David StrippProposition Manager
David Stripp Ltd
Jon SpainTreasurer
Law for Life
TTF Ambassadors: UK continued
Sunil ChaddaAdvisory Board Member
Association of Professional Fund Investors
Ruston Smith,Chairman,
Tesco Pension Fund Trustee Board, Tesco DC Governance
Committee, Tesco Pension Investment Limited
Mark Falcon,Founder and Director,
Zephyre
Bob ComptonManaging Director
ARC Benefits LimitedWendy Addison
CEO SpeakOut SpeakUp
Andrew MillsFounder and Director,
Insight Financial Research
Joe St Clair UK Director
World Sustainability Development Forum
Professor Michael MainelliExecutive Chairman
Z/Yen Group
TTF Ambassadors: UK continued
Johan CrasManaging Director
Kempen Capital Management
Terry WebsterProfessional Trustee
Lindis Consulting
Sital CheemaSustainability Investment
ConsultantJaanu Consulting
Peter UhlenbruchAODP Investor Engagement
OfficerShareAction
Romi Savova,Chief Executive Officer,
PensionBee
John Howard,Former Chair,
Financial Services Consumer Panel
Annemarie BorgFounder and Director,
Antara Project
Mark Turner,Managing Director,
Duff & Phelps
TTF Ambassadors: UK continued
Mark Evans,Group Business Development
Director,Tavistock Investments
Tom Levitt,Consultant,
Sector 4 Focus
Rory Ridley-Duff,Co-Founder,
FairShares Association
Cliff Southcombe,Managing Director,
Social Enterprise International
Joss Tantram,Director,WBCSD &
Founding Partner,Terrafiniti
Sue Flood,Leader,
Ark pension Scam Group
Adrian Tupper,Counsellor,
Bobby Riddaway,Senior Investment Consultant
CAPITA
TTF Ambassadors: UK continued
Ian Ashleigh,Risk and Compliance
Consultant,Compliance Matters
Tom BaigrieCEO,
LifeSearch
Gareth Morgan,CEO,
Ferret Information Systems
Cliff Southcombe,Managing Director,
Social Enterprise International
Laurence Wormald,Investment Manager,Random performance
Liz Murphy,Steering Group Member,
UK Values Alliance
Rick Adkinson,Managing Director,
Private Capital
Paul Moxey,Visiting Professor in Corporate
Governance,London South Bank University
TTF Ambassadors: UK continued
Baroness Ros Altmann CBE, Pensions Expert, House of Lords
TTF Ambassadors: Italy
Francesco Briganti,Secretary General,
Cross Border Benefits Alliance - Europe
TTF Ambassadors: Belgium
Benoît Lallemand,Secretary General,
Finance Watch
TTF Ambassadors: Netherlands
Tomas Wijffels,Senior Policy Advisor,
Pensioen Federatie
Eric Veldpaus,Founder, Institutional
Benchmarking Institute
Peter Kolthof, Partner and Head of the Netherlands,
Avida International
Pascal Hogenboom,Associate Director,
Strategia Worldwide
Marlon SahetapyHead of Delegated
SolutionsAon
Guus Warringa,Institutional Investor
Relations, Grant & Eisenhofer
TTF Ambassadors: USA
Paul Secunda, Professor of Law and Director,
Labor and Employment Law Program
Marquette University
Bernie Nelson,President,
Style Research,North America
Dr. Kara Tan Bhala,President and Founder,
Seven Pillars Institute for Global Finance and Ethics
Matthew Murray,Co-founder,
The Center for Business Ethics andCorporate Governance
George Kinder,Founder,
The Kinder Instituteof Life Planning
Stephen DavisAssociate Director and Senior Fellow,
Programs on Corporate Governance and Institutional Investors,
Harvard Law SchoolJon Lukomnik,Executive Director,
Investor Responsibility Research Institute
Richard Field,Founder, The Institute for
Financial Transparency
TTF Ambassadors: USA continued
Darby HobbsFounderSocial 3
Chris TobeFounder
Stable Value Investments
Lorelei GrayeFounder
Leodoran Financial
Adam ChoppinInvestment Director
FIS Group
Greg RogersCo-founder
Eratosthenes
Charlie AtkinsCo-founder
Envonet
John Spoto,President and Founder,
Sentry Financial Planning
Helene Spoto,Co-Owner,
Sentry Financial Planning
TTF Ambassadors: USA continued
David Rowe,President,
David M. Rowe Risk Advisory
Michael Erlanger,Founder and Managing Principal,
Marketcore.com
Joseph Hosler CFAManaging PrincipalAuour Investments
Erik ConleyCEO
Conley Investment Group, Inc.
Aivars LodeChairmanIT Capital
Aaron Bernstein,Editor
Global Proxywatch &Senior Research Fellow,
Harvard Law School Pensions Project
Thom YoungPresident
FARCapital
Rohanna WiseFounder & CEO
Wise Trading Technologies
TTF Ambassadors: USA continued
Sander EijkenduijnCOO
SCORPEO US LLC
William JannaceSenior Counsel,
Ross PLLC
Stefan PagacikCo-Founder,AI4Impact
Jonny RuckCEO,
SCORPEO US LLC
TTF Ambassadors: Canada
Larry ElfordFounder,
Investor Advocates
Larry BatesFounder,
The Wealth Game
Paul Bates,Senior Counsel,
Paul Bates Barrister
John DegoeyPortfolio ManagerWellington Altus
TTF Ambassadors: Australia
Ian Fryer, Head of Research,
Chant West, Sydney David Knox,
Senior Partner, Mercer Melbourne
Dr. Nicholas Morris,Adjunct Professor,
University of New South Wales,Sydney
Gordon Noble,Director,
GNBK Advisory
John Hewson,Professor,
Crawford School of Public Policy
TTF Ambassadors: Ireland
Paddy Delaney,Founder,
Informed Decisions Blog and Podcast
John NolanChief Commercial Officer
Visible Thread
TTF Ambassadors: Poland
Krzysztof Grabowski Ph.DSecurities Broker
TTF Ambassadors: Switzerland
Guy Spier,CEO,
Aquamarine Capital
TTF Ambassadors: India
Prabhu Guptara,Executive Director,Relational Analytics
TTF Ambassadors: Spain
Marcos Eguiguren,Executive Director,
Global Alliance for Banking on Values
TTF Ambassadors: Luxembourg
Edouard Bokuetenge,Co-Founder,
Xprience
TTF Ambassadors: Germany
Paolo SironiIndustry Academy and Author,
Watson Financial ServicesIBM
• Asset Management• Pensions Team• Communications• Financial Planning• PISCES • Fintech• APAC• Americas• EMEA• GTI• Banking• Market Integrity• Costs & Charges• Financial Stability• Investment Consulting & Fiduciary Management• Governance, Compliance, Risk, Legal & Regulatory
[email protected]: +44 (0)7501 460308
➢ For more information including a list of all our volunteers see: https://www.transparencytaskforce.org/teams-of-volunteers/
AboutSpecial Interest Groups
✓ 650+ valiant volunteers✓ Organised & mobilised into 21 Special Interest Groups✓ Small groups of people working together✓ Subject-matter experts ‘that want to stand up, not stand by’✓ Building consensus on how to solve known problems✓ Not just ‘a talking shop’✓ One or more campaign objectives per Special Interest Group
• Foreign Exchange• Anti-Scams• Hedge Funds• Private Equity• Whistleblowing
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The TTF community has awesome potential as a force for good in financial services• We are collaboratively-minded• We have a “stand-up, not stand-by” mindset• We are willing and able to help drive positive, progressive and
purposeful finance reform
[email protected]: +44 (0)7501 460308
Through thousands of conversations over the last 4 years, an idea started to come to life…• The superb work of our Market Integrity SIG got us thinking about
reforming the financial ecosystem as a whole• That led to a memorable conversation with Newgate
Communications about producing a White Paper on the trust deficit • The White Paper progressed to become a call to action• The call to action is for for all stakeholders around the world to work
together to develop an over-arching, all-embracing, big-picture plan• We realised that a plan about the trust deficit would naturally evolve
into a plan to fix the underlying issues that cause the trust deficit• Maybe the first part of the plan should be to facilitate a global
conversation?• Maybe we can find a question to kick things and draw key
stakeholders into dialogue?
“How can we accelerate the rebuilding of trust and confidence in financial services?”
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Test run #1: Boston 12th March 2016
Test run #2: New York 14th March 2016
• …to develop a plan • …designed to drive positive,
progressive and purposeful finance reform
• …through The Finance Development Goals
• Bringing together all the key stakeholders - policymakers, politicians, regulators, thought-leaders, subject-matter experts, progressive market participants, trade bodies and professional associations and so on…
About The Finance Development Goals (FDGs)
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• A very memorable conversation on 15th March; coffee and bagels in New York with Georg Kell, founder of the United Nations Global Compact; SDGs
• I explained the overall objective is to deal with the trust deficit, knowing that will open up the opportunity to deal with the underlying causes
• I explained that want the approach to be truly curative; we want to cure the underlying issues not just the symptoms; “system change”
• After the conversation with Georg Kell, the idea of framing our approach as the FDGs started to materialise, whereby:• Each FDG will relate to an underlying cause of the trust deficit• Each FDG is inherently goal-orientated, creating a positive, progressive,
purposeful, aspirational and future-orientated roadmap for reform• Each FDG is asking: “Where are we now? Where do we want to get to? How
are we going to get there (The Broad Theorem) • Each FDG will have its own visual icon; just like the SDGs (competition, design)• The development if each FDG will have a gravitational pull on subject-matter
experts and relevant stakeholders right around the world; growing our community even further; a virtuous spiral
The early beginnings of the FDGs; listing the topics
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Culture: Ethics, Values, Professionalism, “Principle Before Profit”, “Morals before Money,” Values-Based Leadership, MQ, Leadership Development and Community-BuildingGovernance: Market Integrity, Compliance, Regulatory Master Plan, Audit, Custodianship, Risk Management, Stewardship, Revision of the Credit Rating Agencies, Litigation and WhistleblowingTechnology: Fintech, Online Data Integrity & Privacy, Cyber SecurityTransparency: Clear and intelligible information to enable well-informed decision-making, transparency on costs & charges; standardisation of reporting on performance and risk, removal of information asymmetries, Data Analytics, Data Reporting, Data Benchmarking, Index Development, the Global Transparency IndexProduct Design: Product Accreditation, Asymmetries of Information Audits, Transparency AccreditationCommunications: Consumer Engagement, Simple Benefit Statements, Reputation Management, Positive PR Communicating with integrity, credibility and authenticityMetrics: to measure, monitor and manage trustHR Strategy: Incentive Design, Responsible Reward, Cultural Transfusion, Inclusion and DiversityPurposefulness: Impact Investing, Sustainability, Climate Change, ESG, Socially Responsible Investing, Social Finance, Social/Responsible Stock ExchangesOaths: The positive use of Codes of Conduct, Professional Oaths and Pledges of Trade Bodies, Professional Associations, Standard Boards and organisationsRegulatory Reform: Duty of Care, Fiduciary Duty and Best InterestsFinancial Consumers' Bill of Rights: FairnessAlignment of Interests: The 'Principal-Agent Problem." Progressive Fee Structures, alignment of goals, returns, and risksThe Economic System: Shareholder Primacy evolving into Stakeholder Primacy; diversity of ownership structuresPolicymaking: making sure serious mistakes are not madeFinancial Stability:Education: for the public and people in the sectorOperational and administrative excellence
• We’re just “getting the clay on the wheel” • What’s missing?• 25 FDGs x 4 = 100 topics?
About the book on the FDGs
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• “Why we need to accelerate the rebuilding of trust and confidence in financial services; and how we can do it”
• Writing the book will help to develop the FDGs• Chapter 1 - about our strategy for driving change and who the book has
been specifically written for; 1,000 named individuals that have “the power and position to make change possible” - the politicians policymakers, regulators, leaders of global organisations etc.
• Chapter 2 - the problem statement• Each of the rest of the chapters will be dedicated to a FDG• Each FDG chapter will be a collection of essays written by relevant subject-
matter experts from around the world• Each FDG chapter will also have an action plan written by the subject-
matter experts plus members of the Scientific Committee• The Scientific Committee will be made up of highly credible academics and
researchers from around the world including Oxford, Cambridge, Harvard, Stanford etc. but not just academics
• Altogether, the people involved will be a collaborative dream-team of expertise + motivation + a high propensity to collaborate
The next Transparency Symposium:
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“ How can we accelerate the rebuilding of trust and confidence in financial services?”• Boston on 12th March, kindly hosted by Mercer and completed
successfully• New York on 14th March, kindly hosted by Davies Ward Phillips
Vineberg and completed successfully• London on 16th May, kindly hosted by Newgate Communications and
Completed• Dublin on 29th May, kindly hosted by AZOR• Amsterdam on 6th June, kindly hosted by AON• Zurich on 18th June, kindly hosted by SharesInside• Brussels on 20th June, kindly hosted by CFA Institute• New York on 9th September, kindly hosted by Grant & Eisenhofer• Boston on 12th September, kindly hosted by First Republic Bank• Hong Kong on 10th October, kindly hosted by RPC• Sydney on 15th October, kindly hosted by Dimensional Fund Advisors• Melbourne on 17th October, kindly hosted by Mercer• Singapore on 22nd October, HOST WANTED