Hi there, Agents of Impact! Welcome to ImpactAlpha Open, a free weekly sampling of the top news and views from ImpactAlpha.
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In this week’s Open:
- At the World Bank, climate is out and youth jobs are in
- Corporate stewardship in the age of imperious CEOs
- The Call: Family offices are committing to impact-first investing
- Spotlight: Islamic finance expands beyond Muslim markets
Let’s jump in. – Dennis Price
Must-reads on ImpactAlpha
- At Tesla’s shareholder meeting, the spotlight will be on governance. Is a CEO worth $1 trillion? That’s the question Tesla shareholders will decide at what could be a contentious annual meeting on Nov. 6. In a guest post on ImpactAlpha, Climate Finance Action’s Mary Cerulli shares a primer for proxy voters wrapping their heads around all of the complicated proposals. See what’s at stake.
- Jobs, jobs, jobs: At the World Bank, Ajay Banga confronts youth uprisings around the globe. Climate change and gender issues are taking a back seat at the World Bank, in favor of an economic agenda spurred by a global youth uprising that is shaking governments from Nepal to Madagascar to Peru. The new talking points were on display at the recent World Bank meetings in Washington, DC, reports ImpactAlpha’s Amy Cortese. Read on.
- Lawyers – yes lawyers – are trying to simplify impact transactions. Ambitious impact deals combining public, private and philanthropic capital sometimes collapse under the weight of their own complexity. A network of impact lawyers is trying to simplify them, creating standardized templates, flexible contracts and strong governance structures, reports ImpactAlpha’s Erik Stein. Learn more.
The Week’s Call
☎️ The surprising resurgence of impact-first investing (video)
For at least some wealthy families, it’s impact on. Hundreds of Agents of Impact showed up for Agents of Impact Call No. 73, featuring Trimtab Impact’s Caleb Ballou, Spring Point Partners’ Margot Kane, Ceniarth’s Greg Neichin and A to Z Impact’s Alex Evangelides and MacArthur Foundation’s Debra Schwartz. “Family offices have flexibility. They can be patient, they can be risk-tolerant,” Schwartz said. “We have to have impact-first as well as finance-first strategies.”
- Read the recap and watch the replay.
Agents of Impact
🏃 On the move
- The Principles for Responsible Investment appointed Cambria Allen Ratzlaff as interim CEO. She replaced David Atkins, who is staying on as an advisor to facilitate the leadership transition.
- Mesirow added Mikiyon Alexander as managing director and Ryan Carter as a director on its impact finance team.
- Amy Skoczlas Cole was named director of NYU Stern Center for Sustainable Business. She replaced founding director Tensie Whelan, who is stepping down at the end of the year.
The Week’s Podcasts
🎧 This Week in Impact
Host Brian Walsh takes up ImpactAlpha’s top stories with editor David Bank. Up this week: The surprising resurgence of impact-first investing; how lawyers, yes lawyers, are working to simplify impact transactions: and, at Aspen Ideas: Economy in Newark, new products and fresh ideas for building a nation of owners.
- Listen to the new episode of This Week in Impact. Get the podcast in your feed by subscribing on Apple, Spotify, or YouTube.
🏘️ Community Capital Live: Blake Jones on Kachuwa Impact Funds’ cooperative investment model. Host Joel Skene is joined by Blake Jones of the Kachuwa Impact Fund, which pools money from accredited and non-accredited investors to invest in mission-driven, employee-owned, or cooperatively structured businesses (see, “Making co-ops work for investors, too.”). “We wanted to create a fund where everyday people can own pieces of the companies that are doing the most good in their communities,” Jones says. Watch the conversation, and RSVP for the next Community Capital Live, Wednesday, Nov. 5.
📯 The Criterion Institute Podcast: What’s in a name. In this special birthday episode, host Joy Anderson muses on the meaning of her name in her life and work. Check out the latest episode.
The Week’s Spotlight
💸 The ‘ethical nature’ of Islamic finance opens new markets
Islamic finance may be the original impact investing. To comply with Islamic law, or Shariah, transactions must meet certain parameters to ensure they are not extractive. Charging interest on loans, for example, does not comply. Credit arrangements instead may be structured around revenue- and profit-sharing to ensure both lender and borrower are invested in a business’s success. The field has grown to nearly $6 trillion in assets, up from $1 trillion in 2010.
- Keep reading, and catch up on all of this week’s dealflow reporting.
Get in the Game
💼 Step up
- Closed Loop Partners is seeking a program manager for a remote role based in New York.
- Word Fund Management GmbH is looking for a climate investing intern in Munich.
- Catalyst Fund is hiring a fractional CFO in Nairobi, or remote within Africa.
Dozens of job opportunities are available to subscribers each week on ImpactAlpha’s Career Hub.
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