NEW YORK, New York (April, 21, 2014) – Representatives and guests from the U.S. National Advisory Board to the Global Task Force on Social Impact Investment rang the Closing Bell at the New York Stock Exchange (NYSE) today to raise awareness about the role of public and private innovation and entrepreneurship in solving our greatest social and environmental challenges.
“Our society faces challenges that cannot be solved by government and philanthropy alone, spurring innovative approaches that harness the efficiency and discipline of markets. Impact investments deploy private capital for public good and are intentionally designed to deliver social or environmental benefits as well as financial return,” said Tracy Palandjian, CEO of Social Finance U.S. and co-chair of the National Advisory Board. Matt Bannick, Managing Partner of Omidyar Network, co-chairs the National Advisory Board with Palandjian.
A global effort was initiated at the June 2013 G8 meetings in London to explore how impact investing can accelerate economic growth and solve the world’s most pressing social challenges. At that time, the Global Task Force on Social Impact Investment (Task Force) was created and charged with: recommending policies to accelerate impact investing; establishing a common global approach for measuring social outcomes; and, encouraging greater engagement across foundations, institutions and private investors.
The National Advisory Board on Impact Investing rang the closing bell at the NYSE
The National Advisory Board is coordinating with, and advising, the Task Force, and will issue a report in early June 2014. The report will contain a set of policy recommendations to mainstream impact investing within the United States and globally, and is actively reaching out to key stakeholders and communities to get feedback, ideas and input.
“The early pioneers in impact investing have built significant momentum around creating a new market for companies and structures that generate a financial return while doing good for the world – in spite of a an outdated regulatory environment that does little to support this work,” said Jean Case, CEO of the Case Foundation and a National Advisory Board member. “Imagine the investment we’ll unlock to address big social challenges with updated policies that encourage and reward impact investing.”
The National Advisory Board is comprised of 27 thought leaders including private investors, entrepreneurs, foundations, academics, think tanks, impact enterprises, nonprofits, coalitions and intermediaries.
National Advisory Board members and guests on the podium for the bell ringing on Monday included:
- Jean Case, CEO, Case Foundation
- Audrey Choi, Head, Global Sustainable Finance, Morgan Stanley
- Paula Goldman, Senior Director, Knowledge & Advocacy, Omidyar Network
- Michelle Greene, Senior Vice President & Head of Corporate Responsibility, NYSE Euronext
- Andrew Kassoy, Co-founder, B Lab
- Antony Bugg-Levine, Nonprofit Finance Fund
- Elizabeth Littlefield, President & CEO, Overseas Private Investment Corporation
- Tracy Palandjian, CEO & Co-founder, Social Finance US, National Advisory Board co-chair
- Andrea Phillips, Vice President, Urban Investment Group, Goldman Sachs
- Luther Ragin Jr., CEO, Global Impact Investing Network
- Curtis Ravenel, Director, Global Sustainable Strategy Group, Bloomberg LP
- Sean Greene, Entrepreneur In Residence, Revolution Ventures
- Xavier Briggs, VP Economic Opportunity, Ford Foundation
- Zia Khan, VP Initiatives and Strategy, Rockefeller Foundation
Kristin Groos Richmond, founder and CEO of impact investment success story Revolution Foods also attended the Bell Ringing and said, “Revolution Foods is proof that you can start a business that provides both a financial and social rate of return.”
Revolution Foods is disrupting the world of school lunches by providing over 1 million healthy, affordable meals to students across the country, more than 60% of whom are in low-income households.