FY 2020 Full-Year Results Presentation 20 May 2020 Todays - - PowerPoint PPT Presentation

FY 2020 Full-Year Results

Presentation

20 May 2020

2

Today’s presenters

Hendrik du Toit

Founder and Chief Executive Officer Background

Kim McFarland

Finance Director Background

– Founded Ninety One in 1991 – Former Investec Joint Chief Executive

Officer (September 2018 – March 2020)

– Re-appointed Chief Executive Officer of

Ninety One in March 2020

– 29 years with the business – Joined Ninety One in 1993 – Former member of the Investec board

(September 2018 – March 2020)

– Formerly Chief Operating Officer and

Chief Financial Officer of Ninety One

– 26 years with the business

3

Agenda

01 Business review 02 Financial review 03 Outlook and Q&A 04 Appendices

FY 2020 Full-Year Results

Business review

5

Momentous year, but that was last year…

FY 2020 key messages

Successfu ful l demerger and lis listin ing as Nin inety One Resil ilie ient business with consis istent strategy, and bold ld ambit itio ion for the long term Short-term in investment perf rformance negativ ively ly aff ffected by market correction in March 2020 Sta table and experie ienced sta taff ff complement, supported by establi lished cultu lture Net in inflo flows in in lin line with previous year, soli lid clie lient re rela latio ionship ips and diversified offering Committed to a capit ital-li light business model Challe llengin ing year ahead as the world battles with effects of COVID-19

1 2 3 4 5 6 7

6

Our purpose

Investing for a better tomorrow

Long-term investment excellence is our primary function and is non-negotiable. We aim to provide our clients with an investment outcome that allows them to achieve their financial goals. We are dedicated to building a better world through our capital allocation. We are responsible citizens of our societies and natural environment. We are building a firm that aims to achieve excellence over the long term, with a culture that encourages our people to reach their highest potential and puts our clients at the centre of our business.

Better Firm Better Investing Better World

7

The safety and wellbeing of our people and clients are our highest priority

Response to COVID-19

People Clients Society Shareholders

Early learnings from Hong Kong

• ffice

Business continuity plans for working from home scenarios No related redundancies

• r furloughing

Hong Kong staff return to office Business fully operational throughout this period (including outsourcing providers) Contributed £2.9m to relief efforts AUM impacted by markets Joining the rebuilding effort - committed to building a better world

Our stakeholders

January February March April May

Client engagement and service continues, albeit virtually All offices shift to working from home Proactive engagement with regulators and governments Continued cost discipline No debt; sufficiently capitalised Strategy unchanged Proactive approach to liquidity management Staff donation matching scheme

Deliv liver Responsib ible Citi itizenship Result lts Care re

8

Key numbers

Assets ts under r management t (A (AUM)

£103. 4bn

7% reduction in AUM, while average AUM increased 10% Net t in inflo lows

£6.0bn

Continued good inflows Torq rque ra ratio tio1

5.4%

Consistent with the prior year Adju justed opera ratin ing re revenue2

£588.0m

9% increase Pro rofit it before re ta tax

£198.5m

11% increase Adju justed opera ratin ing margin in3

32.3%

Higher than the prior year Earn rnin ings per r share (E (EPS)

16.1p 16.8p

Adjusted EPS4 - 10% increase Basic EPS5 – 11% increase In Investment t perf rformance

39% 55%

1-year firm-wide outperformance6 3-year firm-wide outperformance6 Sta taff owners rship ip

21%

Aligned with our stakeholders

Notes:

• 1. Torque ratio is the relative scale of net flows in relation to the overall size of the business, expressed as a percentage. Calculated as net flows for the relevant period divided by AUM as at the first day of that period (annualised for non-twelve month periods).
• 2. Adjusted operating revenue is calculated as net revenue, less Silica third-party revenue and adjusted for foreign exchange gains/losses, deferred employee benefit scheme movements, and other income.
• 3. Adjusted operating profit margin is calculated as adjusted operating profit divided by adjusted operating revenue.
• 4. Adjusted EPS is profit attributable to ordinary shareholders, adjusted to remove non-operating items, divided by the number of ordinary shares in issue at the end of the year.
• 5. Basic EPS is profit after tax attributable to ordinary shareholders divided by the weighted average number of ordinary shares outstanding during the year, excluding own shares held by Ninety One share schemes.
• 6. Firm-wide outperformance is calculated as the sum of the total market values for individual portfolios that have positive active returns on a gross basis expressed as a percentage of total AUM. Our percentage of firm outperformance is reported on the basis of current AUM

and therefore does not include terminated funds. Total AUM exclude double-counting of pooled products and third party assets administered on our South African (“SA”) fund platform. Benchmarks used for the above analysis include cash, peer group averages, inflation and market indices as specified in client mandates or fund prospectuses. For all periods shown, market values are as at the period end date.

9

£103bn

AUM Profit before tax and exceptional items

1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

AUM CAGR FY92-FY98

+93%

AUM CAGR FY98-FY09

+19%

AUM CAGR FY09-FY20

+12%

Domestic growth phase Internationalisation phase Scaling post crisis phase

Resilience over time

Notes: Financial years ended 31 March.

• 1. Bear market defined as a period in which share prices fell 20% (measured by the MSCI All Countries World index) or more from the prior peak and would include the period from the peak in the market to the lowest point of the bear market.

Organically and sustainably built over nearly 30 years

Bear market1

10

Our strategic principles

We offer organically- developed investment capabilities through active segregated mandates or mutual funds to sophisticated clients. Patient Organic Long-term Intergenerational We operate globally in both the institutional and advisor space through five geographically defined Client Groups. We have an approach to growth that is driven by structural medium-to long-term client demand and competitive investment performance.

11

Organically-built and diversified

Note:

• 1. Excluding SA fund platform AUM of c.£6.2 billion.

Our offering

£45.8bn £30.5bn £18.3bn

Equities Fixed income Multi-asset 4Factor Quality Value Fixed income Alternatives Multi-asset

Specialist Outcomes

£2.6bn

Core asset class offerings1 Distinct skillsets1 Client demand

Alternatives

12

Americas

AUM £13.6bn

• /w Institutional

79%

Africa4

AUM £36.0bn

• /w Institutional

62%

Diversified distribution across global markets

Notes: 1. Compound annual growth rate (“CAGR”) analysis based on AUM figures in USD; 2. 2010–18 industry CAGR based on data as at 31 December 2018, except for Africa; 3. Africa regional industry AUM CAGR based on figures from Alexander Forbes as at 30 June 2010 and 30 June 2019 and is for South Africa only; 4. Ninety One’s AUM CAGRs are based on AUM including SA fund platform, and the 2010-18 CAGR is based on South Africa AUM only; 5. Asia Pacific includes Middle East

Global reach

Asia Pacific5

AUM £17.4bn

• /w Institutional

89%

UK

AUM £21.9bn

• /w Institutional

48%

Europe

AUM £14.5bn

• /w Institutional

75%

Ninety One CAGR 2010-201 Industry CAGR 2010-182,3 Ninety One CAGR 2010-181

15% 22% 8%

Key:

21

Offices worldwide

5

Regionally defined Client Groups

5

Primary investment centres

1% 2% 2% 21% 30% 6% 16% 20% 5% 6% 8% 4%

13

Continued net inflows, AUM impacted by markets

Assets under management and flows

£ billion

FY 2020

68.0 77.5 75.7 95.3 103.9 111.4 103.4 3.1 6.4 3.2 20.2 5.4 3.2 6.1 1.4 6.0 (5.0) (0.6) (14.0)

FY14 FY15 FY16 FY17 FY18 FY19 FY20

5.9% 5.4%

Torque ratios:

5.6% 4.1% (0.8)% 4.6%

Net flows Markets/currency

14

Net inflows of £6.0 billion, in line with prior year (FY 2019 of £6.1 billion)

Notes:

• 1. Net inflows in financial year ended 31 March 2018 of £5.4 billion.
• 2. Asia Pacific includes Middle East.

Flow analysis

3,070 1,805 2,382 2,292 4,288 3,666 FY18 FY19 FY20 Advisor Institutional 1,619 1,703 2,342 243 2,908 1,835 (614) 981 1,549 2,670 593 256 1,444 (92) 66 (20%) 0% 20% 40% 60% 80% 100% FY18 FY19 FY20 United Kingdom Africa Europe Americas Asia Pacific

1 1

(215) 2,748 2,537 4,583 2,391 2,435 1,212 447 751 (288) 280 108 71 227 217 (20%) 0% 20% 40% 60% 80% 100% FY18 FY19 FY20 Fixed income Equities Multi-asset Alternatives SA fund platform

Net flows by Client Group (£m) Net flows by asset class (£m)

1 2

Net flows by client type (£m)

15

Short-term performance negatively affected in last quarter

Notes: Percentages may not add up to 100% due to rounding.

• 1. Firm-wide outperformance (underperformance) is calculated as the sum of the total market values for individual portfolios that have positive active returns (negative active returns) on a gross basis expressed as a percentage of total assets under management. Our percentage
• f firm outperformance is reported on the basis of current AUM and therefore does not include terminated funds. Total assets undermanagement exclude double-counting of pooled products and third party assets administered on our South African fund platform. Benchmarks

used for the above analysis include cash, peer group averages, inflation and market indices as specified in client mandates or fund prospectuses. For all periods shown, market values are as at the period end date.

• 2. Mutual fund performance and ranking as per Morningstar data using primary share classes net of fees to 31 March 2020. Peer group universes are either IA, GIFS or ASISA sectors as classified by Morningstar. Cash or cash-equivalent funds are excluded from the charts. Mutual

fund performance weighted by AUM.

Investment performance

28% 33% 31% 36% 23% 19% 31% 48% 34% 40% 22% 7% 15% 7% 9% 1 year 3 year 5 year 10 year 1st quartile 2nd quartile 3rd quartile 4th quartile Firm-wide investment performance1 Mutual fund performance2 39% 55% 56% 79% 71% 61% 45% 44% 21% 29% 1 year 3 year 5 year 10 year Since inception Outperformance Underperformance 17%

16

Note: ESG stands for Environmental, Social and Governance.

Progress on our strategic priorities

Captu ture th the growth in inherent in in our r curr rrent capabilit ility set Develo lop diff ifferentia iated str trategie ies, , antic ticip ipatin ing clie lient needs Focus on growth in in pro rofessio ionally lly in inte termedia iated channels (a (advis isor and in instit itutio ional) l) Ensure sustain inabilit ility is is at t th the core of f our busin iness

– Fixed income and specialist equities saw significant net inflows in the year – Ninety One has a powerful combination of staff stability and competitive long-term track records – Multi-asset outcomes-based

• fferings continued to gain

momentum – Continued to build our equity and fixed income capabilities with recent success in credit, specialist equities, including China – Positive net flows across both channels – Strong growth from the advisor channel driven by outcomes- based and specialist equities strategies – Invest: Recently developed sustainability strategies gaining investor attention and progress in ESG1 integration and active

• wnership

– Engage: Intensified public advocacy – Inhabit: Responsible citizenship across our business and our communities

17

Our owner culture is a vital element of our long-term success

We are a people business

Freedom to create within clear parameters of values, team and strategy

Our people have the freedom to be themselves We combine individual expression with collective ambition and team discipline We insist on results but not at the expense of the human spirit We balance relentless drive with decency We strive to do the right thing, for clients, community and the team Relationships matter

Employee ownership

21%

acquired at fair market value It is all about the drive to be better: Bett tter fir firm, , bett tter in investin ing, , bett tter world ld

FY 2020 Full-Year Results

Financial review

19

Notes:

• 1. Adjusted operating revenue is calculated as net revenue, less Silica third-party revenue of £21.2 million (2019: £21.8 million) and adjusted for foreign exchange gains of £2.1 million (2019: £5.0 million), deferred employee benefit scheme losses of £1.0 million (2019: gains of £5.0

million), and other income.

• 2. Staff expenses exclude Silica staff expenses of £15.4 million (2019: £16.0 million) and are adjusted for deferred employee benefit scheme losses of £1.0 million (2019: gains of £5.0 million).
• 3. Adjusted operating expenses exclude Silica net expenses of £19.4 million (2019: £20.6 million), include interest expense on lease liabilities of £3.0 million (2019: nil), and are adjusted for deferred employee benefit scheme losses of £1.0 million (2019: gains of £5.0 million).
• 4. Adjusted operating profit margin is calculated as adjusted operating profit divided by adjusted operating revenue.
• 5. Number of full-time employees excludes Silica employees of 465 (2019: 490).

Income statement

£ million (unless stated) FY 2020 FY 2019 Change Closing AUM (in £ billion) 103.4 111.4 (7)% Net flows (in £ billion) 6.0 6.1 (1)% Average AUM (in £ billion) 118.3 108.0 10% Management fees 565.7 524.6 8% Performance fees 21.5 11.0 95% Foreign exchange gains and other income 0.8 5.0 (84)% Adjusted operating revenue1 588.0 540.6 9% Staff expenses2 (258.8) (242.6) 7% Non-staff expenses (139.3) (125.5) 11% Adjusted operating expenses3 (398.1) (368.1) 8% Adjusted operating profit 189.9 172.5 10% Average fee rate (bps) 47.8 48.6 n.m. Adjusted operating profit margin4 32.3% 31.9% n.m. Full-time employees5 1,165 1,139 2%

20

Income statement (cont.)

£ million FY 2020 FY 2019 Change Adjusted operating profit 189.9 172.5 10% Adjusted net interest income1 4.5 5.5 (18)% Silica profit 1.9 1.4 36% Profit before tax and exceptional items 196.3 179.4 9% Exceptional items Ninety One share scheme implementation 13.1

• n.m

Other exceptional items (10.9) (1.0) n.m Profit before tax 198.5 178.4 11% Tax expense (42.5) (38.6) 10% Profit after tax 156.0 139.8 12%

Note:

• 1. Adjusted net interest income is calculated as net interest income less interest income arising from Silica operations, interest expenses from lease liabilities for office premises of £3.0 million (2019: nil) under IFRS 16 Leases, and other interest expenses.

21

Movement in profit before tax (“PBT”) and exceptional items

Notes:

• 1. Other items include foreign exchange gains and other income, adjusted net interest income, and Silica profit.
• 2. Other exceptional items of £10.9 million largely related to the demerger from Investec and subsequent listing on the LSE and JSE.

Profit analysis

£ millions

– Management fees increased 8% – Downward fee pressure – Average fee rates impacted by AUM mix

FY 2019 PBT and exceptional items Management fees Performance fees Other items1 Staff expenses Non-staff expenses FY 2020 PBT and exceptional items Share scheme implementation Other exceptional items2 FY 2020 PBT

22

Notes: Analysis based on adjusted operating expenses as defined on slide 19.

• 1. Excludes Silica net expenses; however, includes Silica as a non-consolidated third party provider within client and retail fund admin.

Operating expense analysis

10% 7% 11% 15% 27% 14% 16%

FY 2019

10% 6% 11% 15% 27% 16% 15%

FY 2020

Promotional Travel Information Systems Client & retail fund admin Accommodation Overheads

Response to COVID-19 – FY 2020 includes the £2.9 million contribution towards COVID-19 relief efforts – Continued cost discipline – No material operational or staff impact

368.1 398.1 16.2 5.1 2.1 2.0 4.6 66% 65%

FY19 expenses Staff expenses Accommodation Systems Promotional Other expenses FY20 expenses

Staff expenses Non-staff expenses

Breakdown of non-staff expenses Adjusted operating expenses (£ millions)

– 8% increase in adjusted operating expenses – Approximately two thirds of the total expenses relate to staff – Variable component of staff expenses is aligned with financial performance – Continued investment to support long-term growth

1

23

Additional expense analysis

Operating expenses – New corporate functions and replacement services – Duplicate accommodation expenses (London office) Recurring Non-recurring – Net effect of Ninety One share scheme – Demerger expenses, one-off rebranding – Closure of subsidiary Exceptional items 0.2 2.7 1.5 (0.5) 3.6 6.5 10.9 (13.1)

• FY 2019

FY 2020 – Exceptional items for FY 2020 relate to the demerger from Investec – Actual demerger expenses were in line with guidance disclosed in Ninety One Prospectus, dated March 2020 (£10.8 million) – FY 2021 guidance: – New corporate functions – Duplicate accommodation costs relating to London office – Net effect of Ninety One share scheme – Demerger expenses, one-off rebranding £millions – expect to increase (specifically marketing) – expect to decrease – expect to be immaterial – expect to decrease

24

Committed to a capital-light model

Notes: The above table represents the amalgamated position across Ninety One plc and its subsidiaries and Ninety One Limited and its subsidiaries, which for regulatory capital purposes are separate groups. Both groups of companies had an expected capital surplus at 31 March 2019 and 31 March 2020.

• 1. Non-qualifying assets comprise assets that are not available to meet regulatory requirements.

Capital position

– Our balance sheets are sufficiently capitalised, with no debt, and can support our business through this period of uncertainty – Reduction in total equity reflects dividends paid prior to the demerger – No further ordinary or special dividends to be declared for FY 2020 – Expect to target an ordinary dividend payout ratio of at least 50%

• f profit after tax

– Will also consider a special dividend – No plans to increase current number of shares in issue (c.923m) £ million FY 2020 FY 2019 Equity 151.1 195.7 Non-qualifying assets1 (12.7) (9.3) Qualifying capital 138.4 186.4 Dividends declared after year end

• (64.7)

Estimated regulatory requirement (96.8) (86.4) Expected capital surplus 41.6 35.3

25

Tough times ahead

Outlook

We had a momentous year, but now facing challenging market and economic conditions Product relevance, investment performance and client service will be key to ongoing success Opportunity-rich environment for alpha generation Lower revenue expected, which requires cost discipline We remain a resilient, stable business with strategic clarity and an ambitious long- term growth agenda

27

Disclaimer

This presentation (the “Pr Presentation”) has been prepared by Ninety One plc and Ninety One Limited (together, the “Company” and, together with their subsidiaries from time to time, “Ninety One”). This Presentation is provided on a strictly private and confidential basis for information purposes

• nly and must not be relied upon for any purpose. This Presentation does not constitute, and

should not be construed as, part of any offer, invitation or inducement to sell, or any solicitation of any offer to purchase or subscribe for, any securities in any member of Ninety One and it is not intended to provide the basis of any investment decision nor does it, nor is it, intended to form the basis of any contract for acquisition of or investment in any member of Ninety One, financial promotion, or any offer or invitation in relation to any acquisition of or investment in any member

• f Ninety One in any jurisdiction. This Presentation does not constitute either advice or a

recommendation regarding any securities. This Presentation may contain statements that constitute forward-looking statements relating to the financial condition, performance and position, strategy, results and business of Ninety One. These forward looking statements can be identified by the use of forward looking terminology, including, but not limited to, words such as “expectation”, “belief”, “estimate”, “plan”, “target”, or “forecast” and similar expressions or the negative thereof; or by forward-looking nature of discussions of strategy, plans or intentions; or by their context. No representation is made that any of these statements or forecasts will come to pass or that any forecast results will be

• achieved. All statements regarding the future are prospective in nature and are not based on

historical and current facts, but rather on current expectations, assumptions and projections of management about future events and are, therefore, subject to inherent risks and uncertainties. Various factors could cause actual future results, performance or events to differ materially from those described or implied in these statements. Such forward-looking statements are based on numerous assumptions regarding Ninety One’s present and future business strategies and the environment in which Ninety One will operate in the future. Further, certain forward-looking statements are based upon assumptions of future events which may not prove to be accurate and the Company nor any other person accepts any responsibility for the accuracy of the

• pinions expressed in this Presentation or the underlying assumptions.

By their nature, all forward-looking statements involve risk and uncertainty because they are based on information available at the time they are made, including expectations and assumptions, and relate to future events and/or depend on circumstances which may be or are beyond Ninety One’s control, including among other things: changes in the domestic and global political and/or economic environment that would materially affect Ninety One; changes in legislation or regulation impacting Ninety One’s operations or its accounting policies; changes in business conditions that will have a significant impact on Ninety One’s operations; changes in exchange rates, interest rates and/or tax rates; and changes in the structure of the markets, client demand or the competitive environment. As a result, Ninety One’s actual future financial condition, performance and results may differ materially from the plans, goals, objectives and expectations set forth in any forward-looking statements. Past performance is not an indication of future results and the results of the Ninety One in this document may not be indicative of, and are not an estimate, forecast or projection of, Ninety One’s future results. The forward-looking statements in this Presentation speak only as at the date

• f this Presentation and the Company and its affiliates expressly disclaim any obligation or

undertaking to release any updates or revisions to these forward-looking statements to reflect any change in the Company's expectations with regard thereto or any change in events, conditions or circumstances on which any statement is based after the date of this Presentation

• r to update or to keep current any other information contained in this Presentation or to provide

any additional information in relation to such forward-looking statements, except as required by

• law. You are therefore cautioned not to place any undue reliance on such forward-looking

statements nor on the on the completeness, accuracy or fairness of this Presentation. This presentation contains non-IFRS financial information which the directors of the Company believe is valuable in understanding the performance of the Ninety One. However, non-IFRS financial information is not uniformly defined by all companies and, therefore, it may not be comparable with similarly titled measures disclosed by other companies, including those in Ninety One’s industry. Although these measures are important in the assessment and management of Ninety One’s business, they should not be viewed in isolation or as replacements for, but rather as complementary to the comparable IFRS measures. Certain figures in this Presentation are subject to rounding. Accordingly, figures shown for the same category presented in different charts or tables may vary slightly and figures shown as totals in certain charts or tables may not be an arithmetic aggregation of the figures that precede

• them. In addition, certain percentages in this Presentation reflect calculations based upon the

underlying information prior to rounding and, accordingly, may not conform exactly to the percentages that would be derived if the relevant calculations were based upon the rounded numbers.

FY 2020 Full-Year Results

Appendices

29

Notes: AUM as at 31 March 2020.

AUM by asset class, Client Group and client type

6% 3% 44% 29% 18%

AUM by asset class

SA fund platform Alternatives Equities Fixed income Multi-asset 35% 13% 17% 14% 21%

AUM by Client Group

Africa Americas Asia Pacific Europe United Kingdom 32% 68%

AUM by client type

Advisor Institutional

30

Specialist commodities (inc. Global Environment) Real estate Private equity Infrastructure debt Global Asia (inc. China) United Kingdom Emerging markets ("EM") Europe Africa (inc. SA) Absolute return Developed markets credit EM sovereign & currency EM credit Africa (inc. SA) fixed income Africa (inc. SA) credit Income Growth Africa (inc. SA) United Kingdom EM

Notes: AUM as at 31 March 2020, excluding SA fund platform (£6.2bn). Breakdown based on underlying strategy definitions.

AUM by strategy

£45.8bn £30.5bn

Equities Fixed income Multi-asset Alternatives

£2.6bn

Global Regional

£18.3bn

31

14% 23% 39% 14% 10% Corporates / other Public authorities / official institutions Pension funds Insurance Investments in mutual funds 32% 68% 39% 35% 19% 8% Private banks / wealth managers Retail banks / insurance / IFAs SA fund platform Other

AUM by client type

Institutional Advisor

£103.4bn £33.4bn £70.0bn

AUM by client type

Notes: AUM as at 31 March 2020. Percentages may not add up to 100% due to rounding.

• 1. “Other” represents c.1% of institutional AUM.
• 2. “IFAs” represent Independent Financial Advisers.
• 3. “Other” represents sub-advised and legacy direct book.

32

48% 52%

Emerging markets Developed markets

Notes: AUM as at 31 March 2020.

• 1. Emerging markets includes Africa and Asia Pacific (excluding Australia).

AUM by emerging/developed markets

AUM by client location AUM by investment strategy

57% 43%

33

Sustainability is in our DNA

Holistic approach In Invest, Engage, , In Inhabit

We started on the front line of sustainable investing: Africa

Front-line expertise

We believe that with systematic engagement, integration and impact reporting we can bring about positive change We manage differentiated strategies run by specialist sustainability investors

Active owners Impact and sustainability strategies

Set up dedicated ESG Team Initiated ESG integration across investment teams Began deploying developmental capital across Africa through private equity & credit funds Deployed developmental capital via infrastructure & direct real estate funds CEO co-authored report from Business and Sustainable Development Commission, titled Better Business, Better World Launched Global Environment Strategy Published commitment to climate change action Launched UK Sustainable Equity Fund Adopted Global Stewardship Policy Launched systematic & transparent proxy voting programme

2016 2019 2015 2009 2012 2008 2018

Launched Global Environment Fund Launched SRI funds in South Africa Promote financial literacy in joint venture with UCT Founded PPP in Namibia to support Black entrepreneurs

2001 1999 2007 2010

Helped draft amendment to regulation 28

• f the South

African Pension Funds Act Member of Committee on Responsible Investing in South Africa Researched the impact

• f climate

change on shareholder value in South Africa

2011

Joined Impact Investment Institute