Seeking CEO for Centre of Sustainable Finance
Actively seeking CEO for the Centre of Sustainable Finance
An exciting opportunity to lead the Sustainable Finance agenda in Aotearoa NZ and to drive implementation of the SF Forum Roadmap
Please contact Isabelle Smith (sff.secretariat@nz.ey.com) to register interest
Please see the full job description here.
Sustainable Finance Forum 2.0Workstream Update
People
Ross Pennington and Bridget Coates have been appointed Co-Chairs.
EY has been reappointed as secretariat, led by Pip Best and Isabelle Smith.
New Leadership Group appointments so far are John McCarthy (Tindall Foundation), David Woods (Director, NZGIF), Rob Campbell (Chair, THL and Sky City), Simone Robbers (RBNZ) and John Duncan (Deputy Chair, Kainga Ora and Public Trust) .
Timeline
SFF 2.0’s main focus is around Recommendation 6 of the Roadmap – the development of a Centre of Sustainable Finance.
During this time, SFF 2.0 will also advance some some other initiatives to keep momentum going and evidence how a Centre can co-ordinate activation of the Roadmap.
Next Steps
Co-Chairs are meeting with Banks to set up a Leadership Sub-Group, and John McCarthy is establishing a Leadership Sub-Group for Inclusive Finance.
The first Leadership Group meeting is planned for 9 December.
The Sustainable Agriculture Finance Initiative (SAFI)
About:
The aim of SAFI is to develop a definition or taxonomy (classification system) for sustainable agriculture for use by the finance sector in considering agriculture lending and investment. SAFI is focused on aligning with emerging international frameworks, namely the EU Taxonomy and Climate Bonds Standard, as well as existing sustainability standards used by New Zealand growers and farmers. Through seeking equivalence, the SAFI Standard can bridge the gap between international and domestic standards for sustainable agriculture to better support the flow of sustainable finance to the New Zealand agriculture sector.
People:
Leadership Group: ASB, ANZ, Westpac, BNZ, Rabobank, the Ministry for Primary Industries.
EY secretariat led by Pip Best and Isabelle Smith.
Timeline
Version one of the Draft SAFI Standard was published in December 2020 and the SAFI Steering Group are currently seeking further stakeholder feedback on this draft.
Next Steps
Aligning the Draft SAFI Standard with existing domestic standards to find equivalence either in full or part.
Working with the Ministry for the Environment to achieve international recognition of the SAFI standard through the International Platform on Sustainable Finance (IPSF). The most recent Annual Report of the IPSF features a case study on SAFI (page 23).
Roadmap for Action Final Report 2020
Our current financial system is contributing to environmental degradation and entrenching inequality across many measures; we are rapidly consuming finite pools of natural and social capital to produce financial capital. Simply put – this is unsustainable. We urgently need to scale-up and re-direct capital to enable a smooth transition to a sustainable financial system. Collectively, we need to change the way investment and lending decisions are made, so that environmental, social and economic factors are integral and negative impacts, both immediately and over the long term, are avoided.
About this Report
This Report, the Roadmap for Action, is the final work product of Aotearoa New Zealand’s Sustainable Finance Forum (SFF). This Report represents the collective, and voluntary, efforts of the SFF undertaken from January 2019 to November 2020. It complements and builds on the SFF’s Interim Report, which was published in October 2019. This Roadmap for Action strategically positions Aotearoa New Zealand both domestically and internationally, where international markets are rapidly embracing similar recommendations. This Roadmap for Action will enable Aotearoa New Zealand to maintain our global reputation and market presence.
To read the Full Report, please click here or on the image above.
To read the Timeframe for Roadmap Implementation please click here.
To read the Executive Summary please click here.
To read the Roadmap for Action Key Recommendations - Table please click here.
To read supporting information on the 11 Key Recommendations to achieve a sustainable financial system, click on the links below:
1. Changing mindsets: Responsibility
2. Changing mindsets: Capability
3. Changing mindsets: Governance
4. Transforming the financial system: Data
5. Transforming the financial system: Disclosure
6. Transforming the financial system: Coordination
7. Transforming the financial system: Value
8. Transforming the financial system: Inclusiveness
9. Transforming the financial system: Government Leadership
What is the New Zealand Sustainable Finance Forum?
The New Zealand Sustainable Finance Forum (the Forum) has been established to deliver a Sustainable Finance Roadmap to help New Zealand shift to a financial system that supports sustainable social, environmental and economic wellbeing. The Forum brings together key players in the New Zealand financial system spanning our banks, insurance companies, corporates, civil society and academia. The Forum will build on existing best practice, learning from international experience, understanding the New Zealand context, incorporating the latest analysis and evidence, and demonstrating a comprehensive understanding of the challenges and opportunities presented by this work. This will include consultation with diverse sectors and stakeholders.
Vision
The Forum is ultimately seeking to see a sustainable financial system that, specifically:
Plays its role in delivering on the critical sustainability agenda and the transition to a low emissions, resilient, resource efficient, just and inclusive economy
Has a purpose to serve the long-term wellbeing needs of society, the environment and the real economy
Is stable, sustainable and resilient
Aligns capital with the long-term wellbeing needs of society, the environment and the real economy
Has well-informed decision-making that is transparent and facilitates long-term wellbeing
Society has trust and confidence in and understands their role.
Outputs
By early November 2020, the Forum will provide three outputs: a set of recommendations (interim and final) and then a roadmap for action.
Read the Terms of Reference for the Forum here.
What is Sustainable Finance?
The finance industry has a critical role to play along with other actors in getting the market settings right to scale up capital flows to solutions and to increase efforts to address unsustainable practices. This will require a significant shift across the entire financial system. Without the large existing capital bases that exist today helping with the joint challenge of both scaling up and directing finance towards more sustainable investments, the outcomes being sought for the people and the planet will have little chance of being realised.
New Zealand’s sustainable finance agenda is running in parallel with Australia’s. Both countries, however, trail Canada, the European Union and the United Kingdom, who, among other international peers, have begun designing and implementing roadmaps to sustainable financial systems. There is significant global momentum around this shift. Jurisdictions around the world are setting out Sustainable Finance roadmaps that realign their regulatory and financial policies to enable the financial system to contribute to, rather than hinder, the transition to a low emissions, resilient, resource efficient, just and inclusive economy.
See:
Who we are
We’ve set up a Leadership Group to set the ambition, vision and objectives of the project. The Leadership Group is supported by a Technical Working Group whose role is to consult on and draft the three key outputs.
Leadership Group members
Ross Pennington Co-Chair
Ross, through his firm Glycon Advisory, is a specialist adviser in sustainable finance, capital markets, infrastructure financing and delivery, fintech, and bank regulation. Since beginning as a commercial analyst at the Treasury, Ross has more than 20 years’ experience as a capital markets and banking lawyer in New Zealand, London and San Francisco, the past 15 of those as a partner in two leading New Zealand law firms.
Ross is co-chair of the Sustainable Finance Forum, a distinguished fellow of the Institute of Finance Professionals NZ, and twice winner of the KangaNews Market Person of the Year.
Bridget Coates Co-Chair
Bridget Coates is an experienced global leader who has built and led businesses in both the United States and New Zealand in recent years. She has held Chairperson, Director and CEO roles across a range of public and private sector entities.
She is currently Co-Chair of the Sustainable Finance Forum implementation team, Chair of Fonterra’s Sustainability Advisory Panel to the Board and Chair of Koi Tu (a think tank based at the University of Auckland). She is also Chairperson of the Real Estate Institute of New Zealand and a Director of Tegel Group Holdings Ltd.
She has been a Governor of the NZ Superannuation Fund and, until recently, she was a Director of the Reserve Bank of New Zealand.
Bridget founded White Cloud Dairy Innovation Ltd., a company exporting dairy products to the United States. Bridget was also the inaugural Chair of THE ICEHOUSE business accelerator and the inaugural Chair of ArcAngels in New Zealand, an angel group focusing on women-led growth companies. She retains a portfolio of early and growth stage investments in the US and in New Zealand.
Bridget has also been a Director of public companies, Sky City Limited and Fisher & Paykel Appliances Holdings Limited. She was formerly CEO of Carter Holt Harvey Plastic Products and Director of Research for CS First Boston NZ Ltd as well as being a Member of the University of Auckland Council.
Bridget has also held Board governance roles with Industry New Zealand / NZTE, a national economic development agency; Competitive Auckland Ltd, a regional economic development organisation; NZ Apple and Pear Marketing Board and Auckland Uniservices Ltd, a technology transfer company. She holds degrees in arts, economics and finance from the University of Auckland and also holds the Chartered Financial Analyst qualification: she is a Chartered Member of Institute of Directors. Bridget was a judge for the CFO of the Year Awards in 2020.
David Woods
David has extensive experience in financial and non-financial boards. He is Deputy Chair of NZ Green Investment Finance, a director of Whai Rawa Fund Ltd, Te Puna Hapori Ltd and of Hiringa Energy Ltd, a trustee of The Gift Trust, former Chair of the Impact Enterprise Fund, and Deputy Chair of the NZ National Advisory Board on Impact Investing. He also sits on two overseas boards for the Aga Khan Foundation as an independent director, First Microfinance Bank Afghanistan, and First Microfinance Company Egypt.
Simone Robbers
Simone is Assistant Governor and General Manager of Governance, Strategy and Corporate Relations. She is responsible for the Bank’s strategic planning and performance function, communications, legal, risk and audit teams, and the Board secretariat.
Simone is also responsible for leading and co-ordinating bank-wide strategies including Climate change, Te Ao Māori and South Pacific remittances.
Simone brings with her a wealth of public and private sector experience, most recently successfully managing the role of Director of Strategy, Risk and Assurance at the Financial Markets Authority, as well as previous experience with the Securities Commission and in the private sector in banking and wealth management, and legal firms.
Rob Campbell
Rob Campbell CNZM, CFInstD, M.Phil. (Economics) is an experienced company director. He often comments and contributes to public debates on issues of sustainability, diversity and equality.
His background includes union advocacy, economic consultancy, fund management, public and private sector governance.
His current directorships include Chair of Ara Ake Ltd, SkyCity Entertainment Group Ltd, Summerset, Tourism Holdings Ltd, WEL Networks and NZ Rural Land Company, and director of Precinct Properties, Ultrafast Fibre Ltd and Serica Balanced Credit Fund (Hong Kong).
John Duncan
John Duncan is Deputy Chair of the Board of Kāinga Ora - Homes and Communities, a crown entity set up under the Kāinga Ora - Homes and Communities Act 2019. John has extensive management experience and experience in global financial markets, including banking and risk management. He is a Deputy Chair of Public Trust and an advisor to Auckland City Council on funding, risk management, balance sheet and capital issues and the Executive Director for the Auckland Investment Office. He is a member of the DIA Governance Board overseeing the Three Waters Reform Programme, and a former Housing New Zealand Board member and Chair of HLC.
John McCarthy
John McCarthy is the Manager of the Tindall Foundation. He has a 30-year background in social and health service delivery and management in the NGO sector. In addition to its annual donations, The Tindall Foundation invests in a range of impact initiatives, including direct investments in social enterprises, impact investment funds, support for iwi/Maori enterprise development, and investment-readiness funding.
How to stay up to date?
If you are interested in being kept up to date with this work, as well as be advised of any opportunities to engage in the Forum’s work, please get in touch here.
Media releases
New Zealand’s Sustainable Finance Forum takes shape (March 31, 2019)
