Morrison Foerster’s MoFo Impact blog provides insights on the latest news, developments, and trends in the impact and social entrepreneurship space. Through MoFo Impact, Morrison Foerster attorneys dedicated to impact investing and social enterprise work offer a real-time assessment of the developments in matters that are shaping the industry. Here, we examine the unique challenges faced by social enterprises and impact investors, including issues related to impact investments, disclosure requirements, hybrid corporate forms, fiduciary duties, and beyond.<h2>ABOUT MORRISON FOERSTER</h2>Morrison Foerster is a leading global law firm that transforms complexity into advantage for its clients. Our clients include some of the largest financial institutions, banks, consulting and accounting firms, and Fortune 100, technology, and life sciences companies. Highlighting the firm’s commitment to client service, leadership in market-changing deals and impact litigation, and values-based culture, Morrison Foerster has been repeatedly recognized as one of the top 10 firms on The American Lawyer’s A-List. Year after year, the firm receives significant recognition from Chambers and The Legal 500 across their various guides, including Global, USA, Asia‑Pacific, Europe, UK, Latin America, and FinTech Legal. Our lawyers passionately care about delivering legal excellence while living our values. Morrison Foerster has a long-standing commitment to creating a culture that respects and celebrates differences, while providing an inclusive environment. The firm has achieved Mansfield Certification Plus since 2018 as a result of successfully reaching at least 30 percent women, communities of color, and LGBTQ+ lawyer representation in a notable number of current leadership roles and committees. The firm also has a long history of commitment to the community and society through providing pro bono legal services, including litigating for civil rights and civil liberties, improving public education and fostering the wellbeing of children, advocating for veterans, promoting international human rights, enforcing the right to asylum, and safeguarding the environment.

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Susan (“Suz”) co-chairs the ESG + Sustainability and Social Enterprise + Impact Investing practices. Her practice focuses on late-stage financings, secondaries, and other corporate transactions for investors, such as SoftBank and Temasek, and on investments for some of the top investors dedicated to impact, from “impact first” foundations to family offices to private equity funds. She co-led the drafting group for the first of the new corporate forms (the Social Purpose Corporation in California), has created hybrid/tandem corporate structures and crafted debt and equity instruments that blend impact with traditional financial terms, and has used corporate law to develop creative capital market solutions to pressing environmental problems. She also advises the boards of public and private companies on corporate governance and fiduciary duties as applied to sustainability and climate change.She was named a California Lawyer Attorney of the Year (CLAY) in 2012 and 2016 by Daily Journal and the Most Innovative Lawyer in North America in 2015 by the Financial Times.Leading Business AdvisorA powerhouse negotiator, clients note that “you cannot get a better corporate counsel” and that Suz “understands the big picture, could not be more responsive, and understands the business” (The Legal 500 US). She has extensive experience providing corporate and finance advice to companies and investors in connection with growth equity financings and secondaries, with particular experience in late-stage investments that have come to rival traditional strategic acquisitions in size and significance. Her experience includes leading some of the highest-profile late-stage investments over the past few years, including notable transactions for SoftBank Group (in the two largest private tender offers in history) in its $7.7 billion investment in Uber, $4.4 billion investment in WeWork, further $10 billion investment in WeWork, $1 billion investment in SoFi, and $250 million investment in Kabbage. She has also advised Temasek on its $800 million investment in Verily Life Sciences, Intel on its equity investment in Cloudera, and each of Fortress, TPG Rise, Vision Ridge Partners, Generation Investment Management, and Pontifax AgTech in numerous mid- to late-stage investments in clean technology, sustainability, education, food, and agriculture technology.Social Enterprise and Impact InvestingSuz is the go-to legal resource for social enterprises (for-profit and non-profit companies focused on social or environmental purpose), impact investors (investors interested in social or environmental returns), and mainstream companies developing environmental, social, and corporate governance policies. With deep expertise in the impact investing model, institutional investors exploring the space turn to her for creative solutions and her ability to structure both investments and companies to emphasize impact and returns.She represents a wide range of investors who are focused on impact, from foundations like the Gates Foundation, The Nature Conservancy, and The Rockefeller Foundation, to family offices like Armonia, Cornerstone Capital, Emerson Collective, New Island Capital, and Omidyar Network, to private equity funds like Goldman Sachs, TPG Rise, Vision Ridge Partners, and Generation Investment Management, in their equity investments in companies and projects that are focused on generating impact and returns for investors. She has deep experience and expertise ensuring energy, sustainability, and other investments have positive impact through the use of new corporate forms, hybrid or “tandem” structures with non-profits and for-profits, and alternative debt and equity instruments.Notable work in this space includes the establishment of a tandem structure, The Carbon Endowment, to retire coal assets at scale while securing a revenue stream for community reinvestment and job training in coal communities. Suz also advised on the structuring of Common Sense Growth as an extension of the non-profit Common Sense Media (to invest in companies that address issues related to children, education, and technology), the establishment of a fund for TPG Rise to provide debt financing to Echoing Green fellows, the spin-out of PRX from Public Radio International (to generate new revenue flows up to the non-profit), the establishment of a for-profit joint venture with non-profit Medicines360 (to allow the non-profit to distribute its healthcare products to women in the developing world), and the structuring of a for-profit evergreen fund that allows The Nature Conservancy to aggregate return-seeking and donor capital in order to invest in preserving our natural resources. She has also advised numerous clients on converting to a public benefit corporation or social purpose corporation model (which requires balancing traditional fiduciary duties against a social or environmental purpose), including This American Life, Revolution Foods, Rise Labs, and Beneficial State Bancorp.Suz also regularly advises boards of directors of private and public companies, special committees, and CEOs on corporate governance, particularly the intersection of fiduciary duties with sustainability, and focuses on environmental, social, and governance issues.Unmatched Cleantech and Renewable Energy ExperienceIn addition to founding and chairing the firm’s Social Enterprise and Impact Investing Group, Suz serves as Chair of Morrison & Foerster’s Energy Group and has extensive experience representing start-up to late stage private companies in the clean technology or sustainability space. She provides corporate and finance advice in connection with equity and debt financings, mergers, acquisitions, asset purchases and sales, reorganizations, and joint ventures. She has experience working with renewable energy start-up companies and renewable energy developers in the solar, wind, and biofuels industries. Suz has assisted renewable energy start up companies with raising venture capital and has advised renewable energy developers on project acquisitions.Suz’s representative renewable energy, cleantech, sustainable, and social enterprise clients include Anaergia, Change.org, EDF Renewables, E.ON, Etsy, First Look, OneSun, Planet Labs, Rising Sun Energy, RSF Social Finance, SustainBio, Trelys, Inc., Wikipedia, and Xpansiv.Board Activity and Thought LeadershipMs. Mac Cormac was a founding board member of the Sustainability Accounting Standards Board (SASB), is a member of the board of directors of Business for Social Responsibility (BSR), the Ceres President’s Council, and the Earth Genome Project, and is an advising board member of the Committee Encouraging Corporate Philanthropy’s Strategic Investor Initiative.She has joined the faculty (teaching on the intersection of sustainability and fiduciary duties) at both the Stanford Director’s College and the Northwestern Corporate Counsel Institute and is an adjunct professor at UC Berkeley School of Law, teaching a course on Social Enterprise.

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Partner

Susan (“Suz”) co-chairs the ESG + Sustainability and Social Enterprise + Impact Investing practices. Her work focuses on advising innovative sustainable companies and investors, with particular expertise on ensuring investments have positive impact through use of new corporate forms, hybrids, alternative debt and equity instruments and disclosure.

Susan (“Suz”) co-chairs the Environmental, Social, and Governance (ESG) and Social Enterprise + Impact Investing practices. Her work focuses on advising innovative sustainable companies and investors, with particular expertise on ensuring investments have positive impact through use of new corporate forms, hybrids, alternative debt and equity instruments and disclosure.

<h5 dir="ltr">As Chair of the firm’s Social Enterprise + Impact Investing and Energy + CleanTech practice groups, I find it uniquely fulfilling to help emerging companies and their investors channel great ideas and good intentions into tangible, positive change.</h5>How I Help: I have extensive experience representing startup to late-stage private companies primarily in the clean technology, renewable energy and sustainability space. I counsel on corporate and finance matters in connection with equity and debt financings, mergers, acquisitions, asset purchases and sales, reorganizations, and joint ventures. I’m frequently called upon for my expertise in new corporate forms, hybrid of “tandem” structures with non-profits and for-profits, and alternative debt and equity instruments. I also regularly advise boards of private and public companies, special committees, and CEOs on corporate governance as it relates to sustainability and CSR.Favorite app or tech product: Strava. I love tracking the miles I run each week.Favorite place for client meetings: A walk in the PresidioLife beyond the law: When I’m not preaching to the world about the power of corporate form, I spend my time outside the office with my three young sons. I currently coach my youngest’s little league team. Go Pirates!

Susan Mac Cormac

Alfredo Silva is a partner in the Transactions Department, co-chair of the firm's Social Enterprise and Impact Investing Group, and a member of the ESG Strategy Committee. Alfredo represents companies and investors in a broad range of corporate and securities law matters, with a focus on businesses in the life sciences, agtech and fintech sectors. Alfredo’s practice includes capital markets transactions, venture capital, growth equity and corporate venture financings, tender offers and other secondary offerings, digital token matters, and mergers and acquisitions. Alfredo also helps clients leverage environmental, social and governance (ESG) factors to evaluate risk and opportunities and to invest responsibly in businesses seeking sustainable growth and impact.In his private company practice, Alfredo has served as company or investor counsel in early- and late-stage financings, minority strategic investments and impact investments in dozens of private companies, including representation of SoftBank and SoftBank Vision Fund in financings with a combined value of over $2 billion, Temasek in its $800 million minority investment in Verily Life Sciences, an Alphabet company, and Visa Ventures in strategic fintech investments around the world.In his public company practice, Alfredo counsels issuers on strategic transactions, such as the stock-for-stock merger of Marrone Bio Innovations, Inc. with Bioceres Crop Solutions Corp, as well as corporate governance and compliance with the U.S. federal securities laws and stock exchange listing standards, including advising on cutting-edge issues with respect to ESG disclosures and materiality assessments.In addition, Alfredo works extensively with nonprofit organizations, providing advice on fiduciary issues, entity formation, structuring and other corporate matters, and assists small businesses pro bono. He incorporated and continues to advise Illuminate, the nonprofit producer of The Bay Lights, a 25,000 LED sculpture on the western span of the San Francisco-Oakland Bay Bridge, in structuring, corporate governance, and project management matters. Alfredo currently chairs the audit committees of the boards of directors of Eat. Learn. Play. Foundation, a charity founded by four-time NBA champion Stephen Curry and The New York Times bestselling author Ayesha Curry to unleash the potential of every child, and Berkeley Repertory Theatre, an international leader in innovative theater whose shows have won eight Tony Awards, nine Obie Awards and a Pulitzer Prize, among many other honors.Alfredo is recognized by The Recorder as a 2013 Lawyer on the Fast Track, in 2014 was the inaugural recipient of the firm’s Kathi Pugh Award for Pro Bono Service, is a 2017 Lawyers Committee for Legal Diversity Fellow, and was the recipient of the American Bar Association’s 2023 National Public Service Award. Alfredo received his B.S. degree, cum laude with distinction, in Engineering Sciences (Chemical) from Yale College in 2004 and received his J.D. degree from Yale Law School in 2008. Alfredo speaks conversational Spanish and Mandarin Chinese, and spent a year at China’s Tsinghua University researching issues in intellectual property protection on a Fulbright Fellowship.

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Alfredo Silva is co-chair of the firms Social Enterprise + Impact Investing practice and member of the firm’s Pro Bono Committee. He represents public and private companies and investors in a broad range of corporate and securities law matters, as well as nonprofit organizations on entity formation, fiduciary issues, and structuring.

Alfredo B. D. Silva represents public and private technology companies and strategic and financial investors in a broad range of capital markets transactions, early- and late-stage financings, and corporate governance matters in a variety of industries, including Life Sciences, Health Tech, FinTech, and SaaS.

Alfredo Silva is co-chair of the Morrison Foerster Social Enterprise + Impact Investing practice and member of the firm’s Pro Bono Committee. He represents public and private companies and investors in a broad range of corporate and securities law matters, as well as nonprofit organizations on entity formation, fiduciary issues, and structuring.

<h5 dir="ltr">My job is to think creatively and balance competing interests to solve complicated problems, and the end result is that the companies I’m working with are able to raise the capital they need to grow, creating and maintaining jobs for others while bringing great products and services to consumers.</h5>How I help: I represent companies throughout their lifecycles, from entity formation to debt and equity financing to exit alternatives, including initial public offerings and mergers and acquisitions. I also counsel investors in venture financing, late stage / growth equity financing, strategic investments, secondary transactions, and impact investments in private companies in a wide variety of industries. Since I have a background in engineering, I get numbers, and often work closely with executives, finance teams, and financial advisors and analysts to model out complex capital structures, financing scenarios, and liquidity events. In doing so, I help clients analyze what’s possible, understand consequences of various transaction structures, and enhance their economics in deals in value from the tens of millions to the billions of dollars.Favorite app or tech product: I spend a lot of time these days checking Coinbase, seeing how the market reacts to developments in the cryptocurrency and blockchain spaces.Favorite place for client meetings: It’s great when you’re close enough with a client to catch up and talk shop at their house!Life beyond the law: Skiing at Lake Tahoe in the winter, weekends in Dolores Park in the summer, and travel to see family and friends in between.

Alfredo B. D. Silva

Benjamin Fox is a partner in the firm’s San Francisco office and a member of the firm’s Social Enterprise and Impact Investing Group. Benjamin’s practice focuses on the representation of clients in corporate and transactional matters, with a focus on investors and companies dedicated to pursuing social or environmental goals alongside financial returns.Benjamin counsels startup to late-stage private companies and venture capital and private equity investors, as well as family offices, private foundations, and public charities in early-stage and late-stage financings, mergers, acquisitions, asset purchases and sales, joint ventures, and hybrid or “tandem” structuring arrangements between nonprofit and for-profit entities. Benjamin has extensive experience working with investors and companies in the climate technology and infrastructure and sustainability space. He regularly advises clients on creative legal structures with respect to aggregating and deploying capital to maximize impact and returns.Benjamin earned his J.D. from the University of California, Berkeley, School of Law (Boalt Hall), with a certificate of specialization in both Environmental Law and Energy and Clean Technology Law. At Boalt, he served as an executive editor of Ecology Law Quarterly, a member of the California Law Review, and a judicial extern for the Honorable Edward M. Chen of the U.S. District Court for the Northern District of California. Benjamin received the Ellis J. Harmon Prize for best legal writing in Environmental Law and Policy and was a NAPABA Law Foundation Scholarship recipient for commitment to serve the Asian Pacific American community.Prior to law school, Benjamin worked for the U.S. Department of Energy in Beijing, China and spent a year at Taiwan’s Tunghai University researching renewable energy and urban development policy on a Fulbright Fellowship. He earned his B.A. with distinction and highest honors from the University of Michigan.

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Benjamin Fox is a partner in the firm’s San Francisco office and a member of the firm’s Social Enterprise and Impact Investing Group. Benjamin’s practice focuses on the representation of clients in corporate and transactional matters, with a focus on investors and companies dedicated to pursuing social or environmental goals alongside financial returns.

Benjamin Fox is an associate in the Morrison Foerster Corporate Department in the San Francisco office. Benjamin is a member of the firm’s Social Enterprise and Impact Investing and Energy and Clean Technology Groups.

<h5 dir="ltr">I feel fortunate to assist companies and investors focused on tackling our most pressing global environmental and social challenges.</h5>How I help: I provide counsel to companies from formation until exit, including in connection with corporate structure and governance, early- and late-stage equity financings, mergers and acquisitions, and joint ventures.  As a member of our Social Enterprise + Impact Investing Group, I frequently advise clients on the legal tools available to promote mission-driven businesses, including attracting non-profit and for-profit capital, and utilizing hybrid non-profit/for-profit structures and new corporate forms.  I also have a particular expertise in the renewable energy sector and work closely with investors, renewable energy developers and cleantech startups on a wide range of corporate matters.Favorite app or tech product: GuitarTuna. It’s pretty good at tuning my guitar.Favorite place for client meetings: At a baseball game. Fenway Park will always be the best, but other stadiums will suffice.Life beyond the law: Enjoying the great outdoors.

Benjamin Fox

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Susan H. Mac Cormac

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Benjamin T.R. Fox

Climate Links: 5/31/2024

Climate Links: 5/17/2024

Climate Links: 5/10/2024

Climate Links: 5/3/2024

Climate Links: 4/26/2024

<ul><li>Insurance companies in California are <a href="https://www.rollingstone.com/politics/politics-news/insurance-companies-bailing-on-california-because-of-wildfire-risk-874579/" target="_blank" rel="noopener noreferrer">choosing not to renew homeowners’ policies</a> because of wildfire risk.</li><li>The KKR Global Impact Fund received a <a href="https://www.barrons.com/articles/ubs-invests-225m-in-kkr-global-impact-01567609886" target="_blank" rel="noopener noreferrer">$225 million investment from UBS</a>.</li><li>A <a href="https://www.wri.org/publication/reducing-food-loss-and-waste-setting-global-action-agenda">new report</a> by the World Resources Institute lays out a global action agenda to solve the world’s food loss and waste problem.</li><li>A Harvard professor explains how the Amazon fires could <a href="https://news.harvard.edu/gazette/story/2019/08/harvard-biologist-discusses-the-environmental-impact-of-the-amazon-fires/" target="_blank" rel="noopener noreferrer">speed climate change</a>.</li><li><a href="https://cen.acs.org/people/profiles/3Ms-chief-sustainability-officer-Gayle-Schueller/97/i33" target="_blank" rel="noopener noreferrer">3M’s chief sustainability officer</a> reveals how the company has integrated recycling and waste prevention into the production of its products.</li><li>Bill Gates explains why he’s backing companies that <a href="https://www.fastcompany.com/90396842/bill-gates-explains-why-hes-backing-companies-that-change-how-we-build" target="_blank" rel="noopener noreferrer">change how we produce materials</a>.</li><li>Nonprofit Conservation International launched a <a href="https://www.fastcompany.com/90396749/this-environmental-nonprofit-just-started-a-venture-fund-to-put-200-million-into-conservation-businesses" target="_blank" rel="noopener noreferrer">$200 million investment fund</a> focused on businesses and people growing economies while conserving natural areas.</li><li>Accion Venture Lab, the seed-stage investment arm of nonprofit Accion, raised $23 million for a new <a href="https://techcrunch.com/2019/09/03/accion-venture-lab-launches-23m-inclusive-fintech-startup-fund/" target="_blank" rel="noopener noreferrer">inclusive fintech startup fund</a>.</li><li>Antoni Ballabriga, BBVA’s Global Head of Responsible Business and Co-Chair of the Global Steering Committee for the United Nations Environment Programme Finance Initiative explains the <a href="https://www.bbva.com/en/younger-generations-are-already-demanding-solutions/" target="_blank" rel="noopener noreferrer">need for sustainable finance</a>.</li></ul>

Impact Links: Homeowners Insurance Affected by Wildfire Risk; KKR Global Impact Fund New Investment; World Resources Institute Agenda to Solve Food Loss; Amazon Fires Speeding Up Climate Change; 3M’s Increasing Commitment to Recycling; Bill Gates on Why He is Backing Manufacturing Companies; Nonprofit Conservation International Launches $200M Investment Fund; Accion Venture Lab Raising for Inclusive Fintech Startup Fund; Antoni Ballabriga Explains the Need for Sustainable Finance

Impact Links: Homeowners Insurance Affected by Wildfire Risk; KKR Global Impact Fund New Investment; World Resources Institute Agenda to Solve Food Loss; Amazon Fires Speeding Up Climate Change; 3M’s Increasing Commitment to Recycling; Bill Gates on

Insurance companies in California are choosing not to renew homeowners’ policies because of wildfire risk. The KKR Global Impact Fund received a $225 million in

Impact Links: Homeowners Insurance Affected by Wildfire Risk; KKR Global Impact Fund New Investment; World Resources Institute Agenda to Solve Food Loss; Amazon Fires Speeding Up Climate Change; 3M’s Increasing Commitment to Recycling; Bill Gates on

<ul><li>Fortune released its 2019 <a href="https://fortune.com/change-the-world/2019" target="_blank" rel="noopener noreferrer">Change the World</a> list of 52 companies using their business to help the planet.</li><li>Apollo Global Management jumps into impact investing with a <a style="font-size: 1rem;" href="https://www.bloomberg.com/news/articles/2019-08-16/apollo-jumps-into-impact-investing-with-plan-to-raise-1-billion" target="_blank" rel="noopener noreferrer">$1 billion debut social impact fund</a>.</li><li>In his latest Forbes piece, Bob Eccles discusses the importance of the transportation sector to the sustainable development goals.</li><li><a style="font-size: 1rem;" href="https://www.ft.com/content/7c40cdfc-b528-11e9-bec9-fdcab53d6959" target="_blank" rel="noopener noreferrer">Artificial intelligence technology</a> and data scientists are helping investors pursue sustainable investment strategies. </li><li>Japan is considering a pledge of $8.6 billion to the United Nations Sustainable Development Goals, with a focus on disaster reduction, health care, and education.</li><li>How did Portugal become the epicenter of <a style="font-size: 1rem;" href="https://fortune.com/longform/portugal-wine-industry-sustainability" target="_blank" rel="noopener noreferrer">sustainability for the wine industry</a>? Learn about the Porto Protocol, a commitment to action by members of the wine industry.</li><li>The <a style="font-size: 1rem;" href="https://www.cnbc.com/2019/08/19/the-worlds-largest-all-electric-ferry-completes-maiden-voyage.html" target="_blank" rel="noopener noreferrer">world’s largest all-electric</a> ferry completed its maiden voyage and is expected to be fully operational by September.</li></ul>

Impact Links: Fortune 2019 Change the World List; Apollo Global Management Debut Social Impact Fund; The Transportation Sector in Sustainable Development Goals; AI in Sustainable Investment; Japan’s Pledge to UNSDG; Portugal’s Sustainable Wine Industry; World’s Largest All-Electric Ferry Completed Maiden Voyage

Impact Links: Fortune 2019 Change the World List; Apollo Global Management Debut Social Impact Fund; The Transportation Sector in Sustainable Development Goals; AI in Sustainable Investment; Japan’s Pledge to UNSDG; Portugal’s Sustainable Wine Indus

Fortune released its 2019 Change the World list of 52 companies using their business to help the planet. Apollo Global Management jumps into impact investing wi

Impact Links: Fortune 2019 Change the World List; Apollo Global Management Debut Social Impact Fund; The Transportation Sector in Sustainable Development Goals; AI in Sustainable Investment; Japan’s Pledge to UNSDG; Portugal’s Sustainable Wine Indus

<ul><li>How can you tell if your investment is really responsible? The Washington Post provides an overview of ESG ratings.</li><li>Procter & Gamble’s chief sustainability officer explains how she is making sustainability “irresistible” in a new piece in Forbes.</li><li>A <a href="https://news.stanford.edu/2019/08/12/race-influences-professional-investors-judgments/">new study</a> led by a Stanford psychologist and Illumen Capital found that venture capital funds led by people of color face more bias the better they perform.</li><li>The city of Helsinki launched Think Sustainably, the world’s first app enabling residents and visitors to make informed daily choices and rate restaurants, attractions, shops, and accommodations using bespoke sustainability criteria.</li><li>Is this warehouse in the Netherlands the world’s <a href="https://www.bbc.com/news/science-environment-49130995">most sustainable industrial building</a>?</li><li>Seven things to know about the Intergovernmental Panel on Climate Change’s <a href="https://sustainablebrands.com/read/defining-the-next-economy/7-things-to-know-about-the-ipcc-s-special-report-on-climate-change-and-land">new report</a> on climate change and land.</li><li>Climate risk mitigation is changing the corporate world, presenting both <a href="https://www.bizjournals.com/bizjournals/how-to/growth-strategies/2019/08/climate-change-as-viewed-from-the-suite-mitigation.html">risk and opportunity</a>.</li></ul>

Impact Links: ESG Ratings; P&G Interviews; Stanford Study Shows Racial Bias in VC; Helsinki Sustainability App; World’s Most Sustainable Industrial Building; IPCC Climate Change Report; Climate Change and the Corporate World

How can you tell if your investment is really responsible? The Washington Post provides an overview of ESG ratings. Procter & Gamble’s chief sustainability offi

Impact Links: ESG Ratings; P&G Interviews; Stanford Study Shows Racial Bias in VC; Helsinki Sustainability App; World’s Most Sustainable Industrial Building; IPCC Climate Change Report; Climate Change and the Corporate World

<ul><li><a href="https://www.cnbc.com/2019/07/29/morgan-stanley-offers-new-tool-to-let-advisors-measure-esg-goals.html">Morgan Stanley announced a new tool</a> to help financial advisors and their clients’ measure sustainable investment performance, allowing the prioritization of selected environmental, social and governance interests and alignment with the United Nations Sustainable Development Goals.</li><li><a href="https://www.pionline.com/money-management/schroders-grows-impact-investing-strategy-majority-stake-blueorchard">Schroders expanded its impact investing strategy</a> through its acquisition of a majority stake in Swiss impact investor BlueOrchard.</li><li>New data from Morning Star show record-breaking flows into sustainable funds in the U.S. Sustainable funds attracted $8.9 billion in H1 2019, surpassing the $5.5 billion in net flows for all of 2018.</li><li>A recent report by the <a href="https://www.brookings.edu/blog/africa-in-focus/2019/07/29/africa-and-the-sustainable-development-goals-a-long-way-to-go/">Sustainable Development Goals Center for Africa</a> reveals minimal progress has been made in Africa toward the UN’s Sustainable Development Goals.</li><li>A consortium of companies in the forestry sector published <a href="https://www.wbcsd.org/Sector-Projects/Forest-Solutions-Group/Resources/Forest-Sector-SDG-Roadmap">The Forest Sector Roadmap</a>, aiming to help companies develop sustainable forest management strategies.</li><li>In a piece for The Atlantic, Columbia University professor Adam Tooze discusses how <a href="https://www.theatlantic.com/science/archive/2019/08/how-fed-could-fight-climate-change-adam-tooze/595084/">climate change could trigger the next global financial crisis</a>.</li><li>A new analysis by Zillow and Climate Central show 800,000 existing homes in the U.S. worth $451 billion are at grave risk of flooding by 2050.</li></ul>

Impact Links: Morgan Stanley Impact Quotient; Shroders acquires BlueOrchard; Morning Star sustainable fund data; Africa lags in SDGs progress; Forest Sector Roadmap; Climate change and the global economy; Sea rise threatens 800,000 U.S. homes.

Morgan Stanley announced a new tool to help financial advisors and their clients’ measure sustainable investment performance, allowing the prioritization of sel

Impact Links: Morgan Stanley Impact Quotient; Shroders acquires BlueOrchard; Morning Star sustainable fund data; Africa lags in SDGs progress; Forest Sector Roadmap; Climate change and the global economy; Sea rise threatens 800,000 U.S. homes.

<ul><li>The EY Center for Board Matters’ 2019 Proxy Season Review report revealed <a href="https://www.directorsandboards.com/news/5-key-esg-proxy-season-takeaways" target="_blank" rel="noopener noreferrer">gender diversity and sustainability were among the main governance concerns</a>.</li><li>The $50 million <a href="https://www.cnbc.com/2019/07/18/what-is-a-rhino-bond-here-is-all-you-need-to-know.html" target="_blank" rel="noopener noreferrer">Rhino Impact Bonds</a> (RIB), the first financial instrument working toward the conservation of a species at risk of extinction, will launch in 2020.</li><li>Unless progress is accelerated, Asia and the Pacific are on course to <a href="https://news.un.org/en/story/2019/07/1042741" target="_blank" rel="noopener noreferrer">miss all 17 of the 2030 UN Sustainable Development Goals</a>.</li><li>The Climate Emergency Fund, backed by several high-profile philanthropists, was recently launched to fund new climate activist groups.</li><li>Three female business and tech leaders shared thoughts on how <a href="https://www.vanityfair.com/news/2019/07/technology-sustainability-panel" target="_blank" rel="noopener noreferrer">sustainability is revolutionizing the tech world</a> with Vanity Fair.</li><li><a href="https://www.bloomberg.com/opinion/articles/2019-07-25/moody-s-links-with-four-twenty-seven-to-price-climate-risk" target="_blank" rel="noopener noreferrer">Moody’s purchase of Four Twenty Seven,</a> a climate data firm, could signal a shift in how markets price climate change risks.</li></ul>

Impact Links: EY Proxy Season Review Report; Rhino Impact Bonds; UN SDGs; Climate Emergency Fund; Moody’s Buys Climate Data Firm

The EY Center for Board Matters’ 2019 Proxy Season Review report revealed gender diversity and sustainability were among the main governance concerns. The $50 m

Impact Links: EY Proxy Season Review Report; Rhino Impact Bonds; UN SDGs; Climate Emergency Fund; Moody’s Buys Climate Data Firm

<ul><li><a href="https://environment-analyst.com/mis/79875/congress-rejects-more-rigorous-esg-reporting-rules" target="_blank" rel="noopener noreferrer">U.S. Congress rejected a proposal to align ESG reporting requirements</a> with the more rigorous standards applied in Europe.</li><li>Bob Eccles discusses the “R-Factor” as a possible <a href="https://www.forbes.com/sites/bobeccles/2019/07/16/can-the-r-factor-help-lead-to-a-market-based-solution-for-esg-reporting-standards/#7609ab5e414d" target="_blank" rel="noopener noreferrer">market-based solution for ESG reporting standards</a>.</li><li>An NFL player retired at age 30 and launched a <a href="https://www.forbes.com/sites/kurtbadenhausen/2019/07/15/titans-linebacker-derrick-morgan-retires-from-nfl-and-launches-200-million-opportunity-zone-fund/" target="_blank" rel="noopener noreferrer">$200 million Opportunity Zone fund</a>.</li><li>A seafood company in Vietnam hopes to scale the sustainability of 20,000 shrimp farms through a new approach called <a href="https://www.forbes.com/sites/maisieganzler/2019/07/17/the-vietnam-seafood-industry-seeks-to-scale-up-sustainability-shrimp-farm-by-farm/#20f32b3d18db" target="_blank" rel="noopener noreferrer">The Partnership Assurance Model</a>.</li><li>The president and CEO of KLM describes the airline’s new <a href="https://www.cnbc.com/video/2019/07/16/klm-chief-we-have-to-take-sustainability-to-the-next-level.html" target="_blank" rel="noopener noreferrer">“Fly Responsibly” campaign</a>, which encourages passengers to consider more sustainable forms of transport when it comes to short-haul travel.</li><li>Fast-fashion retailer <a href="https://www.vogue.com/article/zara-sustainable-initiatives" target="_blank" rel="noopener noreferrer">Zara announced several sustainability initiatives</a>, including changes to its supply chain, eliminating single-use plastics, and complete adoption of green-only packaging.</li><li><a href="https://www.forbes.com/sites/devinthorpe/2019/07/05/using-biomimicry-this-activist-is-turning-impact-investing-upside-down-to-erase-racial-wealth-gaps/#68f32b242d42" target="_blank" rel="noopener noreferrer">Boston Impact Initiative Fund</a> is applying biomimicry principles to its impact investment strategy to fight racial wage gaps.</li></ul>

Impact Links: Congress Rejects ESG Reporting Proposal; R-factor as an ESG Reporting Solution; NFL Player’s $200m Opportunity Zone Fund; KLM’s and Zara’s Sustainability Plans; Seafood Farm Sustainability; Impact Investment Through Biomimicry

U.S. Congress rejected a proposal to align ESG reporting requirements with the more rigorous standards applied in Europe. Bob Eccles discusses the “R-Factor” as

Impact Links: Congress Rejects ESG Reporting Proposal; R-factor as an ESG Reporting Solution; NFL Player’s $200m Opportunity Zone Fund; KLM’s and Zara’s Sustainability Plans; Seafood Farm Sustainability; Impact Investment Through Biomimicry

<ul><li><a href="https://knowledge.wharton.upenn.edu/article/whats-next-for-impact-investing/" target="_blank" rel="noopener noreferrer">What new challenges lie ahead for impact investing?</a> Antony Bugg-Levine of the Nonprofit Finance Fund and Durreen Shahna of the Impact Investment Exchange discuss them on the Knowledge@Wharton podcast.</li><li>Forbes recently published its “<a href="https://www.forbes.com/sites/rhettpower/2019/06/30/best-books-for-social-entrepreneurs/#76b9598316fa" target="_blank" rel="noopener noreferrer">Best Books for Social Entrepreneurs</a>” list.</li><li>A recent study by NYU Stern’s Center for Sustainable Business revealed that <a href="https://hbr.org/2019/06/research-actually-consumers-do-buy-sustainable-products" target="_blank" rel="noopener noreferrer">consumer demand for sustainable products is rising</a>.</li><li>A recent <a href="https://ssir.org/articles/entry/foundations_can_unlock_a_food_system_to_feed_the_world" target="_blank" rel="noopener noreferrer">Stanford Social Innovation Review</a> piece explains why small farmers and food businesses are essential to building a resilient food system, and how foundations are taking a new approach to food-system finance.</li><li>A new green finance strategy would require British public companies and pension funds to <a href="https://uk.reuters.com/article/uk-climatechange-financial-disclosure/british-companies-pension-funds-may-have-to-report-climate-risks-idUKKCN1TX1AC" target="_blank" rel="noopener noreferrer">disclose climate change risks</a> their businesses face by 2022.</li><li>The Brookings Institution published a new report on <a href="https://www.brookings.edu/research/the-promise-of-impact-investing-in-india/" target="_blank" rel="noopener noreferrer">the promise of impact investing in India</a>.</li><li>New York State’s $210 billion retirement fund for state employees will reduce investments that could lose value due to climate change and invest more in companies fighting climate change as part of its <a href="https://osc.state.ny.us/pension/climate-action-plan-2019.pdf" target="_blank" rel="noopener noreferrer">Climate Action Plan 2019</a>.</li></ul>

Impact Links: Best Books for Social Entrepreneurs; The Promise of Impact Investing in India; NY’s Climate Action Plan; Consumers Prefer Sustainable Products; Food-System Finance; Britain Requires Climate Change Disclosures by 2022

What new challenges lie ahead for impact investing? Antony Bugg-Levine of the Nonprofit Finance Fund and Durreen Shahna of the Impact Investment Exchange discus

Impact Links: Best Books for Social Entrepreneurs; The Promise of Impact Investing in India; NY’s Climate Action Plan; Consumers Prefer Sustainable Products; Food-System Finance; Britain Requires Climate Change Disclosures by 2022

On July 17, MoFo Impact’s Todd Boudreau will moderate “No Longer ‘Alternative’: Building a Diverse Impact Theme Portfolio Through Private Equity” at the Impact Capitalism Summit Nantucket. The <a href="https://impactcapitalismne.com/" target="_blank" rel="noopener noreferrer">Impact Capitalism Summit</a> is a large convening of investors focused on maximizing impact and maximizing return.

Todd Boudreau to Speak at Impact Capitalism Summit Nantucket

On July 17, MoFo Impact’s Todd Boudreau will moderate “No Longer ‘Alternative’: Building a Diverse Impact Theme Portfolio Through Private Equity” at the Impact 

Todd Boudreau to Speak at Impact Capitalism Summit Nantucket

<ul><li>A <a href="https://www.cdp.net/en/articles/media/worlds-biggest-companies-face-1-trillion-in-climate-change-risks" target="_blank" rel="noopener noreferrer">new report</a> by UK nonprofit CDP reveals 215 of the world’s biggest companies face almost $1 trillion in climate change risks, with many likely to hit within the next five years.</li><li>The Global Impact Investing Network (GIIN) released its <a href="https://thegiin.org/research/publication/impinv-survey-2019" target="_blank" rel="noopener noreferrer">annual impact investor survey</a> reflecting 266 respondents managing $239 billion in impact investing assets.</li><li>New York lawmakers agreed to pass the <a href="https://electrek.co/2019/06/19/new-york-climate-bill-2050/" target="_blank" rel="noopener noreferrer">Climate Leadership and Community Protection Act</a>, the most comprehensive and aggressive climate change legislation in the nation, aiming to reduce greenhouse gas emissions 85% by 2050.</li><li>Fashion label Ralph Lauren announced its new sustainability strategy, Design the Change. The company released five new sustainability goals, named its first chief sustainability officer, and expanded its Nominating & Governance Committee to include oversight of environmental and social risks and opportunities.</li><li>More business schools are offering courses on sustainable finance in which students learn how to evaluate a company based on its ESG performance. <a href="https://www.wsj.com/articles/sustainable-finance-goes-to-business-school-11560219120" target="_blank" rel="noopener noreferrer">The Wall Street Journal</a> details programs at UC Berkeley’s Haas School of Business, NYU Stern School of Business, Harvard Business School, and London Business School.</li><li>Is your home at risk of flooding? The data is hard to find. First Street, a nonprofit advocating for improved flood disclosure, is <a href="https://www.wsj.com/articles/is-your-home-at-risk-of-flooding-the-data-is-hard-to-find-11560418204?mod=hp_lead_pos11" target="_blank" rel="noopener noreferrer">assembling a comprehensive database on flood history and flood risk</a> for homes in the U.S.</li><li>The Federal Reserve Bank of San Francisco wants banks to get extra credit under the Community Reinvestment Act for making loans that help communities adapt to climate change and prepare for future natural disasters.</li><li>Bloomberg recently profiled “<a href="https://www.bloomberg.com/news/articles/2019-06-09/harvard-course-helps-rich-millennials-do-good-and-make-money" target="_blank" rel="noopener noreferrer">Impact Investing for the Next Generation</a>, ” a course offered by Harvard and the University of Zurich, in collaboration with the World Economic Forum, targeted at extremely wealthy millennials around the world.</li></ul>

Impact Links: CDP Report on climate risk; GIIN Annual Survey; Ralph Lauren Sustainability Strategy; Biz Schools Take on Impact Investing; New Flood Risk Database

A new report by UK nonprofit CDP reveals 215 of the world’s biggest companies face almost $1 trillion in climate change risks, with many likely to hit within th

Impact Links: CDP Report on climate risk; GIIN Annual Survey; Ralph Lauren Sustainability Strategy; Biz Schools Take on Impact Investing; New Flood Risk Database

Four years after Delaware first enacted its Public Benefit Corporation (PBC) statute, the state has taken another step forward in advancing legal entity forms for social enterprises. In August 2018, Delaware added a new legal entity to its code: the Public Benefit Limited Liability Company, or PBLLC.

Introducing the Public Benefit LLC

Four years after Delaware first enacted its Public Benefit Corporation (PBC) statute, the state has taken another step forward in advancing legal entity forms f