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City Hive, the independent organisation which partners with companies to help them meet their sustainability responsibilities in creating a more diverse, equitable and inclusive corporate culture, has today announced that they will be launching the Action, Culture and Transparency kitemark (ACT). The ACT kitemark allows companies across the investment management industry to truly address, assess and catalyse an improvement in the culture within their own organisation, along with the wider investment industry, and ultimately in the companies that they invest in.
Bhavini ‘Bev’ Shah, Chief Executive, City Hive: “While there has been progress in recent years by firms engaging with and holding the companies they invest in accountable on diversity, inclusion, equality and culture, there has been no industry standard or measurable way to address these issues across the investment management industry. The ACT kitemark establishes an industry agreement regarding the need for a collective vision of change. We as an industry must ensure that we are beyond reproach by meeting the same improved and inclusive culture standards that we hold the companies we invest in to. Moreover, the ACT kitemark establishes diversity and inclusion as a business objective from the top down and will help bring an end to the greenwashing of these imperative issues that is currently taking place by firms”.
The ACT kitemark was developed by Chief Executive Bev Shah and Chief Strategist Mandy Kirby. Shah is an experienced multi manager and fund analyst, having previously worked for Aviva Investors and HSBC Investments, with a proven history for high calibre qualitative and quantitative due diligence analysis in assessing and monitoring current and prospective external managers, investment teams, investment processes and firms. Kirby was part of the leadership team at the UN supported Principles for Responsible Investment and Director of Reporting Assessment and Accountability, responsible for disclosure, collaboration and coordination with global reporting and standard setting bodies including GRI, SASB, IIRC, WBCSD, CDP, AOPD to drive improvements in reporting and disclosure about sustainability information and improve responsible investment standards. Kirby focussed on encouraging disclosure and improving the quality of information on ESG factors, including their integration into investment decisions.
Mandy Kirby, Chief Strategist, City Hive: “Corporate culture is the heart and soul of every company. Superficial materials such as company websites, brochures, marketing materials and company accounts are often the only way for asset owners and investors to assess corporate culture, diversity and inclusion - these are woefully inadequate. We need to future- proof the investment management industry and that means we need to truly assess, measure and improve corporate culture across the industry. This cannot be done by using ESG frameworks, rankings and marks as a proxy to measure corporate culture and diversity and inclusion.”
The ACT kitemark encompasses the six pillars which are core to City Hive’s mission to implement, measure and catalyse change across the industry, both internally and externally.
- Change
- Integrity
- Commitment
- Engagement
- Culture
- Talent
The pillars are split into two classes, outward looking - focussed on an industry vision of progress (Change, Integrity and Commitment) and inward looking to cover both policy and individual responsibility (Engagement, Culture and Talent). Each pillar has a C-level responsibility for oversight across business functions, recommended guidance areas and questions. It also specifies good practice and relevant initiatives to help catalyse change internally.
Shah concluded: “Creating greater diversity should be a priority and business objective for organisations to help them meet their sustainability responsibilities. Industry wide codes and charters do not work, they are aspirational, but do not set benchmarks. Companies need to be held accountable, but without measurable results and an industry standard, there is no way to demonstrate genuine, impactful change internally or externally. The ACT kitemark is a harbinger of change for the industry to create greater diversity, equality and inclusion. Moreover, it will help bring an end to the greenwashing of diversity and inclusion. We must be the change that we want to see, and we are demanding it from the industry. Change is happening now.”
https://www.cityhive.co.uk/actkitemark/
