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Snowball, a top scoring B-Corporation impact investment platform, has released its inaugural engagement survey. The results highlight the need for fund managers to focus on measurable outcomes, not just box-checking exercises when it comes to diversity, equity & inclusion (DEI) – an issue that persists even at the quality end of the impact investment sector.
Snowball’s proprietary impact framework means it invests only in best-in-class fund managers, to which it put 60 survey questions covering DEI, nature & biodiversity, and net zero. The survey – conducted as part of Snowball’s fourth Impact Report – shows fund managers are treating climate-related matters with increasing seriousness. Responsibility for climate initiatives is often delegated to specific individuals or teams, with close oversight from senior executives, committees, or boards to ensure accountability.
Progress on DEI was more sluggish. The survey found that although 92 percent of fund managers have a formal DEI policy in place, only 10 percent of senior team members come from minorised groups and only 28 percent of senior leaders are women. This still compares favourably with a report published by the British Private Equity & Venture Capital Association which found that only 12 percent of investment trust managers in the UK are women (the Association of Investment Companies, 2024).
Snowball itself sets a standard here: it is led by female CEO with an ethnic minority background, and more than 50 percent* of its senior leadership, board and investment decision makers are women.
On average, 10 percent of senior team members in Snowball’s survey are individuals from racially or ethnically minoritised groups. Some European managers noted that GDPR regulations restrict them from collecting data on diversity characteristics beyond gender and nationality.
Daniela Barone Soares, CEO at Snowball, comments: “DEI isn’t a fashion—it’s a commercial imperative. Embracing diversity, equity, and inclusion isn’t about making concessions, it’s about unlocking untapped potential, driving better decisions, and gaining a competitive edge. Despite the present political backlash and even shifting policies, fund managers must see this moment as an opportunity to lead, not retreat. It’s not just where capital goes that matters, but who controls it.”
Managing an accreditation avalanche
Fund managers across Snowball’s portfolio have committed to a wide range of initiatives. Twenty-three managers representing 27 funds had collectively signed up to 42 standards and initiatives related to DEI, 19 related to net zero, and 23 related to nature and biodiversity. However, a key finding was the lack of correlation between DEI initiatives and outcomes.
Snowball’s own impact framework prioritises substance over external validation, placing emphasis on tangible outcomes rather than the accumulation of accreditations. This includes:
- Maintaining open and regular dialogue with fund managers.
- Publishing transparent impact surveys that go beyond box-ticking exercises to examine culture, equity, and systemic change.
- Evaluating mainstream benchmarks and incorporating only those that align with Snowball’s impact goals.
Barone Soares comments: “It’s commendable that managers are engaging with industry standards and certification schemes, but the sheer volume of commitments can obscure what real success looks like.
“It’s crucial to focus not just on activities but on tangible outcomes. Through rigorous due diligence and meaningful conversations, we delve into intent, values, mission, and genuine behaviours. This allows us to clearly discern whether a manager is truly concerned about moving the dial on these topics.”
Snowball’s survey continues its track record of publishing transparent, data-based analysis of its own practices and those of its underlying managers and companies – part of its mission to drive collaboration and improvement in the investment sector.
