1 00:00:03,480 --> 00:00:06,059 Sean Aylmer: Welcome to the Fear and Greed Daily Interview, I'm Sean 2 00:00:06,309 --> 00:00:10,200 Sean Aylmer: Aylmer. Investors are increasingly using their money to make a 3 00:00:10,200 --> 00:00:14,210 Sean Aylmer: difference, particularly on issues relating to the environment. But now, 4 00:00:14,210 --> 00:00:17,169 Sean Aylmer: a new fund has launched that aims to improve gender 5 00:00:17,260 --> 00:00:20,770 Sean Aylmer: equality right around the world while still delivering returns for 6 00:00:20,770 --> 00:00:25,800 Sean Aylmer: investors. The GII Global Gender Equality Fund is the first 7 00:00:25,800 --> 00:00:28,460 Sean Aylmer: of its kind in the world and already has investor 8 00:00:28,460 --> 00:00:33,010 Sean Aylmer: commitments of around $ 300 million. GII stands for Global Impact 9 00:00:33,010 --> 00:00:37,010 Sean Aylmer: Initiative and the CEO is Giles Gunesekera. Giles, welcome to 10 00:00:37,010 --> 00:00:37,589 Sean Aylmer: Fear and Greed. 11 00:00:37,920 --> 00:00:39,150 Giles Gunesekera: Thanks very much for having me, Sean. 12 00:00:39,570 --> 00:00:42,440 Sean Aylmer: So tell me about the fund. What's it trying to do and who's 13 00:00:42,440 --> 00:00:43,300 Sean Aylmer: it trying to invest in? 14 00:00:43,729 --> 00:00:47,290 Giles Gunesekera: Yeah, so the fund is the world's first actively managed 15 00:00:47,290 --> 00:00:50,820 Giles Gunesekera: impact fund for women and girls. There's a number of 16 00:00:50,920 --> 00:00:55,780 Giles Gunesekera: actively managed impact funds for women, but this is the 17 00:00:55,780 --> 00:00:59,550 Giles Gunesekera: first that takes into account both women and girls. And 18 00:00:59,550 --> 00:01:02,420 Giles Gunesekera: how it does it, Sean, is firstly, what we do 19 00:01:02,420 --> 00:01:07,319 Giles Gunesekera: is we screen out alcohol, gaming, tobacco, weapons, fossil fuels, and 20 00:01:07,319 --> 00:01:11,440 Giles Gunesekera: adult entertainment, plus controversial medicines and a few other areas. 21 00:01:11,740 --> 00:01:14,500 Giles Gunesekera: What we then do is we apply a gender lens to 22 00:01:14,500 --> 00:01:18,220 Giles Gunesekera: the portfolio, and that is looking at companies that have 23 00:01:18,220 --> 00:01:20,280 Giles Gunesekera: a high percentage of women on the board, women in 24 00:01:20,280 --> 00:01:24,880 Giles Gunesekera: senior management, companies with family- friendly policies, companies that are 25 00:01:24,880 --> 00:01:28,450 Giles Gunesekera: working towards pay parity, a whole range of quantitative and 26 00:01:28,450 --> 00:01:33,920 Giles Gunesekera: qualitative characteristics. And what comes out is a globally diversified 27 00:01:33,980 --> 00:01:38,770 Giles Gunesekera: portfolio and diversified by sector, diversified by geography. And it's 28 00:01:38,770 --> 00:01:42,380 Giles Gunesekera: global and has a gender lens that is overlaid on 29 00:01:42,380 --> 00:01:43,280 Giles Gunesekera: top of the portfolio. 30 00:01:43,520 --> 00:01:46,080 Sean Aylmer: Okay. A couple of things I want to jump in there. Is 31 00:01:46,140 --> 00:01:50,910 Sean Aylmer: the theory behind it that if you actually enable women 32 00:01:50,910 --> 00:01:54,070 Sean Aylmer: and girls as well as men in a company, you're 33 00:01:54,070 --> 00:01:56,330 Sean Aylmer: going to get a better result because sort of more 34 00:01:56,330 --> 00:01:58,910 Sean Aylmer: heads trying to work out which way a company should 35 00:01:58,910 --> 00:02:01,200 Sean Aylmer: go is a better thing. So sort of opening it 36 00:02:01,200 --> 00:02:03,890 Sean Aylmer: up to everyone in society. I'm just trying to think 37 00:02:03,890 --> 00:02:07,940 Sean Aylmer: the philosophical underpinning in terms of an investment philosophy as opposed 38 00:02:07,940 --> 00:02:09,200 Sean Aylmer: to it's just the right thing to do. 39 00:02:09,650 --> 00:02:12,220 Giles Gunesekera: Yeah, no, it's a really good question. So there's two 40 00:02:12,220 --> 00:02:15,810 Giles Gunesekera: very clear and distinct responses to that question. So firstly, 41 00:02:16,130 --> 00:02:21,070 Giles Gunesekera: from a philosophical perspective, there is 50% of the population 42 00:02:21,070 --> 00:02:24,510 Giles Gunesekera: that don't get the same opportunities as the other 50%, 43 00:02:24,510 --> 00:02:28,639 Giles Gunesekera: and that's obviously women. So philosophically, we have structured the 44 00:02:28,639 --> 00:02:31,779 Giles Gunesekera: fund to try to bridge that gap. But secondly, the 45 00:02:31,780 --> 00:02:37,639 Giles Gunesekera: research is overwhelming that the greater diversity you bring into the boardroom, 46 00:02:37,970 --> 00:02:42,460 Giles Gunesekera: into the workplace, into any organisation and particularly if that 47 00:02:42,460 --> 00:02:45,660 Giles Gunesekera: diversity is by gender, the better decisions that are made. 48 00:02:45,770 --> 00:02:48,690 Sean Aylmer: Yeah. Okay. So the other thing, you mentioned a number 49 00:02:48,690 --> 00:02:52,169 Sean Aylmer: of sectors that you screen out to begin with. Some 50 00:02:52,169 --> 00:02:54,750 Sean Aylmer: of those I understand on ESG grounds, which probably this 51 00:02:54,750 --> 00:02:56,840 Sean Aylmer: is part of, so maybe I'm answering my own question, 52 00:02:57,200 --> 00:03:01,190 Sean Aylmer: but why is gaming, for example, screened out. I understand 53 00:03:01,210 --> 00:03:03,639 Sean Aylmer: some medicines and those things, but not gaming necessarily. 54 00:03:04,260 --> 00:03:10,310 Giles Gunesekera: Yeah. The underlying premise of gaming is to win from 55 00:03:10,310 --> 00:03:14,240 Giles Gunesekera: a company's perspective. So, yes, a number of the games 56 00:03:14,240 --> 00:03:18,510 Giles Gunesekera: are based on chance, but ultimately the house wins. And 57 00:03:18,510 --> 00:03:24,109 Giles Gunesekera: we've seen from a social perspective that gaming does prey 58 00:03:24,160 --> 00:03:28,739 Giles Gunesekera: on the low to middle socioeconomic groups. So you've got 59 00:03:28,740 --> 00:03:31,490 Giles Gunesekera: companies that are basically set up to win and they are 60 00:03:31,490 --> 00:03:34,040 Giles Gunesekera: preying on people that can't afford it. So that's one 61 00:03:34,040 --> 00:03:37,680 Giles Gunesekera: of the reasons why gaming is screened out from the portfolio. 62 00:03:38,020 --> 00:03:42,400 Sean Aylmer: Yeah, okay. So the Global Impact Initiative, it's more than just screening 63 00:03:42,400 --> 00:03:46,090 Sean Aylmer: for women and girls, though that's sort of its central 64 00:03:46,090 --> 00:03:48,640 Sean Aylmer: focus, it's also an ESG style fund. 65 00:03:49,030 --> 00:03:52,500 Giles Gunesekera: Yeah. Look, Global Impact Initiative as a business, Sean, has 66 00:03:52,500 --> 00:03:56,040 Giles Gunesekera: five main pillars that we work under. So that's gender 67 00:03:56,040 --> 00:04:01,990 Giles Gunesekera: equality, indigenous communities, health, affordable housing, and climate. So gender 68 00:04:01,990 --> 00:04:05,220 Giles Gunesekera: equality, although it's a standalone pillar, it actually permeates across 69 00:04:05,220 --> 00:04:08,780 Giles Gunesekera: everything that we do. So we have two very distinct 70 00:04:08,780 --> 00:04:11,360 Giles Gunesekera: parts to our business. One is setting up funds like 71 00:04:11,360 --> 00:04:14,670 Giles Gunesekera: the Global Impact Initiative Gender Equality Fund. And then we're 72 00:04:14,670 --> 00:04:17,320 Giles Gunesekera: also brought in to help set up funds on behalf 73 00:04:17,320 --> 00:04:20,669 Giles Gunesekera: of fund managers or not- for- profits or social enterprises 74 00:04:20,940 --> 00:04:24,710 Giles Gunesekera: where they will bring us in to help them set 75 00:04:24,710 --> 00:04:27,010 Giles Gunesekera: up the fund, measure the social impact, measure it to 76 00:04:27,010 --> 00:04:30,839 Giles Gunesekera: the UN sustainable development goals, and maintain an ongoing involvement 77 00:04:31,390 --> 00:04:34,300 Giles Gunesekera: in that. So yeah, we have those two very distinct 78 00:04:34,300 --> 00:04:37,630 Giles Gunesekera: roles, but it's all united, really, by that one premise, 79 00:04:37,630 --> 00:04:41,279 Giles Gunesekera: which is how do we mainstream impact investing and how 80 00:04:41,279 --> 00:04:42,020 Giles Gunesekera: do we do it at scale? 81 00:04:42,720 --> 00:04:45,810 Sean Aylmer: Okay. So I understand what you're doing now. Will it 82 00:04:45,810 --> 00:04:49,060 Sean Aylmer: make a difference to gender equality in the medium term, 83 00:04:49,060 --> 00:04:50,510 Sean Aylmer: do you think, these sorts of funds? 84 00:04:51,160 --> 00:04:54,549 Giles Gunesekera: Well, we believe so. The great thing about our business model, Sean, 85 00:04:54,550 --> 00:04:57,870 Giles Gunesekera: is that it's heavily researched. So as an example, this 86 00:04:57,870 --> 00:05:02,080 Giles Gunesekera: gender equality fund, we did the research and there's something 87 00:05:02,080 --> 00:05:05,700 Giles Gunesekera: I should have mentioned earlier in my response was not 88 00:05:05,700 --> 00:05:08,310 Giles Gunesekera: only is it the right thing to do, does it 89 00:05:08,310 --> 00:05:11,850 Giles Gunesekera: make sense, but there's studies that have shown that adding 90 00:05:11,850 --> 00:05:16,760 Giles Gunesekera: more women onto boards, adding more women into decision- making positions, 91 00:05:16,760 --> 00:05:20,390 Giles Gunesekera: actually improves the share price of a company. So it 92 00:05:20,390 --> 00:05:24,570 Giles Gunesekera: actually financially makes sense as well as socially and philosophically. 93 00:05:24,880 --> 00:05:29,360 Giles Gunesekera: So yeah, absolutely, this will make a difference. The product 94 00:05:29,360 --> 00:05:33,360 Giles Gunesekera: is also deliberately set up to scale. So the bigger 95 00:05:33,360 --> 00:05:37,029 Giles Gunesekera: it gets, the more impact that you are having on women in 96 00:05:37,029 --> 00:05:40,460 Giles Gunesekera: the workforce, the greater positive impact you're having on women 97 00:05:40,460 --> 00:05:43,500 Giles Gunesekera: in the workforce in terms of more women on boards, 98 00:05:43,500 --> 00:05:46,560 Giles Gunesekera: more women in senior management, more companies that are helping 99 00:05:46,560 --> 00:05:50,410 Giles Gunesekera: more women re-enter or enter the workforce. But then also 100 00:05:50,560 --> 00:05:53,510 Giles Gunesekera: the second component, and this is the real differentiation point, 101 00:05:53,510 --> 00:05:56,670 Giles Gunesekera: is that as an investor, you can go into an 102 00:05:56,670 --> 00:06:00,900 Giles Gunesekera: option where you sacrifice your income. So we're investing in 103 00:06:00,900 --> 00:06:07,040 Giles Gunesekera: a globally diversified portfolio of listed companies who pay dividends. 104 00:06:07,380 --> 00:06:10,420 Giles Gunesekera: As an investor, you can choose to sacrifice those dividends. 105 00:06:10,670 --> 00:06:15,770 Giles Gunesekera: And those dividends go to five girls' charities specifically to 106 00:06:16,029 --> 00:06:18,529 Giles Gunesekera: help achieve social impact for girls. 107 00:06:18,800 --> 00:06:20,910 Sean Aylmer: Okay. Stay with me, Giles. We'll be back in a 108 00:06:20,910 --> 00:06:21,210 Sean Aylmer: minute. 109 00:06:26,279 --> 00:06:30,340 Sean Aylmer: I'm speaking to Giles Gunesekera, CEO of Global Impact Initiative. 110 00:06:30,760 --> 00:06:32,760 Sean Aylmer: So you've answered the question, is there any compromise on 111 00:06:32,760 --> 00:06:35,290 Sean Aylmer: returns? No, in fact, there's a compromise if you don't do 112 00:06:35,290 --> 00:06:38,410 Sean Aylmer: it because you are saying studies suggest that returns from 113 00:06:38,570 --> 00:06:42,130 Sean Aylmer: more diverse organizations do better. So that means your fund 114 00:06:42,310 --> 00:06:45,260 Sean Aylmer: must do reasonably well. It's sort of above benchmark, is 115 00:06:45,260 --> 00:06:45,589 Sean Aylmer: that right? 116 00:06:45,800 --> 00:06:49,330 Giles Gunesekera: Yeah. Look, the portfolio manager that we've chosen to manage 117 00:06:49,330 --> 00:06:52,929 Giles Gunesekera: the portfolio and that we've worked with is Robeco, a very 118 00:06:52,930 --> 00:06:57,860 Giles Gunesekera: large Dutch fund manager. And they've implemented the women's portfolio, 119 00:06:58,180 --> 00:07:01,230 Giles Gunesekera: their women's portfolio, for the last five years. And they've 120 00:07:01,230 --> 00:07:04,790 Giles Gunesekera: had out performance and steady growth in funds under management 121 00:07:04,790 --> 00:07:08,529 Giles Gunesekera: over those five years, but more importantly, out performance over 122 00:07:08,529 --> 00:07:12,540 Giles Gunesekera: all time periods versus the MSCI World Index. So it works, 123 00:07:12,840 --> 00:07:16,410 Giles Gunesekera: it performs. What we've done here at Global Impact Initiative 124 00:07:16,730 --> 00:07:19,910 Giles Gunesekera: is that we've put into the product or we've built 125 00:07:19,910 --> 00:07:23,060 Giles Gunesekera: a product that enables you to create social impact for 126 00:07:23,060 --> 00:07:28,030 Giles Gunesekera: girls by sacrificing your income in the portfolio that goes 127 00:07:28,030 --> 00:07:30,290 Giles Gunesekera: to those girls charities. Now, if you don't want to 128 00:07:30,290 --> 00:07:34,450 Giles Gunesekera: do that, we've also created a unit class where it 129 00:07:34,450 --> 00:07:37,470 Giles Gunesekera: looks more like a traditional managed fund in that you 130 00:07:37,470 --> 00:07:40,190 Giles Gunesekera: get the capital and the income, but the social impact 131 00:07:40,190 --> 00:07:44,030 Giles Gunesekera: that you're creating there is only for women. We are hopeful, 132 00:07:44,030 --> 00:07:48,050 Giles Gunesekera: and certainly, the initial analysis shows us that many more 133 00:07:48,210 --> 00:07:50,610 Giles Gunesekera: investors are much more interested in what we call our 134 00:07:50,610 --> 00:07:53,630 Giles Gunesekera: class B unit, which is women and girls. And that's 135 00:07:53,630 --> 00:07:57,080 Giles Gunesekera: where you are able to donate to five girls' charities 136 00:07:57,080 --> 00:07:58,590 Giles Gunesekera: and create social impact for girls 137 00:07:58,820 --> 00:08:00,780 Sean Aylmer: Giles, I'm going to sound really ignorant here, so I'm 138 00:08:00,780 --> 00:08:04,700 Sean Aylmer: sort of hesitating even asking the question. Women and girls, 139 00:08:04,780 --> 00:08:09,240 Sean Aylmer: I understand gender, but the fact that girls are included, 140 00:08:09,240 --> 00:08:11,940 Sean Aylmer: so presumably that's the cohort under the age of 18 141 00:08:11,940 --> 00:08:15,770 Sean Aylmer: or 16 or however that is defined, is this a modern slavery 142 00:08:15,770 --> 00:08:18,140 Sean Aylmer: issue? Why do girls need to be part of this 143 00:08:18,140 --> 00:08:20,240 Sean Aylmer: as opposed to women in general? 144 00:08:20,610 --> 00:08:24,330 Giles Gunesekera: Yeah, a really good question, Sean. So in the process 145 00:08:24,330 --> 00:08:27,020 Giles Gunesekera: of setting this fund up, we, as I mentioned, did a lot of 146 00:08:27,360 --> 00:08:32,800 Giles Gunesekera: research across the gender equality space and we found that 147 00:08:32,800 --> 00:08:36,870 Giles Gunesekera: the four areas that girls need to progress from girls 148 00:08:36,870 --> 00:08:41,420 Giles Gunesekera: to women are better health, better education, better nutrition, and 149 00:08:41,420 --> 00:08:45,209 Giles Gunesekera: social and economic empowerment. So if you are able to 150 00:08:45,210 --> 00:08:48,170 Giles Gunesekera: provide a girl, and this is regardless of whether they're 151 00:08:48,170 --> 00:08:51,179 Giles Gunesekera: in emerging markets or developed markets, if you're able to provide a 152 00:08:51,179 --> 00:08:55,699 Giles Gunesekera: girl better opportunities in one or several of those areas, that 153 00:08:55,700 --> 00:09:01,599 Giles Gunesekera: will help them, basically, move forward. So then based on that research, 154 00:09:01,600 --> 00:09:04,250 Giles Gunesekera: we then did a global search for, "Well, who are 155 00:09:04,250 --> 00:09:08,600 Giles Gunesekera: the five not- for- profit partners, charities, social enterprises out 156 00:09:08,600 --> 00:09:13,050 Giles Gunesekera: there that are world leaders in this space?" And after 157 00:09:13,050 --> 00:09:17,210 Giles Gunesekera: a global search, we selected the Malala Fund, Grameen, UNICEF, 158 00:09:17,870 --> 00:09:22,370 Giles Gunesekera: UN Women and World Vision. And each of those partners have 159 00:09:22,370 --> 00:09:26,610 Giles Gunesekera: expertise in one or several of those areas. And importantly, Sean, 160 00:09:26,900 --> 00:09:30,390 Giles Gunesekera: what we are doing is we are taking the income from the 161 00:09:30,390 --> 00:09:33,809 Giles Gunesekera: portfolio and then on an annual basis, we will distribute 162 00:09:33,809 --> 00:09:36,510 Giles Gunesekera: it to those charities. So this is not a donation 163 00:09:36,530 --> 00:09:39,309 Giles Gunesekera: to these charities and off you go do your best. 164 00:09:39,620 --> 00:09:42,590 Giles Gunesekera: The difference here is that we are sitting down with 165 00:09:42,590 --> 00:09:45,800 Giles Gunesekera: the charities. So as an example, the Malala Fund, we 166 00:09:45,800 --> 00:09:47,969 Giles Gunesekera: would sit down with the Malala Fund on an annual basis and say, " 167 00:09:49,320 --> 00:09:53,300 Giles Gunesekera: Malala Fund, here's half a million dollars. How are you going to spend it?" Or, " 168 00:09:53,370 --> 00:09:55,410 Giles Gunesekera: Let's look at how you're going to spend it." So firstly, 169 00:09:55,840 --> 00:09:58,240 Giles Gunesekera: how many girls are going to be educated? What countries are they 170 00:09:58,240 --> 00:10:01,069 Giles Gunesekera: going to be in? What year levels are we targeting? 171 00:10:01,130 --> 00:10:03,730 Giles Gunesekera: Et cetera, et cetera. So as I said, it's not 172 00:10:03,730 --> 00:10:06,990 Giles Gunesekera: a donation that we just say, " Off you go do your best," 173 00:10:07,040 --> 00:10:10,319 Giles Gunesekera: we work with them and then we help measure the 174 00:10:10,320 --> 00:10:13,910 Giles Gunesekera: impact of that donation on girls. 175 00:10:14,140 --> 00:10:16,800 Sean Aylmer: Okay. You mentioned Grameen, now the fund has the support of professor 176 00:10:16,800 --> 00:10:19,590 Sean Aylmer: Muhammad Yunus who was awarded the Nobel Peace Prize for 177 00:10:19,590 --> 00:10:22,410 Sean Aylmer: founding the Grameen Bank and pioneering the concepts of microfinance. 178 00:10:23,410 --> 00:10:25,820 Sean Aylmer: So how much of what he's done, providing finance to 179 00:10:25,820 --> 00:10:27,709 Sean Aylmer: the poorest of the poor with the focus on women, 180 00:10:28,040 --> 00:10:29,470 Sean Aylmer: is reflected in this fund? 181 00:10:29,470 --> 00:10:33,710 Giles Gunesekera: Oh, look, Professor Yunus's book, Banker to the Poor, was 182 00:10:33,710 --> 00:10:38,160 Giles Gunesekera: a very important book to me personally. It really captured 183 00:10:38,230 --> 00:10:43,150 Giles Gunesekera: the power of capital markets and importantly, using the concepts 184 00:10:43,150 --> 00:10:47,670 Giles Gunesekera: of capital markets and capitalism to really drive forward better 185 00:10:47,670 --> 00:10:51,600 Giles Gunesekera: outcomes for communities. So without a doubt, the teachings and 186 00:10:51,600 --> 00:10:55,170 Giles Gunesekera: the learnings from Professor Yunus have been embedded into the 187 00:10:55,170 --> 00:10:58,819 Giles Gunesekera: fund. And the great thing about Grameen's work is that 188 00:10:58,840 --> 00:11:01,540 Giles Gunesekera: it applies in developed markets as well as emerging markets. 189 00:11:02,870 --> 00:11:08,880 Giles Gunesekera: Grameen's microfinance loan book has a 99. 5% repayment rate 190 00:11:09,179 --> 00:11:13,190 Giles Gunesekera: and that doesn't change. It actually improves when you look 191 00:11:13,190 --> 00:11:17,520 Giles Gunesekera: at developed markets. So their US operation has a 99.7% 192 00:11:18,000 --> 00:11:21,530 Giles Gunesekera: repayment rate, which is better than any other bank. So 193 00:11:21,610 --> 00:11:26,540 Giles Gunesekera: the ability to lend women money and know that, that 194 00:11:26,540 --> 00:11:31,010 Giles Gunesekera: money and importantly, the profits, the returns on that money, 195 00:11:31,290 --> 00:11:34,230 Giles Gunesekera: is then spent on the family and not on the 196 00:11:34,230 --> 00:11:38,570 Giles Gunesekera: individual is really, really important. So we've embedded that concept 197 00:11:38,570 --> 00:11:39,230 Giles Gunesekera: into the fund. 198 00:11:39,660 --> 00:11:42,770 Sean Aylmer: Okay, Giles, you sit on two United Nations advisory boards 199 00:11:42,770 --> 00:11:47,010 Sean Aylmer: on sustainable finance and on climate and health. Where is 200 00:11:47,010 --> 00:11:51,140 Sean Aylmer: Australia on the spectrum in thinking about these sorts of 201 00:11:51,140 --> 00:11:54,520 Sean Aylmer: things, impact investing? Obviously, we talk a lot about the 202 00:11:54,520 --> 00:11:58,380 Sean Aylmer: environment and increasingly governance, and modern slavery has got a 203 00:11:58,380 --> 00:12:00,310 Sean Aylmer: good run in the last 12 months as well. This 204 00:12:00,610 --> 00:12:03,600 Sean Aylmer: is another aspect of it. Do we think enough about 205 00:12:03,600 --> 00:12:04,790 Sean Aylmer: it? Where does Australia sit? 206 00:12:05,429 --> 00:12:08,500 Giles Gunesekera: We are definitely thinking about it. We're not acting enough 207 00:12:08,570 --> 00:12:13,209 Giles Gunesekera: at the moment. It's no secret that our federal government's policy, 208 00:12:13,210 --> 00:12:17,160 Giles Gunesekera: particularly on climate, was exposed to be a particularly poor 209 00:12:17,160 --> 00:12:20,850 Giles Gunesekera: or non- existent one at the recent COP. But interestingly, 210 00:12:21,020 --> 00:12:23,610 Giles Gunesekera: where we are seeing most of the movement is in 211 00:12:23,610 --> 00:12:26,630 Giles Gunesekera: the corporate sector. So the UN advisory boards that I 212 00:12:26,630 --> 00:12:29,510 Giles Gunesekera: sit on, I'm sitting on with a lot of corporates 213 00:12:29,730 --> 00:12:32,860 Giles Gunesekera: from around the world including Australian companies, and the corporate 214 00:12:32,860 --> 00:12:37,010 Giles Gunesekera: sector is moving. And they're moving because firstly, employees are 215 00:12:37,010 --> 00:12:40,819 Giles Gunesekera: demanding it, but secondly, their customers are demanding it. So 216 00:12:41,059 --> 00:12:43,980 Giles Gunesekera: their customers are demanding that they're being more sustainable, that 217 00:12:43,980 --> 00:12:47,480 Giles Gunesekera: they're looking at recycling, that they're adding solar. And then 218 00:12:47,480 --> 00:12:51,190 Giles Gunesekera: even just thinking about the climate space, Australia is a 219 00:12:51,230 --> 00:12:54,800 Giles Gunesekera: world leader in climate related technologies. And if you look 220 00:12:54,800 --> 00:12:58,370 Giles Gunesekera: at the individual states, the individual states are doing a 221 00:12:58,370 --> 00:13:03,740 Giles Gunesekera: fantastic job in terms of their adoption of climate related investments, 222 00:13:03,740 --> 00:13:08,530 Giles Gunesekera: be it solar, battery, wind, wave, climate technology. So there's 223 00:13:08,900 --> 00:13:12,510 Giles Gunesekera: a real mismatch at the moment between perception and reality. 224 00:13:12,600 --> 00:13:15,610 Giles Gunesekera: But where we really believe it's going to be a 225 00:13:15,610 --> 00:13:19,810 Giles Gunesekera: game changer is on the investment side. When super funds, 226 00:13:20,170 --> 00:13:23,630 Giles Gunesekera: which account for $2 trillion worth of capital, when they 227 00:13:23,630 --> 00:13:27,080 Giles Gunesekera: start moving their money into more ESG and impact related 228 00:13:27,550 --> 00:13:31,309 Giles Gunesekera: investments and do it in a meaningful way, we are going to see a 229 00:13:31,309 --> 00:13:32,230 Giles Gunesekera: real game change. 230 00:13:32,610 --> 00:13:35,020 Sean Aylmer: Giles, it is a great initiative. Thank you very much 231 00:13:35,020 --> 00:13:36,530 Sean Aylmer: for talking to Fear and Greed this morning. 232 00:13:36,960 --> 00:13:38,540 Giles Gunesekera: Thanks, Sean. Really appreciate your time. 233 00:13:38,730 --> 00:13:43,189 Sean Aylmer: That was Giles Gunesekera, CEO of GII, that's Global Impact 234 00:13:43,190 --> 00:13:45,470 Sean Aylmer: Initiative. Look it up. This is the Fear and Greed 235 00:13:45,470 --> 00:13:48,020 Sean Aylmer: Daily Interview. Join me every morning for the full Fear 236 00:13:48,020 --> 00:13:50,490 Sean Aylmer: and Greed podcast, with all the business news you need 237 00:13:50,490 --> 00:13:50,910 Sean Aylmer: to know. I'm Sean Aylmer. Enjoy your day.