ESG and family office report published

Posted: 05/10/2021

Virtuous Circles report_oct21A report exploring how sustainability, ESG priorities and effective governance are playing out in the ultra-high-net-worth space has been published by Wealthbriefing, supported by Jersey Finance.

Virtuous Circles: Sustainable Family Governance Models in an Evolving Environment is based on a global survey of practitioners and a period of research and interviews with family office specialists. 

It highlights emerging best practices in the ESG and governance space, as well as real-world examples illustrating what forward-thinking families are doing to create lasting legacies.

The report underlines the focus families are placing on developing clear and robust approaches to governance and reveals how enterprising families are increasingly aware that the management of their businesses, investment strategies and interpersonal relations are inextricably linked.

Key fndings 
• A clear majority (61%) of advisers believe that enterprising families should have a formal governance programme in place by the time they have £50m in assets
• Almost three-quarters (74%) of advisers say a formal business succession plan is vital as part of a family governance programme, followed by an internal communications policy (63%) and a family council (61%)
• The majority (62%) think families are simply unsure as to how to proceed when it comes to succession planning
• 68% of advisers believe philanthropy and impact investing objectives will become increasingly intertwined.

Robert Moore, Director – UK, Jersey Finance, said: “There’s no doubt the pandemic has served to accelerate thinking and best practice in the sustainable finance and ESG space.

"As we emerge from the pandemic, it is an opportune time to analyse how attitudes to sustainable finance are changing and ask some fundamental questions about what that means for private wealth professionals.

“This is a long-term trend and advisers will need to ensure they are at the top of their game in sustainable finance if they are to remain relevant to their clients. The findings of this report will provide a robust framework and useful insights into best practice in this area as it continues to evolve.”

The report draws on a panel session involving:
• Emiko Caerlewy-Smith, Founder and Chief Executive Officer, KIT Consulting
• Catherine Grum, Partner, Head of Family Office Services, BDO
• Richard Joynt, Head of Family Office Services, Highvern
• Rupert Phelps, Partner – Family Wealth Group, Smith & Williamson
• Warren Thompson, Head of Family Office and UHNW, Coutts

To download the report, click here

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