The GIIN is set to become host of the ‘Impact Principles’, taking over from the International Finance Corporation (IFC), part of the World Bank, in a sign of the continuing consolidation of impact frameworks.
The Operating Principles for Impact Management, known as the ‘Impact Principles’, were launched by the IFC in 2019, and soon became one of the leading frameworks for developing an impact management practice.
It currently has 163 signatories and represents $470 billion in impact assets. All signatories pledge to abide by 9 core principles, which aim to ensure impact considerations are made at all stages of the investment process; from strategy, to origination, and on to making an impact exit.
The GIIN has led the global evolution of impact investing since its founding in 2009, and it has been a central pivot point that continues to attract leading practice systems into its orbit.
“Today’s announcement of the Impact Principles anticipated transfer is an important signal of the
increasing impact investing industry cohesion that the GIIN has always worked to foster,” says Amit Bouri, CEO of the GIIN.
“Our fast-growing suite of industry offerings — from the IRIS+ system and impact performance benchmarks to the newly launched initiative on corporate impact investing — are a perfect complement to the Impact Principles. We are confident that impact investors and the signatories of the Impact Principles will benefit from having the generally accepted impact frameworks, methodologies, and benchmarks all in the same place.”
The announcement of the shift stresses that the Impact Principles will remain independent. It’s secretariat will remain separate, as will its website and management. Diane Damskey will remain as head of the secretariat.
“The time is right for the hosting of the Secretariat to move closer to the market, and the GIIN offers that increased proximity to hundreds of market participants globally,” says Susan Lund, IFC Vice President for Economics and Private Sector Development.
“IFC remains fully committed to impact investing and the Impact Principles and looks forward to supporting the GIIN whose strong expertise and experience will help take the impact practices to the next level of growth and integrity.”