1

PANL 5302 - FALL TERM 2013

September 9th 2013 - December 9th 2013

Instructor: Dr. Tessa Hebb Time: Mondays 5:30 pm to 8:30 pm

Office: DT 2125 Room: River Building

Telephone: 613 520-2600 ex 1217 Office Hours: Mondays 3:00 pm to 5:00pm

or by appointment

E-mail: tessa_hebb@carleton.ca

Learning Objectives

Knowledge of the principles, instruments and good practices of responsible and impact investing.

Understanding of regulatory, organizational and other challenges involved in implementing responsible and impact investment.

Ability to recommend a sound strategy for responsible/impact investment in light of knowledge of good practices and challenges.

Overview of the Seminar

Foundations and other investors of philanthropic funds are increasingly looking for

social, environmental and financial – blended – returns on their investments.

Foundations in particular are increasingly leveraging more of their invested assets in

support of their missions: no longer is there a clear distinction between endowments and

grant-making as foundations look to using their investments for mission or program-

related purposes to achieve both a financial and a public benefit return. Foundations,

pension funds and charities, among others, are also increasingly interested in ensuring the

investments they make align with their missions and accord with broader principles, as

articulated by the United Nations-backed Principles for Responsible Investment Initiative

(PRI).

This course develops an understanding of the rationale, principles and financial

instruments for responsible and impact investment. Substantial parts of the course

consider regulatory limitations on program-related investments (and the potential for

regulatory reform), the challenges involved in expanding responsible and impact

investing, analysis of alternative instruments, and the measurement of return on

investment.

Organization of the Seminar

Classroom sessions will involve lectures, guest speakers, group exercises, and discussion.

During this period, participants will be asked to read at aprox. 60 pages of readings per

week (3 hours @ 3 minutes a page), and to present to the class a summary and analysis of

a set of the readings. Each participant will also be asked to submit an individual 15-page

(double spaced) short essay drawing on the assigned readings on impact investing and

responsible investing at the half way point in the course. A longer 25 to 30 page (double

2

spaced) paper that explores the regulatory questions that arise in impact investing and

responsible investing or the measurement questions that are embedded in these topics will

be due at the end of the course. This essay will draw on the course readings, literature

reviews, and your own analysis of the topic. You are welcome to work in small groups (2

to 3 individuals) and to draw on your own experience in the field. Please check with me

on your research topic and if you wish to work in a group.

Grading

Participant grades will comprise the following components:

-Class Participation, 20%

-Reading presentation 5%

-Short Essay, 25%

-Group assignment, 50%

Course expectations. In this seminar course it is essential that all the required readings

be completed in advance of each week's sessions. Class participation grade will be based

on demonstrating each week that the readings have been completed and actively

participating in the group discussion. While there will be some lectures, class discussion

will be the primary mode of engagement in each week's seminar. The first half of each

class will be lead by the instructor, the second half will be lead by the student or students

presenting and animating the week's readings. Guest lecturers will provide learning

opportunities for students from those directly working in the fields of impact investing

and responsible investing.

Required Readings

There is no textbook for the course; all readings are available through CULearn .

You can access CULearn from the main Carleton University webpage:

https://carleton.ca/culearn/

Output Deadlines

Participants will be responsible for producing the following outputs on the specified

target dates:

1) All assigned readings

2) Summary and Analysis of a set of Course Readings

3) Short Essay: due Monday November 4th 2013 (15 pages double spaced)

4) Research Paper: due Monday Dec. 9th 2013(25-30 pages double spaced)

Page-number targets refer to double-spaced pages. The essays will utilize the APA style

guide for formatting references or footnotes. Plagiarism will result in a failing grade.

Late outputs will be penalized. Outputs will be received by the Instructor via hand or

email until midnight of the due date.

University Policies

Academic Integrity

Please be aware that this paper must be original to this course, and your own work.

Academic offences are serious infractions and will not be tolerated. Students should

3

consult Section 14 of the Faculty of Graduate Studies Calendar, General Regulations

concerning academic integrity and instructional offences.

Academic Accommodation You may need special arrangements to meet your academic obligations during the course.

For more details on accommodation, please see last page of the syllabus for more details.

Academic Accommodations for Students with Disabilities: The Paul Menton Centre for

Students with Disabilities (PMC) provides services to students with Learning Disabilities

(LD), psychiatric/mental health disabilities, Attention Deficit Hyperactivity Disorder

(ADHD), Autism Spectrum Disorders (ASD), chronic medical conditions, and

impairments in mobility, hearing, and vision. If you have a disability requiring academic

accommodations in this course, please contact PMC at 613-520-6608 or

pmc@carleton.ca for a formal evaluation.

4

COURSE SCHEDULE

Session 1

Monday September 9th

Course Outline, Schedule, Readings and Assignments

Student Self-Introductions

Introduction to impact investing and responsible investing

Trends in the nonprofit and philanthropic sector: diversified sources of revenue and

new investment-based approaches in philanthropy.

Begin to develop a framework for understanding impact investing and responsible

investing.

Able to define impact investing and responsible investing concepts in broad

terms.

Gain knowledge of the changes to the nonprofit and philanthropic sector over the

last 20 years and the emergence of these trends

Recognize the implications and challenges for the sector that arise from these

investment approaches.

In this initial session we will start with the basic definition of impact investing and

responsible investing. We will discuss the drivers of these trends over the past ten years?

How has financing changed in the sector and what are the implications? Why should

investors engage in responsible investing and impact investing - what's in it for the

investor? Who are these investors? Why have philanthropic organizations adopted this

practice? What about the investee organizations? How are they changed by these

investment approaches. How are responsible investing and impact investing alike and

how are they different? Who are the key players in each of these areas?

Required Readings:

Phillips, S.D. 2006. “The Intersection of Governance and Citizenship in Canada: Not

Quite the Third Way.” IRPP Policy Matters, 7 (4) . 31 pages. ISSN: 1492-7004.

Gibson, K., S. O’Donnell and V. Rideout. 2007. “The Project-Funding Regime:

Complications for Community Organizations and their Staff.” Canadian Public

Administration, 50 (3), 411-435. 24 pages. ISBN: 008-4840.

Gregory, A. G. and D. Howard. 2009. “The Nonprofit Starvation Cycle.” Stanford

Social Innovation Review, Fall, 49-53. 5 pages. ISSN: 941156365.

Phillips S., and Hebb T. 2010. Financing the Third Sector: Introduction. Policy & Society

29.

5

Bugg-Levin, A. and Goldstein J. 2009. “Impact Investing: Harnessing Capital

Markets to Solve Problems at Scale,” Community Development Investment Review,

Federal Reserve of San Francisco.

Suggested Reading

New Philanthropic Capital. NPC 2013. Best to Invest? A Funders Guide to Social

Investment. London: NPC.

Session 2

Monday September 16th

Theoretical underpinning of impact investing and responsible investing

Develop a deeper theoretical understanding of impact investing and responsible

investing and its rational.

Gain a stronger analytic framework to interrogate impact investing and

responsible investing.

Ability to apply theory to practice: particularly the Blended Value Proposition

and Shared Value to the nonprofit and philanthropic sectors.

In this session we will examine the theoretical underpinnings of impact investing and

responsible investing. In impact investing we draw on the blended value proposition as

a means to understand the logic of impact investing. More recently Michael Porter and

Marc Kramer have termed this approach shared value. In this session we will explore

these theories and analyze the way in which they shape practice in the field of impact

investing. We will also look at several theories that apply to responsible investing,

including the Universal Owner hypothesis, principle/agent theory, and stakeholder

saliency in order to gain a deeper understanding of why investors are integrating

environmental, social and governance factors into their investment decision making.

What do these theories tell us about the practice of impact investing? How do they shape

practice? Do they hold up over time. Do we need to have theory in order to inform

practice? Is this important to definitions? What about regulation - should it be informed

by theory? After the break we will watch a podcast of Jed Emerson speaking about the

Blended Value Proposition. Prepare some points on the theoretical underpinnings of

impact investing and responsible investing for class discussion.

Required Readings:

Emerson, J. and S.Bonini. “The Blended Value Map: Tracking the Intersects and

Opportunities of Economic, Social and Environmental Value Creation,” Executive

Summary, Blendedvalue.org, 2003. 19 pages. (Unpublished Mimeo).

Emerson J. “Capitalism 3.0” Blendedvalue.org

6

Porter M. and Kramer M. (2011) "Creating Shared Value" Harvard Business Review,

January 2011.

Hawley, J., and Williams, A. 1997. The Emergence Of Fiduciary Capitalism. Corporate

Governance, Vol. 5, No. 4. 206-213.

Clark, G. L., and Hebb, T. 2004. Corporate Engagement: The Fifth Stage Of Capitalism.

Relations Industrielles / Industrial Relations, Vol. 59 142-170.

Session 3

Monday September 23 2013

Building a market for impact

Tools, instruments and intermediaries in impact investing

Apply knowledge of financial tools and instruments to impact investing

strategies and opportunities.

Understand the two types of impact investors (Monitor Report) and their

rational for using these tools and instruments.

Identify impact investment intermediaries in Canada and gain knowledge

of their role in facilitating.

Ability to analyze the strengths and weaknesses in the impact investing

market in Canadian.

As impact investing is defined as "using standards financial approaches to address social

issues" it is necessary to have a solid grasp on standards financial tools that are used in

impact investing. This session will provide a deeper understanding of basic financial

terms, tools and instruments. These standard financial approaches will then be applied to

both "impact first" impact investors and "finance first" impact investors. Additionally we

will examine how the sector itself views these financial tools and instruments. What

works? What doesn't work in the sector. How do we develop a pipeline of investable

opportunities in the sector? Who will invest? How? Who are financial intermediaries and

what role do they play? We will hear from a Canadian impact investing intermediary on

her/ his experience in developing the market for impact investing in Canada.

Guest Speaker: Arlene Wortsman: Community Forward Fund tbc or Karim Harji:

Purpose Capital tbc

Required Readings:

Monitor Institute. 2009. “Investing for Social & Environmental Impact” New York:

Rockefeller Foundation. http://www.monitorinstitute.com/impactinvesting/ (20 pages )

7

Godeke, S. with D. Bauer. 2008. Philanthropy’s New Passing Gear: Mission-Related

Investing. New York: Rockefeller Philanthropy Advisors;

O’Donohoe, Nick; Christina Leijonhufvud & Yasemin Saltuk. 2010. Impact Investments

An Emerging Asset Class. Report. New York: J.P. Morgan & Rockefeller Foundation.

Harji K., Hebb T. 2010. “Impact Investing for Social Finance” Working paper 10-04,

Carleton Centre for Community Innovation, Ottawa Canada, pdf. 20 pages.

Session 4

Monday Sept 30th 2013

The case for and against venture philanthropy

Apply critical thought and analysis to the topic of impact investing.

Hone own view on utilizing business approaches and its benefits and drawbacks

to the sector.

Debate the pros and cons of impact investing.

Utilize a case study approach to learning.

Increasingly philanthropic organizations are bringing an investment approach to their

grant-making and a mission-approach to their investment portfolios. This has been

termed venture philanthropy. What are the drivers for venture philanthropy? Why now?

What are the impacts for the third sector of this approach? Not everyone is in favour of

this new trend. Some argue that business is not the right frame to apply to the third sector.

In the first half of the class we will set up a debate on the pros and cons of venture

philanthropy and its implications for the sector. Draw on the readings to this point in the

course, your own experience and opinion. Develop three points in favour of impact

investing and three points against before you come to class - be ready to take a side!

In the second half of the class we will apply case study analysis using the Social Venture

Partners’ Replication case detailed in the Sbarbaro reading below. You will actively

participate in the case.

Readings:

Edwards, M. Just Another Emperor? The Myths and Realities of Philanthrocapitalism,

Demos: A Network for Ideas & Action, The Young Foundation,2007, ISBN: 978-0-

9816151-1-0.

Kramer, M.R. (2009) “Catalytic Philanthropy.” Stanford Social Innovation Review 30-

35.

Sbarbaro, C. “Social Venture Partners’ Replication.” Case Teaching Resource, The

Electronic Hallway, University of Washington, Seattle, 2002. 27 pages.

8

Session 5

Monday October 7th

Mission Investing, Responsible Investing, PRIs, ETIs, Micro finance and Other

Strategies

Identify the key investors in impact and responsible investing.

Understand the differing strategies used in impact investing.

Analyze each strategy identified and its strengths and weaknesses.

Assess where appropriate impact investing strategies should be used.

Connect your own experience of impact investing strategies.

Building on your understanding of tools, instruments and intermediaries gained in earlier

sessions, we will look at the strategies being used by impact investors to meet their goals.

These strategies include mission investing, responsible investing, program related

investing (PRIs), economically targeted investing (ETIs), micro-finance etc. Drawing on

the readings we will investigate each of these strategies. Who uses them and why? How

are they used? What is the impact on the sector? Are these actors able to achieve their

missions more successfully with these strategies or are they a distraction from mission?

We will hear from a guest speaker Brian Toller of the Community Foundation of Ottawa

(tbc) who have implemented both a responsible investing policy and an impact investing

policy over the past four years.

Readings

Miller C. 2012 The World has Changes and So Must We, F. B. Heron Foundation

Godeke, S. and Pomares, R. 2009. Solutions for Impact Investors: From Strategy to

Implementation. New York: Rockefeller Philanthropy Advisers.

Strandberg, C. 2010. The State of Community/ Mission Investments of Canadian

Foundation Montreal and Ottawa: Philanthropic Foundations of Canada and Community

Foundations of Canada. (pages 1-23)

Hebb T., 2010 “Engaging Institutional Investors in Social Finance” in Making Waves, 20

(3) Winter 2009-2010 (7 pages)

Wood, D., & Hoff, B. 2007. “Handbook on Responsible Investment Across Asset

Classes”. Boston College Institute for Responsible Investment.

9

Session 6

Monday October 21st 2013

Responsible Investing

Examine the underlying drivers behind responsible investing.

Understand the linkages between responsible investing and impact investing.

Critically assess the implications of responsible investing on fiduciary duty.

Ability to implement a responsible investing policy.

This session looks closely at responsible investing. Responsible investing (RI) is defined

as integrating environmental, social and governance factors into investment decision

making. It is an approach that has been embraced by many large institutional investors

including foundations and endowments. Responsible investing has grown considerably

over the past decade. Currently investors representing over $30 trillion of assets under

management have signed on to a UN-backed set of principles - the Principles for

Responsible Investment. The Community Foundation of Ottawa is a signatory to these

Principles. RI aligns the mission of the organization with its resources.

We will define responsible investing and socially responsible investing. This session will

investigate the implications of RI for the fiduciary duty of trustees of institutional assets.

We will look at a variety of strategies for integrating environmental, social, and

governance factors into investment decision-making including positive and negative

screening, shareholder activism and engagement, and direct investing in community that

is the intersection between responsible investing and impact investing.

Readings:

Lydenburg, S. 2002 "Envisioning Socially Responsible Investing", Journal of Corporate

Citizenship, 7 Autumn 57-77

Freshfields Bruckhaus Deringer, 2005. A Legal Framework for the Integration of

Environmental, Social and Governance Issues into Institutional Investment. United

Nations Environment Programme Finance Initiative, Geneva. (pages 6-14)

Friedman, Milton. (1970) The Social Responsibility Of Business Is To Increase Its

Profits. New York Times Magazine, September 13, 122-126.

Krosinski C., Robins N., Viederman S. "After the credit Crisis - The Future of

Sustainable Investing", in The Next Generation of Responsible Investing, T. Hebb ed.,

Springer Publishing , ND. (pages 9-25)

Mercers, 2011. Best Practice in Responsible Investing for Canadian Pension Funds,

Report, SIO, Toronto

10

PRI Initiative: 2012, 'PRI Annual Report 2012', Principles for Responsible Investment

Initiative, London. (24 pages)

Fall Break

Monday October 28th 2013

-No Class

Session 7

Monday November 4th 2013

Essay-Due Midnight, Monday November 4th (By hand or email-15 pages). Marks

deducted for late essays – 1.5 marks out of 35 for each day late.

Implications of Earned Income: understanding social enterprise

Gain knowledge of social enterprise and its growth in the sector.

Critically assess the role of social enterprise as a way to diversify revenue in the

sector.

Analyze the role of innovation in social enterprise development.

This week we look at social enterprise - a relatively new development in the community

and nonprofit sector. Social enterprises apply business solutions to social problems.

What are the strengths and weaknesses of social enterprises? Is this a good way to

diversify revenues? What are the dangers to mission when diversified sources of revenue

are sought? Can all activity in the sector be a treated as a business?

Review four web sites that target social enterprise and social entrepreneurs; MaRS Centre

The Hub Ottawa Ashoka Canada and Centre for Innovative Social Enterprise

Development Compare and contrast the approaches each organization takes in assisting

the growth and development of social enterprise. Interrogate the role of innovation in

social enterprise development drawing from the readings and web sites above. Come to

class with three ideas about innovation in social enterprise drawn from the web sites and

readings - we will use these as starting points for our discussion and engage our Guest

Lecturer, Vinod Rajasekaran, Executive Director The Hub Ottawa on these questions.

Required Readings:

Alter K.S. 2010. Social Enterprise Typology, available at

http://www.4lenses.org/setypology

Defourny, J. and Nyssens M. 2010 "Social Enterprise in Europe: At the crossroads of

market and public policies and the third sector". Policy and Society, 29, 3, 231-242.

11

Mendell M. 2010. "Reflections on the evolving landscape of social enterprise in North

America". Policy and Society, 29, 3, 243-256

Martin, P. Rt.Hon. (2007) “Unleashing the Power of Social Enterprise.” Speaking notes

for a presentation to the Munk Centre, University of Toronto, Toronto, reproduced in

(2008) The Philanthropist, 21/ 3, 234-241.

Davis, L. and N. Etchart. Profits for Nonprofits: An Assessment of the Challenges in

NGO Self-Financing. Santiago: Nonprofit Enterprise and Sustainability Team (NESsT),

1999, 8-21, 34, 130-133. 18 pages.

MacKinnon S. 2011. What Does it Mean to Start a Social Enterprise,

Working Paper 11-01, Carleton Centre for Community Innovation

Session 8

Monday November 11th 2013

Social Finance Public Policy and Regulatory Frameworks - I

Identify the legal framework that surrounds impact investing.

Compare Canadian, US and UK legal regimes.

Consider the effect legal regimes have on the growth of the impact investing

market place.

Discuss where Canada leads and where we lag.

Other jurisdictions have encouraged the development of impact investing (also known as

social finance) through creative policy and regulatory frameworks. These include

creating specific tools, instruments, tax incentives, guarantees, intermediaries and

investment funds. On the demand side, jurisdictions have also encouraged the

development of social enterprise through the recognition of hybrid legal structures such

as the UK's Community Interest Companies (CICs) and US Low-profit Limited Liability

Companies L3C. Canada is seen as lagging behind these other jurisdictions in public

policy that encourages social finance innovation. This session examines the Canadian

regulatory and policy environment. How does the public policy and regulatory

environment shape the landscape for impact investing? What can we learn from other

jurisdictions?

Required Reading

Laird Hunter, Q.C., Susan Manwaring, Margaret Mason and François Morin. 2010.

Mission Investing for Foundations: Legal Considerations. Montreal and Ottawa:

Philanthropic Foundations of Canada and Community Foundations of Canada. (pages 1-

12)

12

Anne Stetson and Mark Kramer. 2008. Risk Return and Social Impact: Demystifying the

Law of Mission Investing by US Foundations, FSG Social Impact Advisors. (pages 4-64)

UK Gov. Social Investment Task Force. 2010. "Social Investment Ten Years On". Report.

Hebb. forthcoming. Building the Market for Impact, in Routledge Companion to

Philanthropy, Jung T., Phillips S., and Harrow J., eds. London: Routledge Press.

Session 9

Monday November 18th

Social Finance Public Policy and Regulatory Frameworks - II

Critically assess new impact investing public policy instruments.

Connect these public policy instruments to their desired results and understand the

unintended consequences of their use.

Consider the pros and cons of social impact bonds

In 2010 the Task Force on Social Finance detailed seven recommendations designed to

strengthen social finance in Canada. This Task Force report has been cited in the federal

government Speech from the Throne and Budget and provided the impetus for many

policies and pilots designed to spur Social Finance in Canada. Building on last week's

discussion we will examine a number of new policy directions in social finance and

impact investing in Canada and around the world. What policies work best, where are

there unintended negative consequences?

In the second half of the class we will debate the pros and cons of these new mechanisms

both for impact investors and for the community sector. We will pay particular attention

to Social Impact Bonds, one such mechanism emerging as a new tool in the sector. We

will view a podcast of UK's Sir Ronald Cohen one of the world's leaders in this new

approach. How should this tool be used in Canada?

Readings:

Canadian Task Force on Social Finance, 2010. Mobilizing Private Capital for Public

Good. MaRS, Toronto

HRSDC, 2013. Harnessing the Power of Social Finance. Report, HRSDC, Gov. of

Canada.

Thornley, B., Wood D., Grace K., Sullivant S. 2011. Impact Investing A

Framework for Policy Design and Analysis Report. Rockefeller Foundation, NY.

McKinsey and Co. 2013. From Potential to Action: Bringing Social Impact Bonds to the

U.S. Report.

Social Finance UK, Social Impact Bonds, http://www.socialfinance.org.uk/sib

13

New South Wales, Australia, Social Benefit Bonds Trial, available at

http://www.treasury.nsw.gov.au/site_plan/social_benefit_bonds/social_benefit_bonds_tri

al_in_nsw_FAQs

Sobolov, N. Jagelewski, Adam. 2011. Social Impact Bonds: Addressing Key Stakeholder

Issues, A Canada Perspective. (pages 1-11)

Session 10

Monday November 25th 2013

Measuring Impact I - Theory of Change

Consider the need to measure impact

Appreciate the implications that arise from social impact measurement for both

the organization and the funder/ investor

Gain knowledge on the theory of change and its importance to social metrics.

Ability to read and understand an SROI report.

Impact measurement is a critical topic in social finance. Investors who are seeking

positive social and environmental change in addition to financial returns must have a way

to measure these results. But how will we measure the impact of our activities?

Increasingly we see a shift from a focus on short term outputs that result from activity in

the sector (i.e. number of students in an educational program, number of beds used in a

homelessness shelter) toward a deeper understanding of the long term outcomes and

ultimate impacts of our actions. Needless to say this shift is much harder to measure and

puts a substantial additional demand on third sector organizations struggling to fulfill

their mission with limited resources.

In this session will provide an overview of impact measurement. Who is using social

metrics? What are they measuring? What techniques are being used? Why are investors

including philanthropic organizations asking for these results? We will spend some time

understanding the Theory of Change and the important role it plays in impact

measurement.

In the second half of the session we will examine a case study of Social Capital Partners

investment in a Winnipeg social enterprise: Inner City Renovations - we will examine

several years of SROI reporting in order to understand how the SROI report was

undertaken and what it tells us about the organization and Social Capital Partners

investment. Was it successful?

Required Reading

Jackson E. T. 2013. "Interrogating the theory of change: evaluating impact investing

where it matters most" Journal of Sustainable Investing and Finance 3, 2.

Theory of change.org "What is Theory of Change"

https://www.theoryofchange.org/what-is-theory-of-change/#5

14

Hebb T. 2011. Report on Social Metrics Key Informant Interviews. Working Paper 11-

02. Carleton Centre for Community Innovation.

Tuan, Melinda. (2008) Measuring and/or Estimating Social Value Creation. Report for

Bill and Melinda Gates Foundation, CA. USA.

Lim, Terrance. (2010) Measuring the Value of Corporate Philanthropy. Report for the

Committee to Encourage Corporate Philanthropy. New York, USA.

Case Study

Launching a Social Enterprise: Early Learnings from Inner City

Renovation: pdf

Social Capital Partners SROI reports on Inner City Renovations see:

http://www.socialcapitalpartners.ca/portfolio/sroi-reports

Session 11

Monday December 2nd 2013

Measuring Impact II- SROI, IRIS, GIIRS and other ways to measure impact

Recognize a variety of social metrics methods.

Identify the method best suited to measure impact in your organization.

Know how to undertake an SROI with an organization.

This session will look more deeply at several methods used to measure impact. We will

examine SROI, IRIS, GIIRS, B Corps, and other methods used in impact measurement

identified in the previous session. We will look deeply at each method and interrogate its

strengths and weaknesses. When should a certain method be used? Are there dangers in

monetizing the impact of third sector activities? Is impact measurement a fad or here to

stay? What method is most appealing to you and why?

In the second half of the session we will have a guest speaker who is an expert in the

SROI methodology. She will lead us through the steps required to conduct an SROI and

explain the rational for each step and how it should be approached. We will work

through an SROI for a template organization.

Required Reading

Wood C., Leighton D. 2010. Measuring social value: the gap between policy and

practice, Report, DEMOS, London, (pages 1-59)

Harji K. 2008. “Social Return on Investment” Report, Carleton Centre for Community

Innovation. (4 pages)

15

Scotland Gov. 2010. Investing in Impact. Report for Social Economy Scotland

Development Partnership.

Arvidson M., Lyon F., McKay S.and Moro D. 2010, “The ambitions and challenges of

SROI”, Working Paper 49 Third Sector Research Centre. December 2010.

Rockefeller Foundation. (2008) “Global Impact Investing Ratings System.” New York:

Rockefeller Foundation.

IRIS Impact Investing Rating System http://iris.thegiin.org/

Global Impact Investing Rating System GIIRS http://giirs.org/

B-Corporation http://www.bcorporation.net/

Recommended Reading

Mulgan G. 2010 "Measuring Social Value" Stanford Social Innovation Review. summer

2010. http://www.ssireview.org/articles/entry/measuring_social_value

Nicholls, J., Lawlor, E., Neitzert, E. and Goodspeed, T. 2009. A guide to social return on

investment. London: Office of the Third Sector, The Cabinet Office.

New Philanthropy Capital (NPC). 2010. Social return on investment. London: New

Philanthropy Capital.

Session 12

Monday December 9th 2013

Research Essay-Due Midnight, Monday December 9th (By hand or email- 25-30 pages).

Marks deducted for late essays – 2 marks out of 50 for each day late.

Closing wrap up

Demonstrate an understanding of the research topic explored.

Hone the ability to present your findings in public.

Critically assess others' research.

You will present the highlights of each of your research papers. Findings, conclusions,

implications are to be presented - 3 minutes maximum plus a question or two. Be

prepared to assess others' research and pose challenging, thoughtful and constructive

questions.

We will close with a final discussion of impact investing and responsible investing.

16

Suggested Volumes

Bugg-Levine A. and Emerson J. 2011. Impact Investing. Wiley Press.

Elkington J., P. Hartigan and K.Schwab. 2008. The Power of Unreasonable People: How

Social Entrepreneurs Create Markets that Change the World, Harvard Business School

Publishing.

Hawley J. and Williams A. 2001. The Rise of Fiduciary Capitalism, University of

Pennsylvania Press.

Hebb T., 2008. No Small Change, Cornell University Press, Ithaca, NY, 2008.

Krosinsky, C & Robins, N (editors) (2008) Sustainable Investing: The Art of Long Term

Performance, Earthscan, London

Prahalad, C.K., 2006 The Fortune at the Bottom of the Pyramid, Wharton School

Publishing.

Yunus, Muhammad, 2009. Creating a World Without Poverty, Social Business and the

Future of Capitalism, Public Affairs, 2007. Paperback Edition

Useful Websites

The following websites are recommended:

Alliance Magazine alliancemagazine.org

Ashoka ashoka.org

Association for Non-Profit Research and Voluntary Action arnova.org

BC Social Venture Partners bctsvp.com

Canadian CED Network ccednet-rcdec.ca

Centre for Voluntary Sector Research and Development cvsrd.org

Charities Aid Foundation charitynet.org

Charity Village charityvillage.com

Chronicle of Philanthropy philanthropy.com

CIVICUS civicus.org

Community Foundations of Canada cfc-fcc.ca

Enterprising Non-Profits Program enterprisingnonprofits.ca

Imagine Canada imaginecanada.ca

International Centre for Nonprofit Law icnl.org

International Fund-Raising Group ifrg.org.uk

International Society for Third Sector Research istr.org

Johns Hopkins Non-Profit Sector Project jhu.edu/-ips/CNP

IRED International ired.org.ch

Philanthropic Foundations of Canada pfc.ca

17

Prince of Wales Business Leaders Forum oneworld.org/pwblf

Resource Alliance resource-alliance.org

RSF Social Finance Reimaging Money Blog http://rsfsocialfinance.org/blog/

Slowmoney slowmoney.org

Social Capital Partners socialcapitalpartners.ca

Social Economy Centre, University of Toronto sec.oise.utoronto.ca

Social Enterprise Magazine socialenterprisemagazine.org

Social Enterprise Coalition (UK) socialenterprise.org.uk

Social Finance (Canada) socialfinance.ca

Social Investment Organization socialinvestment.ca

Synergos Institute synergos.org

Tides Canada Foundation tidescanada.org

United Way of Canada unitedway.ca

Volunteer Canada volunteer.ca

Global Impact Investing Network (www.globalimpactinvestingnetwork.org)

More for Mission (http://www.moreformission.org)

PRI Makers Network (www.primakers.net)

Microfinance Gateway: (http://www.microfinancegateway.org)

Investing for Environmental and Social Impact

Changemakers Journal and Resources ( www.changemakers.net)

Venture Philanthropy Partners (www.venturephilanthropypartners.org)

The Skoll Foundation (www.skollfoundation.org)

Skoll Center for Social Entrepreneurship, Said Business School at Oxford University

(www.socialedge.org)

Social Enterprise Alliance (www.se-alliance.org)

Center for Effective Philanthropy (www.effectivephilanthropy.com)

Business for Social Responsibility (www.bsr.org)

Investors Circle (www.investorscircle.net)

Net Impact (www.net-impact.org)

Fast Company Social Capitalist Awards (www.fastcompany.com/social)

Center for Social Innovation at Stanford Graduate School of Business

(www.gsb.stanford.edu/csi)

Social Investment Forum (www.socialinvest.org)

Frontline World Heroes From a Small World (www.flworld.org)

Acumen Fund (www.acumenfund.org)

Microfinance Information Exchange (www.mixmarket.org)

MicoCredit Enterprises (www.mcenterprises.org)

Women’s World Banking (www.swwb.org)

Accion International (www.accion.org)

XIGI Net (www.xigi.net)

18

ACADEMIC ACCOMMODATION You may need special arrangements to meet your academic obligations during the term. For an accommodation request the processes are as follows: Pregnancy obligation: write to me with any requests for academic accommodation during the first two weeks of class, or as soon as possible after the need for accommodation is known to exist. For more details visit the Equity Services website: http://www.carleton.ca/equity/ Religious obligation: write to me with any requests for academic accommodation during the first two weeks of class, or as soon as possible after the need for accommodation is known to exist. For more details visit the Equity Services website: http://www.carleton.ca/equity/ Academic Accommodations for Students with Disabilities:

1. Identify your needs for disability-related academic accommodations to the Paul Menton Centre (PMC), supported by relevant and recent documentation from a registered health care professional, by booking an intake appointment with a PMC Coordinator. Documentation forms are available for download on the PMC website http://www.carleton.ca/pmc/.

2. With appropriate documentation and your input, your PMC Coordinator will formally evaluate your needs for accommodation by establishing a protocol. Factors taken into consideration when establishing an accommodation protocol are the specific impact of your disability on academic functioning, the degree of the impact, the extent in which your documentation supports your requests, and whether the accommodation will significantly compromise the essential requirements and/or academic integrity of the course or program.

3. You must request accommodations at the beginning of each academic term. New students are required to meet their PMC Coordinator in the Fall and Winter Terms. If you are a returning student, you may have the option of submitting your request for accommodation on line via myPMC.

4. You will be issued a “Letter of Accommodation” for each course, stating your documented accommodation needs. The Letter is sent by email to your course instructor and your Carleton email.

5. You are required to speak to your course instructor soon after receiving the Letter to discuss how best to implement your accommodations. Please note that a 2-week notice is required for instructors to make accommodation arrangements for any in-class scheduled tests/quizzes/midterm exams.

6. The deadline to request accommodations for formally scheduled exams each term is published on the PMC website, on the Deadline Dates page http://www.carleton.ca/pmc/students/dates-and-deadlines/.

19

7. If your course instructor does not agree to any or all of your accommodations as stated on your Letter of Accommodation, you should contact your PMC Coordinator to request that s/he initiates an informal review of the decision.

You can visit the Equity Services website to view the policies and to obtain more detailed information on academic accommodation at http://www.carleton.ca/equity/