Responsible stewardship of wealth - STEP CPD Masterclass Series

Whilst this event is for all advisors, it will particularly be of interest to those acting for clients who are actively considering responsible stewardship of wealth or who have more traditional philanthropic aims, it also addresses whether ESG integration is already part of a trustee’s existing fiduciary duty. It will cover: the different approaches to be considered with respect to charitable and non-charitable vehicles, the different types of investment strategies that currently comprise responsible approaches, choosing and evaluating investment managers who specialise in these strategies, and the different considerations that apply when creating new trusts and dealing with existing trusts. It will also introduce the toolkit being developed by STEP to assist its members in responsible wealth stewardship.

Gina Pereira

Gina Pereira, Founder of Dāna Stewardship Advisory, is an integrative adviser with extensive expertise in trusts and estates law, fiduciary services, wealth planning, philanthropy, and sustainable and impact investing. She supports families in executing complex projects, developing and implementing growth and sustainability strategies, and managing reputation and generational transitions.

Gina serves in key industry leadership roles, including the STEP committee Chair on Responsible Stewardship of Wealth, a Board Member of the Global Alliance of Impact Lawyers, and Co-Chair of the Bermuda Business Development Agency's High Net Worth Steering Committee.

Gina's work has been acknowledged with prestigious accolades, including the highly esteemed STEP Private Client Award.

Emilie Shaw

Emilie is Cazenove Capital’s sustainable client lead, vice chair of the sustainable investment committee and member of the Cazenove Charity Responsible Multi-Asset Fund investment team.

With 12 years' experience managing investments for charities and high net worth individuals, Emilie is passionate about helping investors move capital away from harmful businesses and towards environmental and social solutions for the benefit of people and the planet. Emilie holds the Diploma in Wealth Management (CISI Level 7) and Investment Advice Diploma (CISI Level 4). She is a speaker for Girls Are Investors (GAIN) Charity.

This session will focus on six key areas concerning RSOW:

Understanding the differences between charitable and non-charitable trusts.

This will cover the recent case law and the potential differences in treatment, whether the distinction between generating wealth on the one hand and philanthropy/creating a legacy on the other is breaking down – i.e., the alignment of wealth generation and preservation with values (“interconnectedness between how wealth is made and how it is deployed.”)

2. Turning to what we mean by ESG:

The spectrum of responsible investment approaches using the standardised terminology; ESG integration; screening (positive and negative), thematic investment, stewardship and impact investing; and
Applicable to all 5 approaches, and reflecting on “interconnectedness” the distinction between value driven investing (i.e., there being an underlying financial motivation to enhance risk-adjusted returns without an express intention regarding impact on the world) and values driven investing (primarily concerned with how the investment will impact the environment or society) and the effect of that distinction on permissibility.

3. How to select and evaluate investment managers specialising in these types of investment strategies.

4. Flag the different considerations when creating a new trust or trying to work within the parameters of an existing trust.

5. Explore the toolkit and the draft clauses for existing trusts, and for wills and powers of attorney.

6. Sound audience members out about what (if any) further training in this area might be useful.