Manda Scott’s Post

Recommended read: Fiduciary duty comes up in nearly every asset owner space that I'm in, from large institutional investors and their trustees, to investment managers and consultants. If you're in this space (new or a veteran of it), thinking deeply about FD is so valuable. Kudos to my friend and former colleague Sandhya Nakhasi for adding a sharp and creative perspective to the conversation.

To create new systems, we must first challenge, reconsider, and redefine our current extractive systems. Sandhya Nakhasi, co-CEO here at Common Future explores what it might take to create a "reoriented framework that centers humanity" by exploring finance, and the role fiduciaries have for the communities we center. https://lnkd.in/eW2s3Dc4

I love this piece, Sandhya. I am particularly struck by how you often say to investors, “You can’t build wealth for Black, Indigenous, and other communities of color by continuing to extract wealth from these same communities that have faced multigenerational exclusion and extraction from our financial systems.” And then you are met with blank stares. We need to make the clear case that financial returns do not fall from the sky, pristine and unblemished. They far too often come through extracting from workers, debtors, communities, the environment. Redefining fiduciary duty beyond obligation to wealth holders is critical. And this one technical solution is best understood as part of a broad rethink: who is an economy for? https://lnkd.in/gb9pHkDT When financial assets are 5 times GDP, their relentless, single-minded focus on maximum returns is no longer a private matter. It is a form of bias toward wealth that harms the rest of us. Thank you for speaking out, Sandhya. We need more voices like yours. Find fodder for argument in Wealth Supremacy: https://lnkd.in/gWN45S8w

💫 Reposting this excellent article, which with its interrogation of fiduciary duty does exactly the kind of daylighting and reimagining of the hidden wiring of the wealth defense industry that is so urgently needed. There's a kernel of people gathering around the needed for hacks at https://hackingwealth.xyz/, for anyone who's already engaged in, or interested in, creating the hacks we need to put wealth in service of people and planet.

In the midst of continued and concerted #backlash to #racialprogress, it feels difficult to think beyond our current conditions to create the enabling conditions for a world where all people can thrive. But, it’s necessary, now more than ever, to make space for imagining what is possible by examining the concepts that keep the status quo of concentrated wealth and power in place. Reframing the concept of #fiduciaryduty is just one of these examples of how to challenge underlying arguments that are cutting off capital to the communities and organizations that need them most. I hope this reframe offers space for us think differently about our responsibilities to each other in ensuring that we all have the resources to thrive. I want to recognize Agnetha Jaime Gloshay, Jennifer Swayne Njuguna, Esq. SHRM-SCP, Jess Yupanqui Feingold, Ryan Glasgo,Victoria Monteiro, Donovan Ervin, Marjorie Kelly, Lisa Nutter, Leslie Christian, CFA, and Steve Dubb for your thought partnership (in small and big ways) to help bring this piece from musings and frustrations over the past few years to something productive. Article: https://lnkd.in/eEEe4PDu #impactinvesting #fiduciaryresponsibility #fiduciaryduty #systemschange #communityinvestment #philanthropy #economicdevelopment

Well said, and worth your time: an important statement on the essential nature of investment and institutions.

🗣Check out this article featuring EDGE member Chorus Foundation and their decision to spend down. An interesting read on a shift in relations to wealth! 🔗https://lnkd.in/exNtZzpH

This article! The new definitions of what fiduciary duty-- YES. Gratitude to Sandhya Nakhasi for this important (re)framing of how we can all lead into meaningful investment in community.

Really interesting new report from Pro Bono Economics on how the next generation are the 'generous generation', and also highlights the growing opportunity for professional advisors in this space: 🔵 This generation is significantly more likely to seek financial advice, with 78% having already done so through various channels, compared to 61% of those over 55. 🔴 38% of under-35s contributed more than £2,000 annually a figure eight times higher than their over-55 counterparts ⚪ More than half of wealthy under-35s indicated they would be more likely to choose a financial adviser who offers philanthropy advice. ⚫ There are around 100,000 wealthy people under 35 who may not have a relationship with a financial or wealth advisor at present. That is a significant market to tap into.  #philanthropy 📄 Full report here: https://lnkd.in/eaMxCgdS

Read a letter from our Director, Marcus Desando (MSc.), with some key highlights and aspirations for the upcoming year!