The Impact Economy Brief | 7 June


Impact Economy

Welcome to the latest edition of Bates Wells’ Impact Economy Brief.

Our fortnightly ‘Brief’ is intended to be a helpful reference point and resource for our network, providing an overview of activity in the Impact Economy. You won’t be surprised to see that we’ve taken a particular interest in legal and regulatory developments.

We hope you find the Brief to be a valuable digest of the things you need to know, and invite you to tell us what you’d like to read more about.

Talk the Talk

As the language of the Impact Economy develops, we’ll add relevant terminology to our Impact Economy Glossary, to help share a common understanding. This week’s jargon is:

Data trust

Editor’s Pick

If you only have 10 minutes of quiet this week, we recommend…

Why the Future of the Planet Is Brighter Than You Think: the Regenerative Economy. Harry Doull, founder of B Corp Keap and SolarAid USA, writes about current initiatives towards a regenerative economy, using systems-thinking, and how we should ‘Be More Ant’.

Impact Business

PodcastWhat is the circular economy? The founder of the Ellen MacArthur Foundation discusses examples of circular economy business models, and the importance of distinguishing between biological and technical cycles.

Does Richer Sounds mark the tipping point for employee ownership? The Employee Ownership Association considers the current state of the employee ownership movement, and the need to preserve the integrity of these structures.

EventsCircular Economy Week London 10–14 June 2019. Circular London and LWARB are hosting a week of events, activities and workshops to showcase how businesses could benefit from circular design thinking and collaboration opportunities in London.

Front and Centre – Putting Social Value at the Heart of Inclusive Growth is a new report from Social Enterprise UK, analysing the impact of the Social Value Act on public procurement and making the case for using social value to drive inclusive growth.

Use your premises as a tool for change. Will Scott, Head of Real Estate Disputes at Bates Wells, considers how business premises can play a role in the circular economy, looking at the Ellen MacArthur Foundation’s ReSOLVE framework.

A longer readCreating a Viable Economic System by Shifting to a Nurturer Mindset. Jay Coen Gilbert, co-founder of B Lab, explores the concept of the “ideal farmer” and moving away from the exploiter mind-set.

Impact Investment

Impact Finance Bulletin. A Pioneers Post round-up of impact finance news in the UK and further afield.

New independent institute launched to make it easier for investors to have a positive social impact. The government has announced that a new Impact Investing Institute will be created, which will work to make it easier for people to invest their money to benefit society.

Letter makes plea to rich over climate. The BBC reports that a group of leading UK scientists has written to the top 100 wealthiest charitable bodies and families to request greater funding to tackle the ecological crisis. UKFundraising also reports, providing details of the signatories.

Taking Ownership – Community empowerment through crowdfunded investment is a new report from Nesta, exploring how investment crowdfunding models can be used to fund community-owned projects. The landing page for the report summarises its findings.

Legal and Regulatory

The FCA Handbook has been amended to implement requirements of the revised Shareholder Rights Directive (SRD II), which aims to promote long-term investment decision making. From 10 June 2019, asset managers and asset owners will be required to make disclosures about their engagement policies and investment strategies, to improve transparency on how they engage with investee companies including in relation to ESG. The relevant FCA Policy Statement provides further information.

The final report of the Independent Review of the Modern Slavery Act 2015 has been published and laid before Parliament; the government is now considering the report’s 80 recommendations. Background and more information can be found on the Independent Review website.

PodcastFight Slavery in Your Supply Chain. Elaine Mitchel-Hill, business and human rights lead at Marshalls PLC, and Andy Crane, professor at the University of Bath, talk to the Network for Business Sustainability about preventing Modern Slavery, giving examples of supply chain interventions.

BlogGDPR – one year on. UK Information Commissioner, Elizabeth Denham, announces publication of the ICO’s new report on 12 months of the GDPR being in force, commenting on key findings and the ICO’s plans going forward.

The FRC sets out its transition pathway. The FRC has published its Plan & Budget for the coming year, with a commitment to push forward its transition to the new regulator, the Audit, Reporting and Governance Authority.


Jigme Thinley, former Prime Minister of Bhutan, is the special guest of the World Leadership Alliance-Club de Madrid and The Foundation for Democracy and Sustainable Development, in this unique conversation around Bhutan’s key metric of Gross National Happiness (GNH). Hosted by Tomorrow’s Company and Bates Wells, please join us from 6pm on 11 June 2019, to understand Bhutan’s experience of using GNH as a key indicator of sustainable and equitable socio-economic development.

Disclaimer – The information contained in this briefing is not intended to be a comprehensive update – it is our selection of third party reports, news, podcasts and other materials, as well as some content produced by Bates Wells where indicated as such, which we think will be of interest to those working in the Impact Economy. This content is necessarily of a general nature; it does not constitute advice, and specific advice should always be sought for specific situations.

This information is necessarily of a general nature and doesn’t constitute legal advice. This is not a substitute for formal legal advice, given in the context of full information under an engagement with Bates Wells.

All content on this page is correct as of June 7, 2019.