A Legal Framework for Impact is undertaken collaboratively by the United Nations Environment Programme Finance Initiative (UNEP FI) and the Principles for Responsible Investment (PRI) with the generous financial support of The Generation Foundation, and supported by legal expertise from Freshfields.

The Secretariat is composed of the following three partners:

United Nations Environment Programme – Finance Initiative (UNEP FI) is a unique global partnership between the United Nations Environment Programme (UNEP) and the global financial sector, founded in 1992. UNEP FI works closely with over 270 financial institutions who have signed the UNEP FI Statements, as well as a range of partner organisations, to develop and promote linkages between sustainability and financial performance. Through peer-to-peer networks, research and training, UNEP FI carries out its mission to identify, promote, and realise the adoption of best environmental and sustainability practice at all levels of financial institution operations. For more information, see

Principles for Responsible Invesment (PRI) works with its international network of signatories to put the six Principles for Responsible Investment into practice. Its goals are to understand the investment implications of environmental, social and governance issues and to support signatories in integrating these issues into investment and ownership decisions. The six Principles were developed by investors and are supported by the UN. They have over 2,000 signatories from over 50 countries representing US$80trn of assets. They are voluntary and aspirational, offering a menu of possible actions for incorporating ESG issues into investment practices. In implementing the Principles, signatories contribute to developing a more sustainable global financial system. For more information, see

 The Generation Foundation is a UK registered charity and was established alongside Generation Investment Management LLP, the sustainable investment firm founded in 2004. The Generation Foundation’s mission is to drive the urgent transition to an equitable society in which global temperatures do not exceed 1.5⁰C. It operates a proactive grant-making and research programme that focuses on four priority areas: investor climate action; carbon pricing; gender inclusion and empowerment; and action on economic inequality. For further information, please visit


The secretariat appointed Freshfields Bruckhaus Deringer in September 2019 to compile the legal analysis and author the project report following a competitive tender process. 

Steering Committee

Reference Group

The project’s Reference Group includes experts from investment firms that have developed, or are in the process of developing, a strategy for integrating sustainability impact considerations in their firm’s core strategy and investment decision making.

The group supports the research and implementation prgoramme by sharing policy developments, questions, concerns and information on legal, regulatory and fiduciary implications of the management of sustainability impact in investment practice.

Members include:

  • Clara Barby, Chief Executive, Impact Management Project, Bridges Fund Management
  • Joanne Etherton, Lawyer, ClientEarth
  • Gerard Fehrenbach, Attorney at Law, Senior Advisor, Responsible Investment, PGGM Investments
  • Sean Gilbert Director, Global Impact Investing Network
  • Daniel Jackson, Managing Director, Goldman Sachs Asset Management (GSAM)
  • Martin Jonasson, General Counsel, AP2
  • Ryan Klausing, Director, Legal Team, Generation Investment Management
  • Libby Klein, Trustee Director, Christian Super
  • Susan Mac Cormac, Partner, Morrison & Foerster
  • Will Martindale, Group Head of Sustainability, Cardano
  • Tom Tayler, Senior Counsel, Aviva Investors
  • Tara Tilbury, Senior Counsel, RBC Global Asset Management (U.S.) Inc.
  • Michael Torrance, Chief Sustainability Officer, Associate General Counsel, Legal and Regulatory Compliance, BMO Financial Group
  • Margaret Wachenfeld, Managing Director, Themis Research; Senior Research Fellow, Institute for Human Rights and Business
  • Kong Wei, Partner, Zhong Lun Law Firm