This collective impact is something that Dr James Corah, head of ethical and responsible investment at Churches, Charities and Local Authorities Investment Management, says is vital to change the world.
CCLA manages the assets of charities, local authorities and churches, so that collectively, they can invest together in positive causes, create strength of influence, and put momentum behind shaping change.
Corah is deeply involved in business purpose, for societal change - his doctorate was in assessing the intersectionality between Christian ethos and financial necessity.
He asked how can churches survive and thrive in a profit-orientated world, without compromising their values and morality?
He found, that in this meeting point between faith and finance, there was an interesting tension, in which all sorts of potential for positive change was born.
He joined CCLA to explore and engage in this change, pulling together organisations and individuals who want to serve a positive, faith driven social purpose, using finance as a lever and enabler.
Philanthropic underpin
For many clients, a desire to invest ethically or responsibility goes deeper than a pure desire to do some good in the world; it is part and parcel of a belief system.
An example is following the tenets of Shariah finance, which means no investments or savings can ever be put in companies that could do harm, such as tobacco or arms companies.
Rachel Steeden, head of legal at Stewardship, and describes the concept of 'stewarding' financial resources as being “based on the belief that we don’t truly own anything, that everything we have comes from God and belongs to him.
"Our job is to look after the things God has entrusted us with; effectively we are stewards or custodians of all the resources we have at our disposal, from our skills, time and finances to our environment and communities.”
Steeden believes that this is vital not only for investment, but also for philanthropy “as it usually motivates those who embrace it not only to give as effectively as possible, but also to steward what they keep for their family’s needs as well as they can, so that the overall impact of their resources is maximised."
She says engaging in stewardship can be "very liberating", as a client's fundamental, faith-based values can both motivate them to work hard to make the most of what they have, and make it easier to be generous.
Steeden adds: "Moreover, philanthropists enjoy the lasting sense of purpose their generosity provides and are motivated by seeing the positive difference they can make with their wealth.”
Challenge of wise stewardship
On the other hand, she feels, the challenge of stewarding wisely can be daunting.
It is easy to feel overwhelmed “by the scope and scale of the needs in different areas and to wonder how any individual effort to steward well can make a material difference", she says.
