The SIF is back: what’s different?
by Matt Smith & Amir Rizwan
On the 19th October 2020, we launched the nomination window for the first Social Investment Forum (SIF) Chair and Steering Committee in partnership with the Diversity Forum. We wanted to take this opportunity to set out our thinking behind this process and share what we are hoping to achieve.
To provide some background, the SIF has relaunched this year with a new secretariat (Social Investment Business) and governance structure. Although the Forum has held an important convening role in the sector for several years, it had perhaps lost some of its momentum and engagement over time. As we look to reboot the SIF with a renewed sense of purpose, we’ve also been thinking about how to embed our collective values into these new structures and ensure that its connected to what we are all trying to achieve.
As social investors, we ultimately want to ensure that money flows into the places where it’s needed most, in a way that reaches all parts of the population fairly and equitably. However, we also know that there is sometimes a disconnect between the backgrounds and experience of the social investors making decisions and individuals who are seeking funding for their organisation. If we want to be effective in driving real change in communities across the country, we need to be thinking more deeply about our own efforts to address issues of diversity in our sector.
Social investment suffers from the same diversity challenges faced by many other sectors. Even though the representation of women at executive level has increased by 2% since 2017, social investment boards have seen a drop in female representation - with women of colour being the least likely to hold directorships in the sector, accounting for just 16 (or 2.8%) of all Board Directors. Almost one in five Board directors in the sector also attended Oxford or Cambridge universities compared to just 1% of the general population. Only 7% of respondents to a Diversity Forum survey of the social investment sector identified as having a disability, compared to 16% of UK working adults.
Whilst the challenges faced by the social investment sector are not unique, the size and relatively young age of the sector means there is an opportunity to drive change and lead by example in this area. It is timely, then, that the relaunch of the SIF offers a chance to start afresh and embed the principles of diversity, inclusion, representation and justice into its governance from the very beginning.
This is why the SIF has chosen to partner with the Diversity Forum to take a more proactive approach in how it selects its inaugural Chair and Steering Committee. We want to be clear from the outset that our ambition is to make tangible progress on diversity and inclusion. This includes taking steps to open up leadership positions in the sector to a group of people that better represent the society we live in. At its core, the SIF is about collaborating to do better, and we know there is much more work to be done here.
For the reasons outlined above, we’ve chosen not to limit the candidate pool to the senior leadership teams and want to offer the chance for new talent to take on leadership roles in the SIF’s governance. We are aware that an appropriate balance will need to be struck between experience, skills and representation, especially when the SIF is engaging with the higher levels of Government and externally. This will require concerted effort to spread opportunity, share skills and develop experience. Indeed, part of this is about looking to open up routes for progression and exploring how we can remove the barriers that prevent certain groups from being better represented at the senior level.
We are also aware that we might not get all of this right the first time round. But this is also a chance shine a light on good practice. It is about being open about where we are and clear about where we want to go as a sector.
In many ways 2020 is a year where huge inequalities have been brought into stark light as a result of the Covid-19 pandemic – with the disproportionate impact falling on BAME communities, people with disabilities and people from disadvantaged socioeconomic backgrounds. Covid-19 has placed an urgent responsibility upon all of us to do our part to create a more just and equitable society. Driving change in our sector is something that’s within our control, it’s just a question of collective will to make this happen.
This is a rare opportunity to shape the SIF from the bottom up and ensure that we are taking a more proactive approach to addressing issues of diversity in the sector. We would encourage anyone reading this to nominate themselves by emailing Will Thomson (SIF Secretariat) before 5pm on 6th November and be part of this collective mission to drive inclusive social investment in the UK.
Matt Smith - Interim Chair, Social Investment Forum
Amir Rizwan - Co-chair, Diversity Forum