Become a B Corp – It’s Well Worth The Effort

By Patricia Farrar-Rivas, CEO

Veris is very proud to again be named Best For The World by B Corp.

This is the second year in a row we’ve been recognized with this honor, which is given only to those B Corps that rank in the top 10% of all B Corps.

For those companies not yet a B Corp, we highly recommend careful consideration.

What is a B Corp?

Benefit Corporations are a unique form of corporate governance designed to create public benefit, which is defined as a material positive impact on society, the environment and community.

B Corps are certified by B Lab “to meet rigorous standards of social and environmental performance, accountability, and transparency.” According to B Lab, there are nearly 1,000 certified B Corps from 32 countries and 60 industries. The number is growing.

The Benefit of B Corp Status

For Veris, being a B Corp has many benefits.

First, it reinforces our values and our business practices, which are to promote positive social and environmental engagement through impact investing. Second, B Corp certification demonstrates to clients, investment managers, vendor partners and others our deep commitment to sustainability. Third, our employees love it. They want to work for  a progressive company and play an active role in continuously improving Veris’ sustainability practices.

As a firm specializing in impact investing, our B Corp status synchs perfectly what we do: aligning wealth with values to create positive social benefit while focused on strong investment performance and profitability. Veris and B Lab share the same strategic mission.

For consumers, B Corp status is like a big, neon seal-of-approval. It empowers people to identify and engage with companies dedicated to sustainable business practices, including treating workers and communities with great respect.

Consumers can tell if a company is focused on impact by looking for the B Corp logo. It, along with the Best For The World logo, is viewable on Veris’ home page.

Continuous Improvement

B Corp certification is a great sustainability road map and ongoing opportunity to become a more thoughtful company.

There are more than 200 evaluation points in any B Corp certification. We are audited to be recertified. This process motivates us to keep B Corp standards top-of-mind and integrate sustainability into every facet of our business.

B Corp certification makes us better in ways we couldn’t imagine.

To encourage community service we added 20 hours of paid Volunteer Time Off for all employees.

Reducing our carbon footprint, another goal to B Corp certification, led us down two productive paths.

First, we purchase carbon offsets. In 2013, we financed a tree-planting initiative in the Amazon Rainforest. To accomplish this, we worked with the Amazon Conservation Team (ACT), which helps conserve indigenous lands in this critical rainforest.

Second, we’re thinking more carefully about when we need to travel to a meeting. Increasingly we are using technology for face-to-face conversations, making us more efficient and effective.

Improving Vendor Partner Relationships

B Corp status extends beyond our office.

It also improves the way we manage relationships with our vendor partners. Under B Corp guidelines, for example, the purchase of office equipment should balance durability, quality/image, cost and sustainability.

The sustainability component of the office equipment purchases resulted in our switching from a national chain to Give Something Back, a Bay Area organization that donates 50% of its profits to organizations of our choice.

Similarly, if Veris holds a corporate event or party, we work with restaurants and caterers who are committed to sustainable farming practices.

Evaluating Impact Investment Managers

Finally, a B Corp status helps us choose and work with top impact investment managers – which is critical to our business.

Many investment managers say they follow Environmental, Social and Governance (ESG) practices, but our B Corp status gives us the insight to look more deeply and ask better questions.

We are now vigilant in our manager evaluations, and have deeper, hands-on experience in what it really takes to build successful high-impact companies.

The B Corp journey simply makes Veris better.

Why not start the process of becoming a B Corp today?


Impact Investing: A Smarter Way to Invest

By Patricia Farrar-Rivas, CEO

When we founded Veris six years ago, we were among the very few who believed in the power of impact investing to create wealth and improve the world.

Today, with the planet’s long term viability at risk, we can no longer ignore the connection between global issues and individual choices. In their scale and complexity, today’s problems are unlike any we have ever encountered.

And yet, big challenges create big opportunities.

We are convinced that 21st century investing must see sustainability as a primary driver of growth and innovation.

Deeper and Better Answers

At Veris, our mission is to manage wealth in a sustainable manner, and in so doing, participate in fundamentally transforming our capital markets.

The differentiator for impact investing is how it integrates business, social, environmental and economic factors into investment analyses. The differentiator for impact investors is their commitment to using capital markets to drive the positive change that governments and philanthropy cannot realize alone.

With more variables in play and redefined measures of “return” and “value,” impact investors are looking for deeper and better answers.

In asking questions about environmental impact, they are quantifying risks that were previously ignored. In assessing gender inclusion, they are challenging how financial markets value women and girls. And in committing to positive impact, these investors see “stakeholders” — workers, consumers, communities, the environment and shareholders — as the ultimate beneficiaries of invested capital.

We always knew that impact investing would one day catch fire. That day is here.

Consider the following:

  • One out of every nine dollars under professional management in the U.S. is now invested in impact/socially responsible investing strategies. SRI assets have grown from $639 billion in 1995 to $3.74 trillion in 2012.



  • Today’s impact investors have opportunities for change not possible 10 years ago. Do you want to help save a key watershed? Improve organic farmland? Help business creation in the poorest developing countries? Or build a really functional toilet, yes toilet, for people who have none? Impact investing goes deep for change.
  • Impact investing has gone mainstream. This past fall, the largest brokerages in the country, Merrill Lynch and Morgan Stanley, made high profile commitments to impact investing. Others who have traditionally ignored the field are now doing the same. Establishment institutions can no longer afford to stand idle during one of the most profound shifts in investor sentiment in our lifetime.
  • The industry infrastructure is expanding to support impact investing. Wealth advisors now have no reason not to put their clients’ money in impact investments. Envestnet’s Sustainability Platform makes it easy for wealth advisors to invest with impact across all asset classes. In fact, impact assets have risen 260% to $625 million over the past two years. Veris is proud to power Envestnet’s impact investing platform.

Competitive Performance

The good news: it’s abundantly clear that investors don’t have to sacrifice performance to achieve positive social impact. Numerous, credible academic and industry studies demonstrate that investing in companies that follow Environmental, Social and Governance (ESG) criteria can deliver investment performance competitive with traditional approaches.

Strong Investment Performance


The possibility of achieving both financial and social/environmental returns is why we say impact investing is a smarter way to invest.

Broadening the Debate

The success of impact investing is enlightening the debate about many social issues. Two timely ones are Climate Change and Gender Lens Investing. In 2013, the dialogue around these issues exploded. We’re excited to be part of the global conversation reshaping how investors think about the social implications of capital allocation.

As we begin 2014, we see tremendous opportunity ahead.

Impact investing is a powerful tool for delivering maximum benefit for everyone on the planet. Working together, we can find innovative solutions that address intractable problems.

We invite you to join us.

What About the Women?

By Patricia Farrar-Rivas, CEO, and Luisamaria Ruiz Carlile, Wealth Manager

That is the key question that “gender lens investing” (“GLI”) puts in front of thoughtful investors as they review their portfolios and select new investments.

Do I hold investments that are channeling capital to women, whether in the U.S. or abroad? Is the mutual fund in my IRA screening companies for board diversity and gender equity in the workplace? Have I asked about the diversity of company ownership and management when I’ve selected investment managers?

Just as investors today are asking about the social impact of their investments on the environment, workers, consumers and society, so, too, are many seeking investments managed by women or that advance opportunities for women and girls.

A World of Opportunities

Each day, new research demonstrates the enormous, positive economic impact created by women and girls around the world. Their contributions range from women in emerging markets who repay loans at extraordinarily high rates, to Silicon Valley entrepreneurs successfully putting venture capital to work, to research showing companies with higher numbers of women in management outperform their peers.

Currently, the choice of investment vehicles that are specifically constructed with a gender lens is limited, but it grows as more investors understand its power and potential. In the meantime, Veris continues to cast a wide net to identify excellent opportunities that advance the following goals:

  • Provide more access to capital for women
  • Expand gender equity in the workplace and on corporate boards
  • Increase the number of products and services that benefit women and girls
  • Support firms that are led and/or majority-owned by women
  • Create economic growth in the developing world by investing in women and girls

Our research has also identified a broad range of other opportunities. These include promissory notes, private investments, and public securities and mutual funds that help achieve one or more of the above goals.

A particular mutual fund, for example, may have strong governance screens that prioritize board diversity. A different fund might have a female portfolio manager, while another may channel microfinance dollars to women in Africa. The majority of these opportunities target competitive market returns, while others are by design below-market rate investments to increase the flow of capital to women.

Building better companies and communities entails shifting the flow of wealth to women and girls to help alleviate poverty, and increase women’s leadership and economic status. The financial and impact returns from investing in women are so compelling that using a gender lens should not be considered a “niche” approach.

Remarkably, these women-focused investing trends may be a “disruptive trend” on both sides of the investing perspective: Investors and Investments. As the huge shift of wealth continues toward women, financial organizations from foundations to advisors to companies are seeing women significantly more engaged. Women tend to care more about the social and environmental impact of their portfolios and they are integrating their values into the management of their wealth.

In short, the portfolios of all investors – institutions, families, man and women – would benefit from scanning the investing landscape with fresh eyes and a good question: “What about the women?”

Please check out Veris’ Thought Piece, Women, Wealth and Impact: Investing with a Gender Lens for more information.

The Veris Blog is written by a team of authors at Veris, including Patricia Farrar-Rivas and Luisamaria Ruiz Carlile. Please feel free to share with friends and on social media. Working together, we can address the world’s most pressing social and environmental problems by directing capital to investments that make a difference. 

All in the Family: Fossil Fuel Divestment

OLYMPUS DIGITAL CAMERABy Anders Ferguson, Partner

How does one respond to thoughtful criticism about divesting from the global fossil fuel companies?

The comments of Stephen L. Carter, professor of law at Yale, are indicative of the broadening debate. Carter posits, “Do Unto Exxon as You Would Do Unto Yourself.” His comments were in response to the United Church of Christ’s decision to divest of fossil fuel stocks. Carter asks, why is it that we only focus on the companies we want to change? How about ourselves and our use of carbon?

The experience of university students may be very useful in teaching us how to approach the issue. Around the nation, thousands of students are pushing their colleges to divest from fossil fuels. They are part of a major national campaign led by Bill McKibben of, which is likened to the successful Apartheid divestment movement of the 1990’s.

Students Committed To Change

Last spring, students from Middlebury and Oberlin Colleges approached me seeking professional investment insight about the divestment issue. They were all actively working for fossil fuel divestment of their colleges’ endowments. They wanted help in preparing to talk seriously with their colleges’ Trustees. I was impressed with these students’ grasp of the complicated issues involved, particularly their deepening understand of the investment-related concerns. (I proposed to a couple students that they had promising careers in sustainable investing if interested!)

In response, Veris prepared an analysis, Fossil Fuel Divestment in Endowments, which was well-received. The more I listened to, and considered the students’ approach, I wondered if there weren’t additional ways to advance the college divestment initiatives. Institutions are rarely “first adopters” of major shifts in investing strategy. While institutions including college/university endowments have the greatest total assets globally, students, alumni and their families also control significant fortunes. Often, activist families are early “canaries in the mine.” Put simply, if they so choose, individuals and families can make a decision tonight over dinner to divest from fossil fuels.

The Veris Approach

At Veris, we also consider and encourage multiple strategies for analyzing and advancing fossil fuel divestment. The college endowment divestment push is a globally relevant and powerful campaign. Hugely visible. Cities and religious institutions are also joining. But let’s remember that primary change agents in such major decisions are, in the end, me and my neighbor; a college activist and her or his mother. 

Hence my question back to the enthusiastic students crusading for Fossil Fuel Divestment: “What about your colleges’ AND your parents’ portfolios?” You can educate many investors and influence many billions of dollars of assets if you engage your families. And as a student activist, you will learn a lot about what it takes to make investment decisions – which will greatly increase your effectiveness with college Trustees.

In the end, you and me and our collective decisions, cause change. We like to think it is companies or institutions or governments or our religious institutions. Really, each of us can make a difference. As we make new decisions, as we change our minds, we influence everyone around us, including college Trustees.

It’s Worth The Effort

It’s scary. It may be emotional. It’s likely controversial. Money pushes buttons. But every family that considers changing their portfolios to be more sustainable, to have more impact in the world, broadens the ripples for change.

Student leaders of the divestment campaign should consider seeking sustainable investment training from their supporters to be more effective in working with their colleges’ trustees. This also prepares students for personal conversations with their parents.

Board rooms are critical, but dinner tables are often where the conversations start that lead to change in board rooms.

Anyone free for dinner?

Lebron, Bill & Fossil Fuels

The Heat

In game 6 of the NBA championships, Lebron James led the Miami Heat past the San Antonio Spurs, winning 103-100–the same day the Miami heat index reportedly reached 103. If Lebron James is the face of the NBA champion Miami Heat, environmental activist Bill McKibben is the face of the national fossil fuel divestment movement led by

McKibben’s campaign to mobilize investors to divest from the companies that hold the world’s 200 largest fossil fuel reserves has an important relationship to temperature, in Miami and globally. The International Energy Agency has stated that to keep temperatures within 2 degrees Celsius of pre-industrial levels, we cannot burn more than one-third of the world’s known fossil fuel reserves before 2050. Experts suggest that above 2 degrees Celsius, human habitability and earth ecosystems become fatally compromised. This temperature target was the catalyst for McKibben’s call to divest, a call that has been answered by five colleges and eleven cities nationally to date.

At the heart of the movement are student leaders at campuses across the country, calling for college endowments to divest for ethical and symbolic reasons. The fossil fuel divestment movement seeks to create dialogue and motivate university trustees, who are decision makers on over $400 billion in endowment assets, to consider the responsibility in addressing global challenges such as climate change.

The Role of Sustainable Investing

Sustainable investors, like Veris, have long promoted re-allocating investment capital away from carbon intensive companies towards climate change solutions. This includes investments in alternative energy, energy efficiency, natural resources (e.g. water, farmland, and forestry), green building and green infrastructure developments.

While global fossil fuel reserves are a critical data point to consider when investing in the energy sector, as pointed out by McKibben’s movement, there are many other key considerations–hydrofracking, pipeline development and rapidly changing technology–for sustainable investors. Furthermore, sustainable investors use Environmental, Social and Governance (ESG) investment criteria to consider factors beyond a company’s fossil fuel reserve size. These criteria include specific data points, such as a company’s decision-making process from a governance perspective, impact on the community and treatment of workers.

At Veris, we practice a holistic portfolio approach to mitigate climate change. We enable our clients to divest as appropriate, invest proactively in climate change solutions, support shareholder engagement to shift corporate behavior of the worst environmental offenders across all asset classes. We are not alone in this approach. Many leaders, including those at the center of the divestment movement, agree. The fossil fuel divestment movement, mentioned by President Obama in a recent speech, is a catalyst for transformational dialogue across mainstream board rooms around risk and responsibility.

At Veris, we advance connections between our clients, their investment portfolios, and the world they want to create. We all live in a world where we cannot escape fossil fuels–from the clothes we wear, the food we eat, to the cars and planes we travel in. We can, however, use our assets–as individuals, municipalities and endowments–to increase investment in climate solutions that transform our lives and economy.

Welcome to the Veris Blog

Welcome to the inaugural issue of IMPACT: Ideas and insights changing the world and the way we invest. We created IMPACT to share the latest thinking and perspective of the Veris Team and to highlight a couple of key trends and research about sustainable and impact investing.

We live in transformative times.  An epoch of deep change is under way, creating new ideas and action amidst a sea of profound challenges and creative destruction.  Climate change may be altering our planet, our ecosystem, and other essential life-giving and supporting factors in unimaginably negative ways. Human health may be in decline from chronic disease and global pandemics caused by modern lifestyles; they are swamping not only the American healthcare system, but also rapidly growing nations like China and India.

Core industries are dying. In manufacturing, human hands are being replaced by robots, or otherwise by the hands of lower-wage workers in emerging countries. Very high and chronic unemployment may become structural in Western economies.  Our social safety nets are crumbling.

The Power of Innovation

At the same time, innovation and new technologies are driving a rapid shift to sustainable industries. Astoundingly, wind energy is threatening nuclear and power electric production in the US. Global companies and social entrepreneurs are simultaneously seeking new ways to build more sustainable companies and enterprises to solve intractable environmental and social dilemmas.  In fact, sustainable corporate practices are growing so rapidly that we are seeing a whole class of companies beginning to “break away” from the pack. They are outperforming and out-innovating their competitors based on serious and holistic sustainable business practices.

In local communities, we are seeing community-based organizations, NGOs and individuals taking action to build more resilient and life-giving communities.  Just look at the explosion of local food systems, community energy, Community Development Banks, energy-efficient buildings, new indicators to measure human prosperity. All of this is creating communities that have a resilient, sustainable vision of places people can live and work. Look around. It won’t take long to find these and other practical examples of “new wealth” being built in your community.

The Veris Solution

At Veris, we track these macro and micro trends and work to understand them. We work with families and foundations who care as much about performance as using their wealth to positively impact society. We also work with a wide ecosystem of colleagues across the sustainable investing landscape to create and advance cutting-edge approaches to fully integrating sustainable business practices and impact investing.  After all, capital drives economies and our individual values drive how we invest our capital.  Veris supports those changing their practices to make a difference in their lifetime and for future generations.

Featured in this inaugural issue is a highlight on one way that Veris walks our talk to create impact inside our company and in the world: our membership in the world of B Corporations.  We are thrilled to be named a Best for the World B Corp and to be the only wealth manager with that distinction.

In upcoming posts we will highlight issues ranging from:

  • Green technologies transforming products and production
  • Gender Lens Investing recognizing and empowering women, girls and companies
  • Community wealth building renewing communities
  • Sustainable food systems bring local and sustainable food back home
  • And on…

We hope you enjoy IMPACT.  We promise only relevant and pithy commentary combined with breaking stories. In a world of information overload, we curate content to give you insight and ideas that are changing the world and the way we invest…in under 5 minutes.