Our Genesis
RIAA was originally called Ethical Investing Australia (EIA) when it formed in 2000. The organisation was founded by a group of concerned investors – led by financial advisors – who recognised the powerful impact that conscious investors could have by steering their capital towards companies that were aligned with their values. Ross Knowles (Ethinvest) from Sydney and Janice Carpenter (formerly Ethical Investment Services) from Melbourne were founding co-Presidents.
From our early days, RIAA had impact. Our first benchmarking report came out in 2002 and has been published every year since and expanded into a distinct report for New Zealand. We lobbied government to get fund managers to disclose environmental, social and labour related issues (an early iteration of ESG integration). This work was successful and this remains law in Australia, enforced by ASIC.
A broad church
RIAA’s early pioneers and practitioners were focused on ensuring their investment portfolios didn’t include companies that they perceived were having a negative impact. The early focus on negative screening soon expanded, as the potential for using capital to shift our economy and improve society gained traction. Mainstream investors began to recognise the benefits of analysing their portfolios on metrics beyond the financial. They saw that social and environmental factors could also be vital indicators of risk. These two camps, the ‘values-based’ investors, and those focused on managing risk – came together through RIAA.
In 2007 we changed our name from EIA to RIAA to reflect our breadth of membership. This diversity remains a key source of strength, demonstrated by the cross-pollination of many responsible investment approaches and concepts. For example, there are few mainstream investment managers that haven’t adopted the ‘values-based’ approach of a negative screen, and very few ethical investors who don’t engage in risk management through ESG integration, or corporate engagement and voting. Additionally, impact investors have brought a focus on metrics, data and measurement, which continues to influence our membership. Debate in these forums is often vigorous, and such dialogues help us to continually learn, adapt and evolve.
Much more than an industry body
Much of our history mirrors the pioneering nature of the Australasian market, which has been at the forefront of responsible investing development and growth. In the early days RIAA received a grant to build RI training modules. We were ahead of our time, and as Europe put new regulation in place, our training was soon in high demand. This course became the UN PRI’s Responsible Investment Academy in 2010 – the first online training course globally for responsible investment.
And we kept pioneering. In 2005 we established a Responsible Investment Certification Program that is world-leading, and the longest running accreditation program of its kind. It is the leading initiative for distinguishing quality responsible, ethical and impact investment products and services in Australia and New Zealand and provides confidence that a product or provider is delivering on its responsible investment promise and meeting the Australian and New Zealand Standard for responsible investing.
Connected globally and locally, we helped drive industry collaboration to promote economies that prioritises human wellbeing, social equity and environmental protection, while underpinning financial system stability. We are members of the Global Sustainable Investment Alliance. We co-chaired the Australian Sustainable Finance Initiative (ASFI), which produced an industry Sustainable Finance Roadmap, and establishing ASFI as a separate entity in 2021 to continue the collaboration and coordinate implementation of Roadmap recommendations. We were part of the NZ Sustainable Finance Forum.
Ross was the founding co-president of the Responsible Investment Association of Australasia (RIAA) and editor of the book Ethical Investment . Ross is a keen environmentalist and has played a part in the protection of some significant Australian wilderness areas including Washpool National Park on the NSW northern ranges and Yengo National Park north of Sydney. He has also discovered three new species of Australian frogs
Ross Knowles
People Power
Our work going forward recognises and harnesses the power lying in the hands of consumers, as they increasingly choose to place their money where their mouth is. This is why we engage in regular consumer research and in 2016, launched the online tool Responsible Returns, helping consumers find responsible and ethical investment providers and products. Similarly, as financial advisers see a huge evolution of their industry, RIAA is providing them with tools and resources to integrate responsible investment into their practice, including a responsible investment course for advisors.
As an industry, we’ve spent over two decades refining the tools and practices of responsible investment. Going forward it’s time we put these practices to work in a manner that is commensurate with the great global challenges we have in front of us.
Simon O’Connor
Ex-CEO, RIAA (2013-2023)
From avoiding harm to positive impact
Responsible investment in its early years was focused largely on avoiding or minimising harm through investing. In 2018 we established a dedicated Impact Investment Forum and actively broadened the conversation to one about the ‘impact’ of the investor more generally, including how they are contributing positively to a more sustainable society and environment.
RIAA’s working groups share leading practice and knowledge on sustainability issues, and develop world-leading toolkits to build capability within the industry to assess risks and prioritise investor stewardship on issues including Nature, First Nations Peoples’ Rights, Indigenous cultural heritage protection and Human Rights, including modern slavery. We played a key role in developing definitions of responsible investment terms that have been adopted globally.
And RIAA runs the largest gathering of responsible investors in the southern hemisphere through annual conferences in Australia and Aotearoa New Zealand.
Optimism and energy for the future
In 2025, RIAA comprises over 550 members representing 75% of all professionally managed funds in Australia, and 73% of managed funds in Aotearoa New Zealand, including Australia’s 10 largest superannuation funds. Our membership includes all aspects of the investment chain, including Australian and global asset and wealth managers, banks, impact investors, research/data providers, trusts, foundations, financial advisers and consultants.
Recent years have seen unprecedented growth within the sector, and alongside a wave of momentum towards sustainability practices within business and the wider community. With demand for responsible investment surging, increased scrutiny of ESG investing globally, an ever-stronger regulatory landscape, and the advantages of rigorous practices being abundantly clear, there is now a greater focus than ever on our agenda-setting work.
Our strength is in our community. With united effort, and common goals, we are taking the progress of the past 25 years and using it to reshape the world of finance and investing as we know it. There’s never been so much energy for investing with impact, and our vision for the future has never been clearer.
