In our 2019 Annual General Meetings I discussed how the notion of shareholder primacy – maximising shareholder value before all else – was being challenged by the investment community. For Stafford, investing in the private markets with a long-term perspective, it is perhaps difficult to draw a distinction between the interests of the wider corporate stakeholders (employees, consumers, service providers, the environment and society at large) and those of shareholders. They are intrinsically linked, with the long-term impact on the wider community of stakeholders impacting shareholder value, for better or worse.

The last 18 months has introduced challenges that impact all stakeholders – everyone - and in many cases in devastating ways that will play out over years to come.

The environmental challenges were at the forefront of minds before the COVID-19 pandemic, and happily they have not been side-lined but reinforced. We hope this will be reflected in a successful COP26, the 26th edition of the UN Annual Climate Change Conference to be held in Glasgow in November this year. Beyond the environmental issues, we have seen a growing awareness of the imbalance in society. The pandemic has highlighted what we have known for a long time – that there is a huge disparity in the availability of healthcare and education, the adoption of technology and general financial stability, which all increase the divisions in society. A unified response is required with everyone contributing to the solution. This will serve the wider community of stakeholders, and in turn shareholders, and in a way that is truly sustainable.

This is Stafford’s first annual Responsible Investment Report, but you will see from the report that our work in sustainability has been woven into our activities since we were founded back in 2000. These activities cover both our own operations and the greater impact that is felt through our investments. You will learn that we have been certified as Carbon Neutral as a company since 2018, that we are making efforts to bring greater diversity into our team and decision-making, and how we as a company think about our responsibilities to our wider group of stakeholders. You will also see how we subscribe to the organisations that are bringing everyone together to contribute to a unified solution to the challenges we face. We adhere to our legal obligations, and we strive to do more. It is through the investments we make that we can have the greatest impact, and we do this on behalf of our clients. From our early participation in the timberland sector in 2003, to our work in the cleantech industry since 2004 that forms the basis of sustainable private equity investing today, through to the growing environmental themes in infrastructure and agriculture, we are focused on responsible and sustainable investing that we believe serves our clients over the short, medium and long term.

As we all know, there is much for investors in today’s world to do to ensure a positive outlook. And we all need to collaborate as we do it. Long-term thinking is required, and this will bring long-term results for all, including shareholders.

I hope you enjoy reading Stafford’s Responsible Investment Report 2021.

Angus Whiteley
CEO, Stafford Capital Partners