SSX_Impact Report_2016

www.socialstockexchange.com
THE WORLD’S ONLY PUBLIC
SOCIAL STOCK EXCHANGE

socialstockexchange.com2 3
THE SOCIAL STOCK EXCHANGE PROVIDES ACCESS TO THE
WORLD’S FIRST LIVE PUBLIC CAPITAL MARKET EXCLUSIVELY
FOR PROFIT WITH PURPOSE ENTERPRISES.
2 socialstockexchange.com 3
IMPACT REPORT 2016

CEO OVERVIEW
35 SOCIAL STOCK EXCHANGE MEMBERS - MORE THAN DOUBLED IN 2015
15 NEW SOCIAL CORPORATE ADVISERS JOINED OUR
NEW ADVISORY MEMBERSHIP STREAM IN 2015
£400M PLUS CAPITAL RAISED BY SOCIAL STOCK EXCHANGE MEMBERS
£2.3 BILLION,THE COLLECTIVE VALUE OF THE SOCIAL STOCK EXCHANGE
MEMBERSHIP
CERTIFIED B-CORPORATION STATUS GRANTED TO SOCIAL STOCK EXCHANGE,
ONE OF THE UK’S FOUNDING B-CORPS
WINNER OF ADVFN AWARD FOR BEST TRADING INNOVATION 2016 AND
GUARDIAN SUSTAINABLE BUSINESS AWARD – FINANCE FOR GOOD
35
15
£400,000,000
£2,300,000,000
CERTIFIED
B-CORPORATION
AWARDS
4
Welcome to the Social Stock Exchange’s first impact report. Whether you are already familiar with
our mission and our strategy or whether you are learning about us for the first time, I hope you
will find this a useful way to brief yourself on our theory of change and on the impact we seek to
achieve.
Our strategy is to develop and disrupt the conventional capital markets to create a public market in
which pro-social purpose and impact is valued as much as reported financial returns .
• A public market because we believe that systems level change will only be achieved if the
public can participate directly in the market and become impact investors in their own right
and that this possibility will itself encourage both new issuers and institutional managers to
value pro-social purposes as much as conventional financial returns.
• For purpose-driven businesses backed by mission-aligned investors - positive impact not
negative screening
• In which social entrepreneurs can raise capital and also benefit from a secondary market – so
broadening the range and diversity of those who can participate
It follows that our impact is not simply the sum of the impact of our members (although you will
see that reported). Our impact is also the impact we can make in the capital markets to improve
accessibility, participation and ultimately liquidity for pro-social businesses and impact investors.
We hope to continue the progress we have made and report against these objectives in future
reports.
Colin Melvin, Chair of the Social Stock Exchange said:
I am seeing a marked increase in the appetite for responsible and sustainable investing as
mainstream investors wake up to the financial and economic value of strong social impact and
positive corporate purpose. At this exciting time, the Social Stock Exchange provides an excellent
platform for like-minded investors and businesses to connect and create together a more
sustainable economy.
As they change their focus from short-term transactions towards longer-term relationships,
investors are starting to realise their interdependence with the companies in which they invest.
The Social Stock Exchange is at the heart of this change, helping companies and their investors
to understand, articulate and showcase their social impact and purpose. As Chair I am looking
forward to assisting in the further development of the Exchange and its role in the investment and
corporate communities.”
OUR VISION IS A PUBLIC MARKET TO ACHIEVE PROFIT WITH PURPOSE FOR ALL.
OUR MISSION IS TO STIMULATE A VIBRANT, REGULATED, PUBLIC SOCIAL INVESTMENT
MARKET, ENABLING ALL IMPACT BUSINESSES TO HAVE GREATER ACCESS TO CAPITAL
SO THAT INVESTORS BOTH RETAIL AND INSTITUTIONAL CAN IDENTIFY,TRANSACT AND
REALISE THEIR SOCIAL, ENVIRONMENTAL AND FINANCIAL GOALS.
IMPACT REPORT 2016

THE SOCIAL STOCK EXCHANGE WAS FOUNDED
BY MARK CAMPANALE AND PRADEEP JETHI
IN 2007 AND WAS OFFICIALLY LAUNCHED BY
THE THEN PRIME MINISTER, DAVID CAMERON,
AS PART OF THE G8 SUMMIT HOSTED BY
THE UK GOVERNMENT IN JUNE 2013.
THE SOCIAL STOCK EXCHANGE (SSX) is a limited company, incorporated in the United Kingdom,
whose purpose is to promote and develop the impact investment sector and provide investment
opportunities in this sector to all investors. It is headquartered in the City of London and it is
planning to open local offices elsewhere in England to be closer to local communities. It offers
access to funding to impact organisations and a framework for impact assessment through the
Impact Reporting Process which is the key milestone for achieving membership at the Social
Stock Exchange. Furthermore, it raises public awareness around existing solutions to social and
environmental issues which wider society currently faces. It offers access to the world’s first
regulated market dedicated to impact businesses of all sizes and investors, meaning that the SSX
is a platform where accredited member companies can be traded publicly.
At the end of June 2016, the SSX had 36 members’ organisations, of which 14 are publicly listed
securities that can be traded on London Stock Exchange’s Alternative Investment Market (AIM)
and 5 on the Social Stock Exchange segment on Icap’s Securities and Derivatives Exchange (ISDX).
The remaining 18 organisations are private companies whose securities (equity or debt) are not
publicly tradable yet, although they have made a commitment to listing at the appropriate stage
in their development. The total market capitalisation (or valuation for private companies) of the
Social Stock Exchange members is approximately £2.3 bn at the time of writing.
The Social Stock Exchange seeks to develop strategic
partnerships within the City of London and beyond in order
to bring together relevant parties with the right skillsets
to assist issuer members in raising their profile and, where
appropriate, capital. To this end we have developed a
network of Social Company Advisers (SCA’s), consisting of
lawyers, accountants, corporate finance firms, auditors and
brokers); currently there are 15 SCA’s in place. Additionally
we have arrangements with Impact Reporting Specialists
who can assist applicant companies in preparing their
impact reports.
Organisational Summary Board & Management Team
Board | Chaired by Colin Melvin
Chaired by John Elkington
Admissions Panel
Tomas Carruthers, CEO
EA to CEO & Events
Administrator
Richard Cook, COO
Paul Burniston, CFO Debbie Ryan
Director of Partnerships
Laura Meecham
Events Assistant
Clément Huret
Head of Research
Sara Louise Porter
Membership &
Events Manager
Jason de Andrade
Business
Development
Manager
Vittoria Mann
Compliance Manager
THE BOARD of the Social Stock Exchange is chaired by Colin
Melvin and also consists of a further four non-executive
directors (NED’s) – Deputy Chair James Perry, Stephen
Brenninkmeijer, John Elkington of Volans (also Chair of the
Independent Admissions Panel) and Gunner Burkhart, Senior
Adviser to the Financial Conduct Authority, one executive
member (Chief Executive, Tomas Carruthers); Evita Zanuso, of
Big Society Capital is also an observer.
All applicants have to pass a rigorous process before admission
to the Social Stock Exchange is granted. This is overseen by
the Independent Admissions Panel chaired by John Elkington,
and in addition to him, consists of a further eight members,
with expertise ranging from financial services through to social
enterprise and impact investing. It is strategically important to
the Social Stock Exchange that the Panel is wholly independent
and de-correlated from our commercial goals. The decision to
appoint an independent chair was taken at the end of 2014
and John Elkington was appointed in May 2015; he reports to
the Board.
G8 SUMMIT
LONDON
THE SOCIAL STOCK EXCHANGE EMPLOYS A TOTAL OF 10 PEOPLE10
6
PUBLIC PRIVATE
36 MEMBERS
14 22
15 SOCIAL
COMPANY
ADVISERS
£2,300
000,000
TOTAL MARKET CAPITALISATION OF THE SOCIAL STOCK EXCHANGE MEMBERS
IMPACT REPORT 2016

IN FACT, after COP21, and Sustainable Development Goals (SDG)
we are now at a pivotal point in global markets, where a new
kind of stock exchange has the opportunity to accelerate the
way that markets support this change.
The Social Stock Exchange will help to generate genuine
institutional and retail demand in the social/ impact sector
simply by exploiting the existing market infrastructure. Better
yet, working in this way will allow new, as well as existing, retail
investors to access the market.
The Social Stock Exchange’s intention is to disrupt and revitalise
existing capital markets’ operation, creating a new outcome and
a new equilibrium. And we will do this in a cost-effective public
market – one where issuers value impact as much as they value
financial return.
Our disruptive approach will create an infrastructure and give
social entrepreneurs, communities and investors valuable
support - by changing the way markets work to serve society’s
purposes.
Moreover, the Social Stock Exchange will help to unify and
harmonise tools, processes and methodologies in the impact
sector with a view to building a new, global standard for
measuring impact
Commitment to social value
THE GLOBAL LANDSCAPE IS CHANGING AND CORPORATES
ARE BEING DRAWN INTO A VERY DIFFERENT WORLD.
Board & Management Team
CONTINUED
THE EXECUTIVE TEAM CONSISTS OF:
TOMAS CARRUTHERS - CHIEF EXECUTIVE OFFICER
After two successful decades building and growing retail financial services companies - including
ESI, which became E*Trade UK and Interactive Investor International plc - Tomás is committed to
delivering not only great returns for investors, but a positive social or environmental impact, too.
PAUL BURNISTON – CHIEF FINANCIAL OFFICER
Paul has over 25 years of experience in corporate strategy, visioning and finance, driving strategic
change, innovation and performance improvement throughout an organization both organically
and through M&A transactions. He has a core track record of building businesses in retail financial
services, particularly in the online brokerage and online media sectors.
RICHARD COOK – CHIEF OPERATING OFFICER
After serving in the Army for thirteen years, Richard began his commercial career at Reuters
initially running Lipper’s European data operations before moving to the US to take over global
product development and delivery. He then moved on to become Chief Operating Officer at
Citywire where he spent 5 years helping grow a forward thinking and innovative, financial media
business. After a brief spell with Times Education as their Digital Director, he moved on to become
Operations Director for Centaur Media plc. Richard also acts as the secretary to the Admissions
Panel.
DEBBIE RYAN – DIRECTOR OF PARTNERSHIPS
Debbie started her career in the public sector and spent a successful 20-year period firstly in
the Home Office (1987-1995) and then the Prison Service (1995-2007). Whilst in the Prison
Service she jointly developed a number of large scale offender employment programmes, the most
significant being a £120 million project which became the largest offender employment scheme in
Europe.
CLEMENT HURET - HEAD OF RESEARCH
Clement Huret is the Head of Research and is a vital link between the business and the Admissions
Panel as he works closely with current and prospective members on their impact reporting as
well as with the Impact Specialists. Clement has a strong background in financial services and
investment banking having spent the last 8 years in positions such as auditor, financial manager
and risk analyst. He has 2 MSc in corporate finance and financial engineering and speaks
French and Portuguese. He joined the SSX as research analyst and is now part of the business
development team.
8
IMPACT REPORT 2016

SOCIAL PURPOSE
AND CONTEXT
IMPACT INVESTING IS AN APPROACH THAT SEEKS TO ALLOCATE
CAPITAL WHERE THERE IS A CLEAR SOCIAL AND ENVIRONMENTAL
NEED,THEREBY AIMING TO ACHIEVE A MEASURABLE IMPACT
ALONGSIDE A MARKET-COMPARABLE FINANCIAL RETURN.
IMPACT INVESTING is an approach that seeks to allocate capital
where there is a clear social and environmental need, thereby
aiming to achieve a measurable impact alongside a market-
comparable financial return.
This concept is not new, but the sector’s growth has been
accelerating since 2011, with JP Morgan estimating a global
market worth over $60bn in Assets Under Management in 2014,
up 30% from 2013. This sits alongside a remarkably strong
performance of the global market for sustainable and responsible
investments, now worth over $21.4 trillion.
Impact investing seeks to positively include, rather than exclude
investments, therefore opening up a wide array of opportunities
to investors who wish to generate both a social impact and a
measurable financial return from their investment.
Whilst there are many definitions of impact, the key themes
identified by the impact community, which all point towards a
more sustainable economy are:
10
2013 2014
21.4 trillion
global market
60 billion
46 billion
IMPACT REPORT 2016

AREAS OF IMPACT
HOUSING AND LOCAL FACILITIES
£ INCOME & FINANCIAL INCLUSION
PHYSICAL HEALTH
MENTAL HEALTH & WELLBEING
ENVIRONMENTAL CONSERVATION
CITIZENSHIP & COMMUNITY
ARTS, HERITAGE, SPORT & FAITH
INTERNATIONAL DEVELOPMENT
Although not an exhaustive list, the aim is to give organisations whose activities directly address one or more of these themes, the
opportunity to raise their profile and raise capital for their projects through their membership of the Social Stock Exchange. At the
appropriate time companies can also list on the public market so that investors seeking purposeful opportunities can easily identify
and invest in these companies.
124,000 jobs created/sustained by partners in 2014
37% per kWh reduction in energy cost in Developing countries for 2014
2.27m patients registered
14m days of affordable housing
50% in carer depression
66,000 clean electricity generators
48,000 kWh annual energy savings
2,023 tonnes CO2e avoided
46,000 customers using renewable energy
20 tonnes/day CO2e saved by using H vs diesel in 2015
872 vulnerable people in employment
9.2% CO2 per m3
3 Hydrogen fuel stations built in 2015
25% in average annual household heating spend
25.5% of borrowing clients below international poverty line
1 bn people days of clean water
2,500 vulnerable people into training
Tumour spread reduced by 50% in clinical tests
28% per kWh reduction in energy cost in Developed countries for 2014
8,300 patients accessing new facilities in 2015
190 people employed locally (90% women)
78,398 tons CO2e saved by customers in 2015
37 million people financially included (50% from rural,
86% female clients)
791 affordable houses built
CO2
intensity = 1/3 of MSCI index
12
IMPACT REPORT 2016

A COMBINATION of a rigorous but transparent and straightforward
application and admissions process along with access to the
world’s first regulated market for impact businesses provides
a compelling combination that can make impact investing a
reality for everyone, not just the wealthy or large institutions. To
complete the jigsaw a network of 65 intermediaries with access
to the retail market has been established. These intermediaries
range from the execution only brokers such as Interactive Investor
and Hargreaves Lansdowne, through to wealth managers such as
Redmayne Bentley and Rathbones
Democratising the access to investments is part of the SSX
mission and strategy as the transition toward a fairer economy
will only be achieved with the support of the whole global
community.
The company’s Social Impact aims are defined in the Company Articles of Incorporation as:
14
OBJECTS AND POWERS
1. Objects
1.1 The objects of the Company shall be restricted to:
1.1.1 researching, modelling, piloting, launching, operating, promoting and
developing a capital market(s) and associated infrastructure, capacity and
support for the public listing of Social Enterprises and the trading of securi-
ties in Social Enterprises; and
1.1.2 promoting and developing the social investment marketplace and the
provision of finance and investment to Social Enterprises generally, with
the aim of enabling Social Enterprises to grow, develop and provide social
benefit.
1.2 Pursuant to its objects the Company shall be guided by the social impact
aims and measures set out at Schedule 2 at the end of the Articles.
2. Powers
The Company may do all such lawful things as may further the Company’s objects
and in particular (but without limitation) it may borrow or raise and secure the
payment of money for any purpose including for the purposes of investment or of
raising funds.
WEALTH MANAGERS
65
EXECUTION ONLY BROKERS
NETWORK OF INTERMEDIARIES
The Social Aims and measures are written into the Social Stock Exchange’s objects of its Articles of Association. The social mission
is protected under the Shareholder’s Agreement which states that these objects and social aims cannot be amended without a
shareholder resolution of at least 75% approval.
The Objects are:
Objects and Powers
socialstockexchange.com 15
SOCIAL IMPACT AIMS AND MEASURES
Aims
1. The promotion of social enterprise and socially responsible business by
providing the SSE to enable them to raise profile, attract investment and
raise capital
2. Increase the total amount of capital flowing to the social enterprise sector
3. Improve the amount of social value-add of social enterprises and the
adoption of social impact metrics and outcomes
Measures
4. The total number of social enterprises and socially responsible businesses
and of securities in social enterprises and socially responsible businesses
listed on the SSE
5. The gross amount of capital raised at IPO or further placements and issues
by securities listed on the SSE
6. The total value of securities listed on the SSE on a volume weighted
average basis
IMPACT REPORT 2016

Accsys (listed on AIM Euronext, www.accsysplc.com ) is a chemical technology group focused
on the development and commercialisation of a range of transformational technologies based
upon the acetylation of solid wood and wood elements for use as class leading, environmentally
sustainable, construction materials.
Aquapak Polymers Ltd is a developer, manufacturer and distributor of a strong fully biodegradable
and marine safe polymer film to replace standard plastics in a number of everyday applications.
Ashley House (listed on AIM and the Social Stock Exchange, www.ashleyhouseplc.com ) is a leading
health and social care property partner working with providers and commissioners in the public,
private community sectors.
Assura (listed on LSE Main Board, www.assuraplc.com ) develops and owns bespoke primary
and community care premises that meet the exacting and demanding needs of the NHS and the
patients.
Broadway Partners (not publicly listed, www.broadwaypartners.co.uk) is a provider of
communications infrastructure, including broadband internet services to rural communities.
Capital for Colleagues (listed on the Social Stock Exchange, www.capitalforcolleagues.com) is an
investment vehicle focused on opportunities in the Employee Owned Business (“EOB”) sector.
Charitable Care Investment Fund, http://fincch.org.uk is an innovative approach to attracting
£400m of long term investment for UK pension funds to fund UK care charities to upgrade/ expand
their facilities, especially for the elderly.
Chototel (not publicly listed, www.chototel.com ) seeks to address housing poverty, an issue which
affects 1.6 billion people globally.
City Windmills Holdings (citywindmills.com) develops powerful wind turbines that run on a vertical
axis so they’re suitable for mounting on rooftops and the most compact models are no larger than a
residential chimney stack.
Ethical Property Company (not publicly listed, www.ethicalproperty.co.uk) is a unique social
business, managing commercial property that supports the work of some of the UK’s most dynamic
and influential charities and not-for-profit organisations.
ETHX Energy (not publicly listed, www.ethxenergy.com) is a renewable energy company delivering
cost savings and reducing carbon emissions for local authorities, housing associations and
communities by supplying low cost energy from biomass.
Golden Lane Housing (Bond listed on the London Stock Exchange, www.glh.org.uk) was established
as an independent national charity by Royal Mencap Society in 1998 to help tackle the immense
problems that people with a learning disability face when it comes to finding a home.
Good Energy Group (listed on AIM and on the Social Stock Exchange, www.goodenergygroup.
com) is a 100% renewable electricity supplier and generator. Good Energy supplies over 55,000
electricity customers and 28,000 gas customers, and supports more than 93,500 homes, business
and communities generating their own energy.
1. The Social Stock Exchange members
THE SOCIAL STOCK EXCHANGE Assists eligible companies to raise their profiles, review their key objectives and align
their shareholder interests with their own and, where appropriate, raise capital from investors who share their values.
Our current members are:
35 SOCIAL STOCK EXCHANGE MEMBERS - MORE THAN DOUBLED IN 2015
35
WHO BENEFITS?
FIVE BENEFICIARIES
1 SSX MEMBERS 2 SOCIAL COMPANY ADVISERS
3 WIDER SOCIETY ENVIRONMENT 4 INVESTORS 5 STAFF
16
£
IMPACT REPORT 2016

Greenkote (not publicly listed, www.greenkote.com) is a developer of an ecologically sound surface
treatment to protect against the corrosion of steel components in civil construction, energy
infrastructure and transportation.
Halosource (listed on AIM, www.halosource.com) is a global clean water technology company
headquartered in Bothell, Washington, USA. Halosource designs solutions to protect people,
preserve the planet and celebrate a most valuable resource: water.
HERi Madagascar (not publicly listed, www.beheri.com) builds and supports solar businesses in
rural Madagascar to increase access to products and ser-vices that power community development.
Home from Home Care, (not publicly listed, www.homefromhomecare.com) created by parents to
make the difference, provides a range of specialist needs-led services for adults from 17 upwards
with learning disabilities and complex support needs.
ITM Power (listed on AIM, www.itmpower.com) manufactures integrated hydrogen energy
solutions to enhance the utilisation of renewable energy that would otherwise be wasted.
Menhaden Capital (listed on London Stock Exchange main board and on the Social Stock
Exchange, www.menhadencapital.com) is a closed-ended investment trust investing in businesses
and opportunities that deliver or benefit from the efficient use of energy and resources
Milestone (listed on AIM, www.milestonegroup.co.uk) has developed a new business model in the
media / technology sector and is focused on developing a brand synonymous with innovation and
social impact with the Passion Project as its flagship initiative.
Mozambique Renewables (not publicly listed) is a first mover in bringing sustainable biomass from
Africa to the international energy market. We only collect crop by-products and weeds to make our
energy pellets, so no trees are cut down. Local farmers receive additional payments we provide
employment.
Obtala Resources (listed on AIM, www.obtalaresources.com) has created a multi-industry African
centred business focused on creating value for all stakeholders whilst providing positive social
impacts in the countries, economies and communities in which it operates.
Oikocredit (not publicly listed, www.oikocredit.org.uk) is an international co-operative and social
investor. It dedicates itself to providing wide-ranging financial and technical support through
partner organisations for improving the livelihoods of people and communities in developing
countries.
People Tree (not publicly listed, www.peopletree.co.uk) is a pioneer in Fair Trade and
environmentally sustainable fashion. People Tree partners with Fair Trade artisans and farmers in
the developing world to produce ethical and eco fashion collections.
Point 4 (not publicly listed, no website) is a patented vegetation management process using LiDar
Geospatial technology enabling the Utility and Service sectors to design efficient strategies
to eliminate power outages; reduce regulatory compliance costs and create environmental and
business efficiencies.
Places for People (Bond listed on the London Stock Exchange, www.placesforpeople.co.uk ) is one
of the largest property management, development and regeneration companies in the UK.
Propelair (not publicly listed) has developed and patented a water saving toilet system. It uses
an innovative air-based operating principle and only 1.5 litres of water per flush, resulting in
significant water and carbon savings.
Secured Home Care Ltd (not publically listed) is a provider of a modern blend of personal home care
and maintenance of the dwelling, co-ordinated by local managers and using the latest mobile app
technology, enabling elderly and frail people to remain in their own homes for longer.
SOLA Outreach (not publicly listed, www.solaoutreach.com) brings small non-profit organisations
to the market of social change, with the aim of impacting disadvantaged lives through the
reduction of social exclusion.
Solarus, (not publicly listed, www.solarus.com) is a company founded in 2006 that develops,
produces and sells hybrid solar PowerCollectors. Solarus works worldwide with local assembly,
distribution and installation partners.
Sterling Suffolk (not publicly listed, www.suncrop.co.uk) will cultivate and harvest premium
varieties of tomatoes in modern glasshouse utilising heat from waste in the UK reducing food
miles.
Straightline Aviation (Hybrid Aircraft – not publicly listed, www.hybridairvehicles.com ) is
developing a completely new form of aircraft, akin to an airship, that will revolutionise air
transport, dramatically reducing the cost and carbon footprint of moving passengers and cargo.
Synapse Electroceutical (not publicly listed, www.synapseelectroceutical.com) operates in the
medical technology sector, developing electroceuticals, which can effectively and quickly heal
wounds using tiny electrical pulses rather than traditional medicines.
V22 (listed on the Social Stock Exchange, www.v22collection.com) is a shared ownership art
organisation that specialises in the of contemporary art, the production of exhibitions, events and
educational initiatives, and the provision of artists’ and artisans’ studios.
ValiRx (listed on AIM, www.valirx.com) is a biopharmaceutical company developing technologies
and products in oncology therapeutics and diagnostics.
SOCIAL STOCK
EXCHANGE MEMBERS
HAVE ENJOYED
INCREASED VISIBILITY
THROUGH THIS UNIQUE
CAPITAL MARKETS
PLATFORM, MEDIA
COVERAGE AND
DEDICATED EVENTS.
£
The Social Stock Exchange members CONTINUED
Member companies see the production of an impact report as a key element of their strategy which
helps them develop their goals and show a public commitment to achieving an impact and how they
will measure it. Some member companies have told us informally that they have used the impact
reporting process as part of a re-alignment of their businesses for instance by divesting of certain
assets or restructuring to align the business to a more social/environmental vision. During 2016 the
intention is to survey member companies to better articulate and formalise this anecdotal feedback.
30 events highlighting the Social Stock Exchange and its members took place in 2015. Being a
member of the Social Stock Exchange also gives these companies access to a growing community
of investors aligned with the company’s vision: at the end of 2015 the Social Stock Exchange had
a database of 2,500 investors (individuals, family offices, financial institutions…) who expressed
interest in Impact Investment opportunities on our website. A key goal for 2016 is to expand this
through an Investor Outreach Programme (IOP).
EACH MEMBER MUST
PUBLISH AN IMPACT
REPORT ANNUALLY.
IMPACT REPORT 2016

The Social Stock Exchange members CASESTUDIES
IMPACT REPORT 2016

5. Staff
The team is vital. People will ensure that the vision described here becomes a reality so 15% of the company’s share capital has
been allocated to be awarded to staff as share options. The intention is to help align our vision and mission with the whole team and
ensure that all staff share in the success of the company as it grows: Here are 3 brief testimonials:
Jason de Andrade
I joined the Social Stock Exchange in
September 2014 following a career in
Private Banking. I was immediately drawn
to the mission and vision of the Social Stock
Exchange – building the world’s first stock
exchange for pro-social and pro-environmental
businesses.
I was attracted by the opportunity to use
my existing knowledge and skills within the
fledging thesis of Impact Investing, as well
as the challenge of intermediating the two
worlds of traditional capital markets and social
finance. The business is going from strength
to strength and it is a pleasure to be able to
play a key role in developing the market place.
Sara-Louise Porter
I have always loved working with smaller
businesses to help them scale – understanding
their needs, making connections, raising their
profile, introducing investors – it can all make
a huge difference. The fact that I now get to
do this for inspirational companies addressing
social or environmental issues is the icing on
the cake. The Social Stock Exchange has big
plans and I am thrilled to be part of it.
Clement Huret
I am glad to be working for the Social Stock
Exchange as its mission is very meaningful to
me. It is an opportunity to change capitalism,
integrating social and environmental outcomes
on top of financial profit. This is obviously
challenging as projects are very different and
impact measurement needs to be crafted,
but I believe this is what makes this job very
interesting.
2. The Social Company Advisers (SCAs)
TO BE SUCCESSFUL and to deliver value to members, it has been
necessary to partner with companies and firms which can
support transactions. There are two types of partners:
Adviser members:
In order to achieve momentum, we have partnered with a
network of professional organisations (law firms, corporate
finance companies, accountants) which assist at various stages
of a company’s evolution. These advisers are called Social
Company Advisers (SCA’s). At the end of 2015 the Social Stock
Exchange had 15 adviser members with a different range of
skills and specialities across sectors. These companies benefit
from our activities as the Social Stock Exchange provides deal
flow of capital raises via financial markets and public listings.
Furthermore, it is our belief that these advisers will be able to
use their experience with the Social Stock Exchange to develop
their operations in the emerging impact sector. In 2016 the
intention is to track the number of broker roadshows completed
on behalf of members.
Impact Report Specialists:
These are the companies – mostly consultancies focused on ESG
measurement - which assist in the compilation of companies’
Impact Reports for new applicants and existing members: to
become a Social Stock Exchange member, applicants need to
produce an impact report with the help of a third party. This
report must be updated annually to maintain Social Stock
Exchange membership and the Independent Admissions
Panel reviews the targets laid down in previous reports and
hold companies to account. Impact Report Specialists benefit
from the Social Stock Exchange activities as it brings new and
recurring clients to these companies. The Social Stock Exchange
regularly engages with these companies to understand their
requirements to produce the best report quality. In return the
Impact Report Specialists play a key role in updating the Impact
Report framework and suggest innovative methods to measure
and evidence the positive impact companies in specific sectors
have. Currently there are 10 Impact Reporting Specialists
working with the Social Stock Exchange.
15 NEW SOCIAL CORPORATE ADVISERS JOINED OUR NEW ADVISORY
MEMBERSHIP STREAM IN 201515
MORE THAN 300 INVESTORS ATTENDED SOCIAL STOCK EXCHANGE
EVENTS IN 2015300
3. Investors
THE SOCIAL STOCK EXCHANGE seeks to become to be a focal
point for high-quality impact investment opportunities. As it is
the first public market worldwide dedicated to impact businesses
it is hoped it will become the first access point for investors
looking for investments with positive social or environmental
outcomes. Providing access to impact investment opportunities
is the core business of the Social Stock Exchange not only for
mainstream institutional investors but also for retail investors:
the Social Stock Exchange has dedicated itself to democratizing
the impact investment world by creating solutions that allow
retail investors to play an active role in the transition toward a
more sustainable economy and to invest in local projects that
have a direct impact in their communities.
In 2015, the Social Stock Exchange created a network of 65
retail intermediaries that can aggregate small trading orders
from retail investors for better execution. The team has direct
experience of distributing 25 offerings to retail investors.
Furthermore, the Social Stock Exchange has made great efforts
to diversify its product offering to match different investors’
profiles. In addition to publicly tradable Equity and Bond
products, it admitted the first close-ended fund (Investment
Trust) - Menhaden - to trading on its public market (ISDX) in
July 2015; the target is 5 new fund members in 2016. It had
25 equity members at the end of 2015 and 3 debt members.
Additionally, the Social Stock Exchange offers opportunities for
investors to invest in private impact companies (private equity
/ bond) thereby giving investors the opportunity to support
companies in the early stages of their development.
Securities can be bought, sold managed as part of a regular
portfolio and incorporated in ISA allowance and SIPPs.
The Social Stock Exchange also organizes a series of Impact
Investor Club events where companies seeking investment can
meet with likeminded investors: in 2015, 5 impact investor club
events were held. More than 300 investors attended these events.
19 SPEAKERS FROM THE WORLDS OF BUSINESS AND SUSTAINABILITY
GATHERED TOGETHER AT OUR OVER-SUBSCRIBED ANNUAL INVESTOR
CONFERENCE
19
4. Wider Society and Environment
PROMOTING the social and environment benefits of its members
is a key focus for the Social Stock Exchange and although
these benefits cannot be directly attributed to the Social Stock
Exchange, but to its members, there is a wider benefit to society
if companies, which have a broader focus than purely short term
financial performance. In 2016 the Social Stock Exchange aims
to establish local social stock exchanges in cities and regions
seeking to create local impact; irrespective of where investment
flows from, impact is most evident locally. Through the creation
of local social stock exchanges, the Social Stock Exchange
seeks to connect local impact organisations and companies with
local investment via local intermediaries (SCAs). There will be a
physical presence and office in key cities.
IMPACT REPORT 2016

MOREOVER, the Social Stock Exchange will play a full role in efforts to harmonise tools, processes and methodologies in the impact
sector with a view to building a new, global standard for measuring impact. The application for membership is a two stage process
outlined below:
In order to achieve these changes, the Social Stock Exchange has set up a clear strategy and processes that will support these
objectives:
LINKING ACTIVITIES TO SOCIAL OUTCOMES
THE PROCESS
THE SOCIAL STOCK EXCHANGE HAS A MISSION TO DISRUPT
EXISTING CAPITAL MARKETS’ OPERATIONS, CREATING A NEW
OUTCOME AND A NEW EQUILIBRIUM IN A COST-EFFECTIVE WAY
- ONE WHERE ISSUERS VALUE IMPACT AS MUCH AS THEY VALUE
FINANCIAL RETURN.
24
APPLICATION
ADMISSIONS
PANEL
IMPACT
REPORT
ADMISSIONS
PANEL
MEMBERSHIP
IMPACT REPORT 2016

OUTCOME 1: IMPACT ASSESSMENT,
ALIGNING BUSINESSES INVESTORS VALUES
To join the Social Stock Exchange, companies undergo a transparent and rigorous selection process that is independently validated, a
key output of this process is the Impact Report.
The impact report template is clearly defined and can be found on the Social Stock Exchange website (http://socialstockexchange.
com/assets/new/docs/SSX_Impact_Report_template_V3.pdf). Finally, the Social Stock Exchange is regularly consulting with various
social environmental impact assessment experts to improve the quality of the data and framework of this report.
REAL LIFE STORY
There are numerous methodologies available and in some cases, competing for attention in the impact
space; the OECD has set a project in motion to look at harmonising reporting, GIIN has put together a
Holding Company working group of which part is looking at reporting, IRIS, IIRC and SASB are further
examples of work in this area. The Social Stock Exchange aims to collaborate and not confuse or create
more work for companies seeking to measure impact but this will remain a challenge until some form of
global standard is agreed upon. As the membership grows the ability to scale impact measurement will also
be key and so therefore will be the balance of quantitative and qualitative measurement; current thinking is
a purely quantitative measurement will mean many of the nuances would be lost so a balanced approach of
quantitative and qualitative is the favoured way forward.
Finally, local language impact reporting will present further challenges as the Social Stock Exchange
expands into Europe. To that end relationships have been developed with organisations such as Phineo
and Endeva to explore how this might work.
OUTCOME 2: GENERATING DEMAND
IN THE IMPACT SECTOR
A major challenge is the lack of visibility and credibility of impact businesses on financial markets. Although many impact
certifications exist, surveys in financial institutions show that one of the biggest hurdles to the development of impact businesses
is the inability to categorize investment opportunities as impact opportunities. Another challenge is the misconception that impact
businesses cannot be profitable and are therefore not viable investment opportunities.
The Social Stock Exchange seeks to address this challenge by verifying a company’s impact credentials via the admission process.
There is approximately a 50% pass ratification rate from initial application to membership. In 2015, 54 applications for Social Stock
Exchange membership were received from businesses at various stages of growth; only 18 progressed to membership.
54 SSX APPLICATION FORMS RECEIVED IN 2015 (2014: 9 APPLICATIONS)
£400 MILLION RAISED BY SOCIAL STOCK EXCHANGE MEMBERS IN 2015 TO DEVELOP
THEIR ACTIVITIES
The fact that a total of £400million was raised by Social Stock Exchange members demonstrates that there is a demand for impact
investments opportunities if impact can be evidenced robustly.
REAL LIFE STORIES
Given the nascent nature of this market the decision was taken to stimulate demand by creating the Social
Stock Exchange’s own pipeline of business, rather than the more traditional approach of relying on advisers
for deal flow. There is an approximately 50% failure rate for businesses from application to successful
membership, meaning that in order to grow membership to 60 members, a minimum of 10 applications a
month are required to produce 5 members a month. This requires a robust pipeline of prospective members
and this is a focus in the second half of the year. The Panel has found that whilst many smaller businesses
have great impact credentials, they can be less commercially robust. On the other hand larger, more
commercially robust businesses often find it harder to evaluate true, meaningful, additional impact at their
core; this paradox looks set to continue in the immediate future.
The focus now is to build the corresponding network of investors via an investor outreach programme. The
Family Office event, attended by more than 110 people, provided a step change in the engagement with
this key audience and investment opportunities are now being shared with this network alongside other
previously identified investors.
IMPACT REPORT 2016

The Social Stock Exchange seeks to help impact businesses to scale their activities by raising their profiles, improving their visibility
and connecting companies to financial advisers, consultancies and investors. In 2015 the Social Stock Exchange directly raised more
than £20m for one member, enabling them to scale their activities, and invest in projects that will generate genuine positive impact
REAL LIFE STORIES
The Social Stock Exchange aims to provide members with connections, access and visibility. This is achieved
in various ways not least through a varied and vibrant events programme – there are monthly Impact
Investor Club events providing member companies with access to impact investors, member networking
events as well as an annual investor conference..
Access to capital is increasingly a major attraction for members and prospective members. Initially it was
only possible to introduce members to advisers to connect with sources of capital, however since being
approved as an Appointed Representative (AR) of Kession Capital (to “introduce and arrange”) it is possible
to introduce member companies seeking capital to investors directly. There is still a “scale challenge” with
institutional investors who will not invest under £50m and ideally £100M. Whereas most businesses are
seeking to raise £1-50m with the majority looking for £5-15m.
The approach has therefore been to approach family offices, nigh net worth and ultra-high net worth
individuals in the first instances; many of these have a10-20% allocation to impact alongside philanthropic
donations. The inaugural Family Office Conference took place in May 2016 and attracted a rich audience of
high value impact investors to whom investable opportunities from members have since been marketed.
The Social Stock Exchange was launched in 2013 as a company providing information and a framework (the impact report) to assess
the impact of a company. However the mission is to promote the impact sector by giving all investors the opportunity to invest
in impact businesses. As a result, the Social Stock Exchange established a partnership with ISDX (Icap Securities Derivatives
Exchange) in January 2015 and launched the first public market dedicated to impact opportunities. Specifically, ISDX opened a
Social Stock Exchange - dedicated segment enabling Social Stock Exchange members to IPO or list their shares on this market. As
a result the shares can be traded as on any other public market. This moved the business model from a measurement business to a
transactional financial services business. It also provides early investors with an exit strategy, reducing the liquidity risk related to
the sale of a private company. In 2016, there will be a focus on launching a campaign to persuade listed companies to dual list as
well as supporting impact businesses wishing to list on a public market for the first time.
REAL LIFE STORIES
Whilst the initial approach has been to target professional or qualified investors, the ultimate aim is to
provide access to public markets for impact companies. There have been two strands to this approach:
a dual listing campaign and a retail IPO with distribution via the intermediary network. The dual listing
campaign is aimed at informing businesses, already listed on other exchanges, of the benefits of joining
the growing cohort of impact businesses and dual list on the Social Stock Exchange market thereby helping
them stand out from the crowd and differentiate themselves from other businesses on a more vanilla
exchange.
The launch of an IPO to retail investors is more complicated as the costs are higher (as a percentage of the
amount raised at smaller amounts) because of the need for a prospectus and the associated professional
costs. This means that it is only appropriate for businesses seeking £10m plus and those seeking to widen
their shareholder base. The exciting aspect of providing access to the public markets is that “real” people
can use existing market infrastructure and tax arrangements to invest in impact businesses via their SIPP
ISA. Once this happens impact investing will no longer be the preserve of professional and rich investors
which can only be a good thing if impact investing is to become a part of mainstream investing.
OUTCOME 3:SCALING IMPACT OUTCOME 4: ACCESS TO PUBLIC MARKETS
IMPACT REPORT 2016

OUTCOME 6:FACILITATING LOCAL IMPACT
As per Section 3, in 2015, the Social Stock Exchange created a network of 65 retail intermediaries that can aggregate small trading
orders from retail investors. That means that Social Stock Exchange members’ securities can be bought and sold in small volumes
to retail investors. This enables retail investors to invest in projects that directly relate to their local community or in specific impact
themes such as biodiversity or clean energy. A key goal for 2016 is to launch a retail intermediary offer to raise capital for member
companies using this network.
REAL LIFE STORIES
As with Outcome 4, the challenges of making impact investment opportunities available to the general
public have been numerous and not always within the control of the Social Stock Exchange. As well as
the £10m plus challenge, there have been various exogenous shocks that have prevented the launch of a
number of retail offers via the intermediary network.
These have included the changes to the Feed In Tariff regime announced by the government towards the
end of 2015, the Scottish Referendum, the General Election and the European Referendum; all of which led
to uncertainty and delays for member companies.
OUTCOME 5:DEMOCRATISING FINANCE
The aim to is create a series of local exchangers to connect local companies with local advisors and investors.
REAL LIFE STORIES
Most impact occurs locally and the intention is therefore to establish local Social Stock Exchanges which
seek to link local business, with local investors and advisers. A pilot scheme was launched in Exeter towards
the end of 2015 and another was launched in Liverpool in June 2016. The launch in Liverpool was preceded
by a pathfinder project to establish the appetite for such an exchange – a detailed research report was
published containing opinions and data as a result of interviews with nearly 400 businesses and investors.
IMPACT REPORT 2016

THROUGH ITS BUSINESS, the Social Stock Exchange has formal processes and informal interactions to engage with different groups
to ensure the best delivery of its mission. Below is a list of identified stakeholders and how these individuals and organisations
respond to the Social Stock Exchange activities.
THE SOCIAL STOCK EXCHANGE DEFINES ITS STAKEHOLDERS AS
INDIVIDUALS, GROUP OF INDIVIDUALS AND ORGANISATIONS THAT
ARE AFFECTED DIRECTLY OR INDIRECTLY BY ITS ACTIVITIES.
32
STAKEHOLDERS
EXISTING
MEMBERS
SOCIAL
STOCK
EXCHANGE
MEMBERS
PROSPECTIVE
MEMBERS
Membership of the
Social Stock Exchange
enables companies to join
a leadership group of
businesses dedicated
to social and environmental
change through their core
activities.
Many companies with
very different profiles are
looking to demonstrate
their impact and finance
their projects
1. Every year, we engage with
our members on their Impact
assessment: we discuss the
new assessments, outcomes,
targets and the overall content
of the Impact Report
2. Members are invited to several
events hosted by the SSX
to meet investors and the
financial community
3. We work with our members on
their funding strategies, with
corporate advisers that we
introduce
4. We provide access to the
first Recognised Investment
Exchange (RIE) dedicated
to impact investments for
members willing to list on a
public market
1. We build and maintain a
pipeline of prospective
members based on internal
research.
2. We work with prospective
members on the definition of
their strategies, introducing
impact assessment
1.
IMPACT REPORT 2016

The Social
Stock Exchange is a
“for-profit” company.
1.
FAMILY
OFFICES/HIGH NET
WORTH INDIVIDUALS
(HNWI)
INVESTORS
The Social Stock Exchange
mission is to generate
impact investment
opportunities for
established investors as
well as for people willing
to get involved in Impact
Investment opportunities
rather than traditional
solutions offered by
mainstream finance
institutions
1. HNWIs and family offices
have showed a growing
interest for impact investment
opportunities: we engage them
through events and a growing
network of financial adviser to
raise awareness on the impact
investment landscape
2. The Social Stock Exchange
brings to Institutional Investors
opportunities [details...]
3. We created an innovative
distribution system that
aggregates small orders from
several retail-focused brokers,
enabling retail investors to
invest directly in our publicly-
listed securities
4. Through this retail distribution
system and crowdfunding,
we empower the people by
creating the opportunity to be
part of the transition toward a
more sustainable world, using
existing financial tools
5. Fund Managers have engaged
the Social Stock Exchange to
include some of its securities,
or to create impact-focused
funds
2.
INSTITUTIONAL
INVESTORS
3.
RETAIL
INVESTORS
INDIVIDUALS
ORGANISATIONS
SOCIAL STOCK
EXCHANGE
SHAREHOLDERS
There
are monthly
board meetings to
align the Social Stock
Exchange strategy with
its financial targets and
social impact aims
BROKERS, LAWYERS,
CORPORATE FINANCE
HOUSES, REGISTRARS,
AUDITORS OTHER
FINANCIAL SERVICES
SSX
SOCIAL
COMPANY
ADVISERS
(SCAs)
IMPACT ASSESSMENT
SPECIALISTS
The SSX and its members
work with the SCAs at
various level from the
project definition to post-IPO
investors relations
To achieve the SSX
membership, companies
have to produce an Impact
Report with the help of a
3rd party
1. The SSX does roadshows to
introduce its members and
their projects to the financial
community creating business
opportunities
1. The SSX brings new clients to
Impact Assessment specialists
through the redaction of the
Impact Report
2. The SSX has regular
consultations with these
specialists to improve the
Impact Report framework and
the way to evidence positive
achievement from different
companies
2. 3.
4.
IMPACT REPORT 2016

EVIDENCING SOCIAL VALUE
STAKEHOLDERS OUTCOMES INDICATORS 2015 2016 COMMENT ON INDICATOR
SOCIAL STOCK
EXCHANGE
ISSUER MEMBERS
Increased profile, visibility
media coverage
Number of events organized by the Social Stock
Exchange
10 18 Events directly organized by the Social
Stock Exchange
Other industry events representation 25 20 Events where Social Stock Exchange
staffs are guest speakers
Access to Impact Investors Number of Retail Investors registered attended
events at the Social Stock Exchange
56 5000 Investors that expressed interest via
the website or events
Number of Family Offices registered or attended
events at the Social Stock Exchange
0 30 N/A
Number of Institutional Investors registered or
attended events at the Social Stock Exchange
60 80 - 100 N/A
AUM of Institutional Investors registered or
attended events at the Social Stock Exchange
events
£2 trillion TBC As per June 2016
Increased visibility on
capital markets
Capital raised by Social Stock Exchange
members (M.GBP)
500 N/A Information not available
Sponsorship of Awards 3 3 N/A
Access to capital Capital raised by the Social Stock Exchange
(M.GBP)
20 TBC 2016 data will be disclosed at the end
of the year
Number of Listed Companies on the Social
Stock Exchange
4 6 N/A
Number of IPOs on the Social Stock Exchange 0 1 N/A
Access to specialized
corporate finance houses
brokers
Number of Social Stock Exchange Social
Company Advisers (SCA)
15 20 Network of specialized advisers,
lawyers, corporate finance houses
brokers
Number of contracts signed by Social Stock
Exchange members with SCAs and other
advisers
1 2 As per June 2016
Access to business
opportunities with other
Social Stock Exchange
members
Number of contracts signed by Social Stock
Exchange members with other members
SOCIAL STOCK
EXCHANGE
POTENTIAL ISSUER
MEMBERS
Same outcomes as Social
Stock Exchange members
Number of Social Stock Exchange Application
Forms received (split AF / IR)
SOCIAL COMPANY
ADVISERS -
FINANCIAL SERVICES
Access to dealflow (1) Number of Social Stock Exchange Members
looking to raise capital
Access to dealflow (2) Number of deals referred to SCAs Not
monitored
10 As per June 2016
IMPACT REPORT
EXPERTS
Impact assessment projects Number of Impact Report produced 32 50 2016 target number
INVESTORS
Democratizing Access
to Impact Investment
opportunities
Launch Retail Offers via Intermediaries 0 1 Share issuance accessible to retail
investors
WIDER SOCIETY
The Positive Impact Social
Stock Exchange members
have on the wider society
See Annex for Indicatorskoopp[l N/A (see
Annex)
N/A (see
Annex)
Circa 200 KPIs reflecting the positive
social / environmental impact of
Social Stock Exchange members on
society
36
We are aware there are limitations to the metrics above, however we wanted to be transparent about where we are at the moment.
We are building something new and it isn’t easy! We intend to refine and improve these metrics and the Impact Report itself in the
coming year
IMPACT REPORT 2016

IT’S 3:30 IN THE MORNING
There are a number of issues that the Admissions Panel has had
to confront in the past 18 months or so. As John Elkington has
stated – “It is 3:30 in the morning….”, in other words this is a new
concept which is still under development.
PUBLIC V PRIVATE
At launch the vision was one of establishing an exchange which
looked to publicly quoted companies for membership. The reality
is that a large number of impact companies are private and
therefore membership has expanded to include approximately
50% private companies. By nature, private companies tend to
be earlier stage and in need of funding and are often higher risk
ventures.
LARGE V SMALL
The Panel has also discussed the balance between larger and
smaller companies and the inherent risk that some smaller,
earlier stage companies may fail or at least not be as successful
as hoped. Smaller, start-up companies also have the added
disadvantage that they cannot demonstrate an impact track
record. The Panel’s general view is that size should not be a
barrier to membership where a business has made the necessary
declarations for positive socio and/or economic impact and has
set out clear metrics it intends to measure in the upcoming year
REPUTATIONAL ISSUES
Although according to the Terms of Reference for the Panel,
it should focus on the impact a business has, it has proved a
considerable challenge not to take commercial and reputational
issues into account. The consequences of businesses failing
could affect the long term viability of the Social Stock Exchange
and cause collateral brand damage. Equally if a company
is achieving a high degree of impact but is discovered to
have other legal or governance issues, then again this could
undermine the credibility of the Social Stock Exchange as well
as individual members of the Admissions Panel (all of whom
are volunteers and have “day jobs” in or around the impact
investment sector). As a result of these issues, it has been
necessary for a greater degree of due diligence to be carried
out by the Social Stock Exchange management team to mitigate
these risks.
IS LESS BAD GOOD?
Another issue that the Panel has debated over the course of the
past 18 months as the membership has grown is that of relative
impact – if a company operates in a “difficult” sector for instance
in the oil and gas sector but does so in a more sustainable and
pro-social, pro-environmental way should this be applauded or
discouraged? This has sometimes been summarised as “is less
bad, good”?
SCALING ADMISSIONS PROCESS
Finally, perhaps the biggest challenge, from a non-commercial
point of view, as the Social Stock Exchange seeks to grow to 60
members is how the admissions process and impact reporting
process can be scaled at the same time and not reducing it to
a purely numerical or pass/fail process. Some work has been
carried out to ease the workload of the Panel members, through
the production of an impact reporting scorecard which allows
the Panel to focus on key areas of weakness or concern during
the review process. This will become even more relevant as
the membership grows because the impact reporting process
is annual, meaning that the Admissions Panel reviews existing
members as well as new members’ impact reports
OTHER ISSUES
38
It ought to be remembered that there is nothing more difficult to
take in hand, more perilous to conduct, or more uncertain in
its success, than to take the lead in the introduction of a new
order of things. Because the innovator has for enemies all those who
have done well under the old conditions, and lukewarm defenders in
those who may do well under the new. This coolness arises partly
from fear of the opponents, who have the laws on their side,
and partly from the incredulity of men, who do not readily
believe in new things until they have had a long experience of
them. Niccolò Machiavelli, The Prince
IMPACT REPORT 2016

socialstockexchange.com40
If you have any questions, comments or suggestions, please contact:
Tomas Carruthers (CEO) | t.carruthers@socialstockexchange.com
or John Elkington (Chair of the Admissions Panel) | john@volans.com

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