Publications
Impact Performance Statements
The Impact Performance Statements for Rally Global Equities Impact Fund and Rally Total Impact Fund are designed for a technical audience in impact measurement and management, akin to those reviewing financial statements.
This report aims to demonstrate how the Impact Performance Reporting Norms and Common Framework can elevate impact reporting as a step closer to the rigor of financial reporting standards. While acknowledging that standards are still developing, we believe early adoption — even with imperfect data — plays a crucial role in advancing transparency and accountability in impact investing.
The Role of Standards in Impact Measurement
Although there is not yet a comprehensive suite of universally accepted impact reporting standards, the release of the Reporting Norms and Common Framework are significant milestones. Both frameworks leverage key accounting concepts adapted for the IMM space, emphasizing decision-useful information—relevance, faithful representation, comparability, verifiability, timeliness and understandability.
Our Commitment to Transparency and Accountability
At Rally, we aspire to be early adopters of these evolving standards, not only by using and publishing them early but by taking a step further and applying them within public equities and fund-of-funds models. This challenges us and allows us to share our learnings with the sector.
2023 Impact Performance: Progress and Challenges
In 2023, our investments achieved significant social and environmental impact, making progress toward Rally’s impact themes. However, like others in the sector, we face ongoing data challenges in reporting on investor contribution, negative impacts, and targets and thresholds. We highlight these limitations to caution readers but also as a call for collaboration with fund managers, standard setters, and policymakers to address these challenges collectively.
Looking Forward: Sector Collaboration and Future Commitments
While the Reporting Norms were initially piloted in private markets, we have applied these standards to both public markets and fund-of-funds models. This was both a challenge and a testament to the strength and complementarity of these frameworks. We remain committed to collaborating with the sector to advance these standards and to tackling global challenges, using insights gained from this experience to further improve impact measurement and reporting.
“Just as standardized financial statements help investors make informed financial decisions, better impact disclosure enables them to allocate resources where they can generate the most significant social and environmental value. Better data leads to better decisions, which lead to better outcomes.”
COMPANION REPORT
The Impact Performance Statements are embedded within the Rally Funds Annual Report
Our approach to measuring impact performance is part of the Rally Inclusive Impact Methodology.