PLY: More on the Hatch-Bennet bill to Congress as well as the first Malaysian SIB and discussions from New Zealand and the UK.
Hatch, Bennet Introduce Social Impact Partnership Act
Ripon Advance
U.S. Sen. Orrin Hatch (R-UT), along with fellow Sen. Michael Bennet (D-CO), on Monday introduced the Social Impact Partnership Act bipartisan legislation designed to improve the results of social and public health programs.
Khazanah To Launch Malaysia’s First SIB
Kit Yin Boey – Reuters
Khazanah Nasional is set to issue Malaysia’s first social-impact sukuk, in a boost to the country’s ambitions as a centre for socially responsible investment.
Local agency Ram Ratings said the M$1bn (US$282m) Sukuk Ihsan programme, to which it assigned a AAA rating last week, was the first social-impact bond to be rated globally. Proceeds will go towards educational projects.
Socially responsible investment is catching on slowly in Asia, but issuers in South Korea, India and Taiwan have sold so-called Green bonds and interest from investors is growing. The Asian Development Bank launched its first Green bond in March, raising US$500m.
Social Service Reform Should Develop SIBs
Scoop
The New Zealand Initiative is calling the Productivity Commission’s draft report on effective social services a useful contribution to the debate on how government delivers more efficient services, as greater accountability is needed.
Jenesa Jeram, researcher at The New Zealand Initiative said the Productivity Commission’s report showed that around $34 billion of taxpayers’ money is spent on health, education and social services per year, yet there is currently little accountability for whether these services are achieving the outcomes they are set up to achieve.
“The weaknesses in the social service system that the Productivity Commission identifies ought to concern taxpayers,” said Jeram. “Not only is there little evidence of which social services are working and failing, but there are poor incentives to innovate and tailor services to better meet the needs of the vulnerable populations they serve.”
One of the new approaches the Productivity Commission assesses is Social Impact Bonds, a new way of financing and delivering social services.
Social Investment: Disrupting Services To Improve Outcomes
Ellie Ward – Pioneers Post
Social investment is “disruptive” by it’s very nature says CEO of Thames Reach Jeremy Swain midway through a hectic Tuesday afternoon in the office.
Thames Reach is a charity that helps homeless and vulnerable people off the streets and into decent homes. The London-based organisation aims to use innovative approaches to help these individuals build supportive relationships and lead fulfilling lives, and has been a leader within the UK charity sector in embracing new social investment models.
Having gained experience delivering payments by results public service contracts, Thames Reach received a £62,630 grant from the Investment and Contract Readiness Fund. This was managed by the Social Investment Business to fund the development of a proposal to attract investors and convene partnerships to fund large scale service provision through a social impact bond (SIB).
Structuring the SIB: lessons learnt
Jeremy and his team were involved in structuring the Greater London Authority’s £5m SIB for rough sleepers, which started in November 2012 and aimed to help more than 800 people find secure places to live. Thames Reach and St Mungo’s Broadway were both chosen as the service providers in the SIB, making them each responsible for improving the outcomes of approximately 400 rough sleepers.