Durreen Shahnaz, founder and chairperson of Impact Investment Exchange Asia (IIX) and Impact Investment Shujog, was accorded the 2014 Joseph Wharton Award for Social Impact last week.
The award recognises Shahnaz's efforts in bringing impact investing to the masses through her work at IIX and Shujog, both based in Singapore.
The Joseph Wharton Award, one of the highest honours that Wharton Business School confers on its alumni, was given at a ceremonyin New York.
The award is presented annually to the individuals who have made a significant impact in public services, social enterprise or philanthropy, IIX said in a statement.
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Other recipients of the 2014 awards include Robert Crandall, former chairman of American Airlines; Alex Gorsky, chairman of Johnson & Johnson; and Neil Blumenthal and Dave Gilboa, co-founders and co-CEOs ofWarby Parker.
"Equitable and sustainable growth cannot be reached within our current systems. There has to be a middle ground between profit maximising businesses and charitable organisations that rely on donations," Shahnaz said in her acceptance speech on October 2.
"This middle ground, or third way, is impact investing. IIX and
Shujog have created a vibrant ecosystem for impact investing with thousands of companies and individuals working together to create a financial system that works for all."
The work of the two organisations has impacted the lives of more than 10 million people positively while bringing an average return of over 10 percent for the investors.
Impact Investment Exchange Asia provides social enterprises in Asia with greater access to investment capital, allowing them to expand more rapidly. IIX currently offers three investment platforms—Impact Accelerator, Impact Partners and Impact Exchange.
Impact Accelerator provides seedstage enterprises with mentorship and private capital through a structured and customised process. Impact Partners connects accredited impact investors to selected growth-stage enterprises to raise investment capital.
Impact Exchange, the world's first social stock exchange operated by the Stock Exchange of Mauritius in collaboration with IIX, is a regulated stock exchange dedicated to listing and trading securities issued by mature social enterprises and other socially-driven organisations.
IIX has so far facilitated $8.5 million of investments impacting more than eight million people
across Asia with $13.4 million in social value created.
A non-profit organisation, Impact Investment Shujog aims to strengthen, deepen and expand the impact of social enterprises in poor and vulnerable communities, according to the statement.
More than 1 million underserved people have benefited from the increased efficiency and effectiveness of Shujog's social value creation, the organisation said in the statement.
“Over 3,700 impact investing professionals have been introduced to the social finance through education and training; and more than
234,000 people have been engaged and exposed to the field of social enterprises and impact investing."
In a career spanning over two decades, Shahnaz has built a track record as a successful academic, banker, media executive and social entrepreneur.
She began her professional career as an investment banker at Morgan Stanley in New York, followed by stints at Grameen Bank in Dhaka, World Bank in Washington and Merrill Lynch in Hong Kong.
She founded the Programme for Social Innovation and Change at Lee Kuan Yew School of Public Policy, National University of Singapore.