Impact Value Standards Board

George Serafeim is the Charles M. Williams Professor of Business Administration at Harvard Business School, where he focuses on organizational transformation, corporate governance, and business model adaptation in response to climate change and other systemic shifts. He co-leads a Lab at Harvard’s Digital, Data, and Design Institute, examining how organizations can maintain competitive performance while seizing emerging opportunities in rapidly evolving economic and regulatory environments. He teaches in both the MBA program and Executive Education, courses focused on Financial Analysis, Management Controls, Corporate Governance, Energy Transition, Climate Technologies, and Purpose of the Firm. His widely cited research, published in leading academic and practitioner journals, spans accounting, finance, strategy, and management, and he has presented in more than 60 countries, consistently ranking among the top authors on the Social Science Research Network. His book “Purpose and Profit: How Business Can Lift Up the World” explores how organizations can deliver measurable societal impact while achieving high performance. His weekly newsletter, The Edge, provides reflections for business leaders on how to drive excellence and superior results.

Beyond academia, he serves on the board of directors of Liberty Mutual and on the advisory board of leading investment firms. He has played a pivotal role in shaping corporate governance standards globally, including chairing Greece’s Corporate Governance Council, serving on the Steering Committee of the Athens Exchange Group, and acting as an inaugural member of the SASB Standards Council. His contributions have been recognized with multiple awards, such as the Greenhill Award from Harvard Business School, the Pericles Leadership Award, the Kim B. Clark Fellowship on Responsible Leadership from the University of Oxford, the Graham & Dodd Scroll Award (twice), and the JIBS Decade Award.

Ben Carpenter is CEO of Social Value International the global membership network for social value and impact management practitioners. Our mission is to change the way society accounts for value. Ben oversees the strategic direction of the network and leads technical facilitation with other sustainability standard setters. Ben is dedicated to reducing inequality and improving the well-being of people and the planet.

Dorothy is the Head of the African Natural Capital Alliance (ANCA) Secretariat and Africa Lead for Nature Finance & TNFD at FSD Africa, where she leads efforts to drive systemic change in nature finance across the continent. She spearheads the development of innovative financial products, services, and solutions that address nature-related risks while building a high-impact portfolio of projects and partnerships. Dorothy has played a pivotal role in strengthening the nature finance capabilities of African financial institutions, leading key initiatives such as the African pilot of the Taskforce on Nature-related Financial Disclosures (TNFD) and, most recently, the continent’s pilot of TNFD’s Nature Data Public Facility. Her work also includes mobilizing capital for nature by supporting the development of pipelines of investible nature-based solutions, coordinating nature-related central bank stress testing across African countries, and supporting the development of National Nature Strategies across African countries. 

A recognized thought leader in global sustainability, Dorothy serves on the World Economic Forum’s Global Futures Council on Natural Capital and has previously represented Africa in international taskforces, including the Task Force on Climate-Related Financial Disclosures (TCFD) insurer pilot group and the Partnership for Carbon Accounting Financials (PCAF). She played a key role in co-creating and launching the Nairobi Declaration on Sustainable Insurance in collaboration with UNEP PSI and FSD Africa, a landmark commitment by African insurance leaders to advancing the UN Sustainable Development Goals. Dorothy’s contributions have earned her multiple accolades, including recognition among Kenya’s Top 40 Under 40 Women, Top 50 Women in Insurance in Africa by the African Insurance Organisation (AIO) in 2022, and Fin-Erth Top 101 Leading Women in Climate (Nature and Biodiversity) Global Awards in 2024. 

Dorothy is an author of two books – “She Leads” where she covers her leadership journey as well as “Becoming Nature Positive”, a book that sets out why Nature Positive is so critical now – and how it can be achieved across business, finance, governance and society. 

Richard is a Partner and KPMG’s Head of UK ESG. He is also a partner in KPMG’s Financial Services Consulting practice with over 25 years’ experience in regulation, controls and assurance. He was KPMG’s national lead on UK Internal Controls Reform between March 2021 and June 2023 helping client prepare to respond to UK Corporate Governance Reform and more widely implement controls over financial reporting.    

Richard leads KPMG’s ESG practice across the UK firm helping clients develop and implement their ESG and sustainability strategies, and respond to market, regulatory and reporting developments; together with oversight of KPMG’s ESG Tax, Legal and Assurance practices. Richard has a particular interest in helping companies understand the commercial impact of sustainability and how they consider and respond to the issues of value creation and value protection and harness evolving regulation to develop their businesses.  

Richard is Chair of the Financial Services Faculty at the Institute of Chartered Accountants in England and Wales (ICAEW) and member of ICAEW Council where he contributes on both Financial Services and Sustainability matters.

Richard was a Specialist Advisor to the House of Commons, Treasury Select Committee from July 2011 to May 2015, serving as an embedded advisor to the Committee from September 2011 to February 2012.

Tom leads PwC’s work related to its Total Impact Measurement & Management (TIMM) framework, which allows organisations to measure and value their social, environmental, economic and fiscal impacts to drive impact data into the heart of decision-making processes. 

He sits on the Methodology Board of the Value Balancing Alliance and previously sat on the Advisory Board of Harvard’s Impact Weighted Accounts Initiative, the Valuation Technical & Practitioner Committee at the International Foundation for Valuing Impact, and was an advisor to the Impact Management Project.  Tom also sits on Accounting for Sustainability’s Expert Panel, set up by HM King Charles III.  

Having supported PUMA develop the world’s first Environmental P&L (E P&L) Tom has supported a wide range of businesses to understand their environmental, social and economic impacts and set data driven strategies and plans to deliver meaningful social and environmental benefits alongside commercial return. 

Ben Bowie is the Managing Director of TMP Public, the non-profit wing of TMP. Ben is a recognized expert in systemic, political and social risk management with a strong focus on preparing stakeholders for near-term climate impacts. He works with leading decision-makers to raise awareness of imminent challenges and, more importantly, to identify and demonstrate effective, shared solutions for them. 

Ben oversees TMPs work in areas including security, minerals and foresight planning working with senior government officials, business leaders, academic institutions and civil society. Having started his career working on climate change advocacy at Global Witness, Ben worked as an independent consultant for ODI, the EU and several companies in the extractive industries before joining TMP in 2011. Since then, he has worked on issue areas including local conflict, energy planning, responsible agriculture and international security, with a focus for the last decade on climate-related risks.   

Ben is an Associate Fellow at the Royal United Services Institute (RUSI). He has served on Steering/Advisory Groups for the OECD Responsible Business Conduct Guidelines, University of Bristol Earth Sciences Department, and the Interlaken Group, among others. Ben received his MSc in Asian Politics from SOAS University of London, and his MA in Social and Political Sciences from The University of Cambridge. He lives near Oxford. 

Charlotte leads Deloitte UK’s technical team specialising in sustainability reporting and assurance. She has extensive experience in sustainability reporting standards including ISSB and CSRD and sustainability assurance standards. She co-chairs the Deloitte Global Sustainability Expert Advisory panel that supports the work of the Deloitte Global IFRS and corporate reporting leadership.  

She is deeply engaged in international standard-setting, serving on the IAASB’s reference group for the development of the International Standard on Sustainability Assurance 5000 (ISSA 5000) and the IESBA’s reference group for the development of the International Ethics Standards for Sustainability Assurance (IESSA).  

Her background also includes practical experience in sustainability strategy, policy development, and impact measurement from her time at Corporate Citizenship and Microsoft UK.  

Tiffany Finley is a seasoned sustainability leader with 20 years of international experience within corporates, government, and consulting. She currently leads Target’s Impact Profit & Loss, a first for the organization and mass retail, as well as the data, analytics, and intelligence for sustainability within merchandising. With a deep background in supply chain sustainability across environmental, social, and governance topicsshe has fostered systemic change on climate, chemicals, and human rights. Finley has led sustainability strategy across industries and incorporated next generation approaches for materiality, reporting, stakeholder engagement, and risk management.

Sonja has worked on impact valuation since 2015. She leads the impact measurement and valuation practice at Novartis and oversees the company’s engagement with the Value Balancing Alliance engagement. She is a member of the Impact Value Standards Board and serves on the Capitals Coalition Advisory Panel. 

Previously, Sonja was the co-chair of the Valuation Technical and Practitioner Committee of the International Foundation for Valuing Impacts and was a member of the Value Commission of the Capitals Coalition. 

She is the author of “The Case for Impact” (2022), and her opinion pieces, articles and podcasts can be found at www.sonjahaut.com 

Sonja is a First Movers Fellow of the Aspen Institute. She holds an MBA from IMD Business School and degrees in Physics and Mathematics from the University of Freiburg. 

Christian Hell is a recognized sustainability leader with more than 18 years of international experience advising companies across sectors, with a strong track record supporting German multinational organizations. He combines strategic foresight and governance expertise to help boards and executives align sustainable development with long-term business success. 

As the lead of EY-Parthenon’s Consumer Products & Retail Sustainability practice in Germany, Christian drives regulatory-driven and strategic transformations, embedding ecological and social best practices into strategy, governance, reporting, and performance systems. He is currently pioneering AI-enabled approaches that accelerate complex ESG transformations and strengthen decision-relevant insights. 

Christian is committed to advancing a unified, science-based approach to measuring and valuing sustainability impacts. He has delivered numerous projects on holistic measurement and valuation of externalities, impact-based decision-making at corporate and product levels, and the auditing of impact statements. His work aims to create transparent, comparable, and economically meaningful sustainability information for business and society. 

A strong advocate for shaping the ESG agenda, Christian has contributed extensively to the development of international standards and frameworks. He has served as a technical expert to EFRAG, CDSB, ISSB, the Value Balancing Alliance, VTPC, WBCSD, AccountAbility, and GRI, and has advised multiple German Federal Ministries on sustainability and economic policy. 

Christian Heller is CEO of the Value Balancing Alliance and Vice President at the chemical giant BASF. He is recognized as a globally well-connected business leader for sustainable value creation at the intersection of corporate strategy. finance, sustainability, accounting, standard setting, and policy making.

With a degree in philosophy. Christian has spent the last decade of his professional career building and implementing measurement, valuation, and accounting models for sustainable value creation. He hast developed the BASF Value-to-Society program, was co-initiator of the Impact Valuation Roundtable, coordinated the foundation of the Value Balancing Alliance.

In his current capacit Christian represents the Value Balancing Alliance at international conferences such as the WEF, COPs, climate weeks, and holds several free of charge positions such as member of the Impact Value Standards Board or the Capitals Coalition Advisory Panel. He also co-chaired the Sustainable Finance Advisory Committee to the German government, lead the EU TRANSPARENCY project reflecting natural capital accounting in the EU CSRD, was member of the first EU Platform Sustainable Finance and orchestrated the successful application of the city of Frankfurt to headquarter the ISSB, amongst other roles and engagements.

Dr. Xu Hu is the Head of Research at the Chinese Academy of Financial Inclusion (CAFI) and the Secretary General of the International Forum for China Impact Investing (IFCII). 

In his role at IFCII, Dr. Hu has been actively involved in building the impact investing ecosystem in China and coordinated the effort for the forum to become the China National Partner of GSG Impact. At CAFI, Dr. Hu leads research on sustainable and inclusive finance, with a focus on impact investing, inclusive green finance, financing for SME sustainability, and blended finance. 

Dr. Hu has published research on impact accounting methodologies and contributed to the development of the International Foundation for Valuing Impacts (IFVI) methodologies. He served as a member of the Technical Working Group on Conceptual Foundations for the Taskforce on Inequality and Social-related Financial Disclosures (TISFD). 

Before joining CAFI, Dr. Hu was the Deputy Head of Research at Ping An Digital Economic Research Center, where he led the team to provide AI and Big Data driven macroeconomics and investment research. He began his career in academia as an Assistant Professor of macroeconomics and international finance at Fudan University. 

Astrid leads the valuation and sustainable finance teams at the German Environment Agency. She has been working on the development of value factors and the methodology they are based on for almost 15 years. In addition to the scientific soundness of value factors, she has a strong focus on their applicability, for example in the context of sustainable finance. To support the application of value factors in decision making, Astrid is involved in a number of international cooperations to foster the standardization of the valuation methodology. She holds a Ph.D. in Economics from Humboldt-University Berlin. 

Ken McPhail is Dean of Alliance Manchester Business School (AMBS) and Vice Dean of the Faculty of Humanities.  He was previously Deputy Head and Director of Research at AMBS. Prior to this, Ken was Vice Dean for Social Responsibility within the Faculty of Humanities at the University of Manchester.  

Ken is Professor of Accounting and an elected fellow of the Academy of Social Sciences, The Royal Society of Arts, and an Honorary Member of the Chartered Institute of Accountants Australia & New Zealand.  

Ken has published widely in accounting for the environment and undertook seminal work on rights-based approaches to accounting for the impact of economic activity.  In both areas he has contributed to an understanding of the positive impact of extending accounting measurement to people and planet; but also, the negative, unintended consequences when we get accounting measurement wrong.   

Ken is a Director of University of Manchester Worldwide Ltd and Senate elected member of UoM University Executive.  

Kathy Mulvany is Global Head of Sustainability at Pure Storage, bringing more than 25 years of leadership experience in the IT industry and a deep, proven commitment to advancing sustainability at global scale. Over the past 15 years, Kathy has guided organizations in driving meaningful social, environmental, and business impact through the design and execution of comprehensive sustainability strategies. 

Since joining Pure Storage in May 2023, Kathy has been instrumental in elevating the company’s sustainability program—transforming ambition into action by building on Pure’s unique product sustainability value proposition and maturing enterprise-wide sustainability initiatives. Her leadership is distinguished by a demonstrated ability to integrate sustainability principles into business strategy and embed them in corporate culture, ensuring measurable progress and lasting change. 

Kathy is a trusted advisor to Boards of Directors and C-suite executives, where she counsels on sustainability risks, opportunities, and the evolving regulatory landscape. She is highly skilled in engaging and building alliances with stakeholders across the value chain and driving employee engagement around shared sustainability objectives. 

Prior to joining Pure Storage, Kathy established and led ServiceNow’s Global Impact program, laying the groundwork for a unified, enterprise approach to sustainability and social impact. She previously spent two decades at Cisco in sustainability, corporate social responsibility, and corporate communications leadership roles, where she developed programs recognized across the industry for innovation and impact. 

Carl is a global leader in natural capital accounting. Carl is the lead author and editor of the United Nations System of Environmental-Economic Accounting (UN SEEA) – the international standard for natural capital accounting. Carl has a background in national accounts and sustainability measurement, including five years as head of the Australian National Accounts with the Australian Bureau of Statistics and three years at the OECD. In addition to the SEEA, he has led the development of various sustainability frameworks including Measuring the Sustainability of Tourism with UN Tourism and the multiple capitals-based evaluation framework for TEEBAgriFood.  

Carl uses natural capital accounting to help organisations make effective and sustainable decisions and champions the integration of private and public sector measurement of natural capital. Carl is a leading player in closing the gap between public and private sector approaches to natural capital accounting, including involvement in the Capitals Coalition Value Commission and the recent 2025 update of the System of National Accounts. A particular focus of his contribution has been reconciling concepts for market and non-market valuation from economic and accounting perspectives. Carl has a Bachelor of Economics (Hons) from the University of New England (AU) and a Master of International Law from the Australian National University. 

Joonwhan Oh is Vice President of SK and Senior Executive Researcher at the Center for Social-value Enhancement Studied (CSES), where he leads initiatives to measure and advance corporate social value performance. He is currently a Ph.D. candidate in Accounting at Chung-Ang University in Seoul. He holds an MBA from the Ross School of Business at the University of Michigan and both Master’s and Bachelor’s degrees in Economics from Seoul National University.

Since 2019, Mr. Oh has served as Vice President and Head of the Social Value Measurement Center at CSES, where he leads social value measurement efforts for SK Group companies. His work includes international collaboration with partners such as SoftBank in Japan and Tencent in China to measure corporate social value using SK Group’s Double Bottom Line (DBL) social value measurement framework. He also led the development of social value measurement indicators for Chinese state-owned enterprises in collaboration with SASAC.

Previously, he served as Project Leader for SK Group’s Social Value Committee in 2018, where he led the development of social value measurement guidelines incorporated into SK Group’s DBL accounting framework. From 2014 to 2017, he led Business Culture Innovation initiatives at SK Innovation, driving corporate culture transformation projects. Earlier in his career, he served at SK Holdings as Director of the Business Development Office in China and Team Leader in the Global M&A Division, where he developed new business models, led investment projects, and created valuation models supporting acquisitions and corporate restructuring initiatives across the SK Group.

Prof. Dr. Dennis Ostwald is the founder and CEO of WifOR Institute. He is a renowned expert in macroeconomic analysis and a speaker at major international forums – including the UN General Assembly, the CEO Summit of the Americas, and the World Health Summit. Prof. Ostwald holds a PhD from the Technical University of Darmstadt and serves as a professor at the Steinbeis School of International Business and Entrepreneurship (SIBE), where he teaches Economic Research and International Management. 

Together with his team at WifOR Institute, he is dedicated to strengthening decision-making through scientific evidence in the areas of health, sustainability, and labor markets. WifOR advances an interdisciplinary understanding of value creation across social, environmental, and economic dimensions through valid data. 

Karan Peer is a Director at GIST Impact, where he leads Human and Social Capital research. He is a seasoned sustainability and impact specialist with nearly nine years of experience spanning manufacturing, CSR, ESG, and social impact across global and emerging markets.

Karan is GRI-certified, a Social Value & SROI Accredited Practitioner, and an Accredited Trainer for the Capitals Coalition’s Natural Capital for Business Decision-making course. His work focuses on advancing robust, decision-useful measurement of impacts across Human, Social, and Produced Capital, helping organisations translate sustainability commitments into measurable outcomes and strategic value.

At GIST Impact, Karan has played an instrumental role in building and scaling the firm’s in-house Social Impact Platform, including Power SROI and the xi-platform, developed in partnership with TTB Sports Capital. His work spans sustainability analytics, ESG and impact research, client delivery, and product development. He works closely with large global organisations such as Microsoft, Coca-Cola, Wipro, Cricket Australia, Pernod Ricard India, and Ørsted, supporting them to measure, manage, and communicate the social value of their initiatives.

Beyond his role at GIST Impact, Karan serves as an Independent Director at the Social Value India Foundation and is an Alliance Member of the Taskforce on Inequality-related Financial Disclosures (TISFD), contributing as part of its technical working group. Through these roles, he actively supports the development of standards, frameworks, and market practices that strengthen the credibility and uptake of social and inequality-related impact measurement.

Karan brings a strong practitioner perspective, combining methodological rigour with practical implementation, and is particularly interested in advancing the integration of impact valuation into mainstream business and investment decision-making.

Vincent Siegerink is an economist with over 10 years of experience working on the measurement of social progress, well-being, and measuring business impacts on people’s well-being and inequalities. Currently, he serves as Senior Technical Specialist in the Secretariat of the Taskforce on Inequality and Social-related Financial Disclosures (TISFD). In that capacity, he is responsible for underpinning the TISFD’s disclosure recommendations in a robust evidence base on business and finance’s impacts on people and inequalities, and associated risks.  

He formerly led the OECD WISE Centre’s work on measuring the non-financial performance of businesses, which included publishing research on the valuation of wage inequality and employee well-being impacts. In that role, he also co-facilitated the Impact Management Platform, a collaborative initiative of a group of leading providers of international sustainability standards and guidance.  

Helen Slinger is Executive Director at Accounting for Sustainability (A4S), leading the organization’s work to provide finance professionals with the knowledge, skills and practical guidance to embed sustainability into their business-as-usual. Whilst at A4S, Helen has led development and delivery of the A4S Academy for a global audience of over 500 senior finance professionals and driven the substantial expansion of A4S’s knowledge hub.

Helen is a Fellow of the Institute of Chartered Accountants in England and Wales (ICAEW), a Practitioner Member of the Institute of Environmental Management and Assessment and an Accredited Social Return on Investment Practitioner. She is a commissioner on the Yorkshire and Humber Climate Commission, sits on the ICAEW Sustainability Committee, is a member of the Capitals Coalition Advisory Panel and advisor to the University of Cambridge Institute of Sustainability Leadership. She has an Executive MBA and is a trustee of the Bat Conservation Trust.

Samuel Vionnet is the CEO and Founder of Valuing Impact, where he leads the development of advanced tools, methodologies, and scientific approaches for quantifying social and environmental value creation. Under his leadership, Valuing Impact has developed an AI-powered software platform, a fully global and open value-factors dataset, and a robust impact valuation method that enables organizations to measure and manage their impacts with unprecedented rigor. Samuel works at the forefront of the field with leading companies and investors—including Target, Natura, Nestlé, Summa Equity, Astanor, Wilstar, and others—to strengthen decision-making with evidence-based impact insights. With 20 years of experience in sustainability analytics and impact valuation, he is committed to advancing the science that helps organizations create real, measurable value for people and the planet. 

On April 1, 2023, Dr. Dirk Voeste joined Volkswagen Group as its Chief Sustainability Officer. In this function he together with his team is responsible for the development and implementation for the Groups sustainability strategy, ESG-related topics and stakeholder relationship. 

In 1994 Dirk graduated with a Ph.D. in biology from University Bonn in Germany and a M.Phil. from the Cranfield Institute of Technology in England. After his studies he was the scientist responsible for three space flight experiments in cooperation with NASA, USA. Since 1998 he has held various positions in the field of biotechnology, breeding and crop protection. Dirk joined BASF SE in 2001. Since 2012 Dirk lead BASFs corporate sustainability strategy and later on he has the responsibility as a Senior Vice President of Regulatory, Public Affairs & Sustainability for BASFs Agriculture Solutions 

Argentinian economist specialized in economic development, impact investment, sustainable finance and public policy, with vast global experience in urban development, conflict economics and impact transparency. 

Sebastián is a Senior Advisor to GSG Impact, the world´s leading network and impact ecosystem building organization, and a partner at Latin American impact firm New Ventures.

Representing GSG Impact, Sebastián headed the Secretariat of the Impact Taskforce (ITF) established under the 2021 UK presidency of the G7. He is also an inaugural member of the inaugural Sustainability Consultative Committee of the International Sustainability Standards Board (ISSB) established by the IFRS Foundation, of the Impact Valuation Standards Board of the Capitals Coalition (IVSB, successor to the IFVI’s VTPC), and of the Sustainability Reference Group of the International Public Sector Standards Board (IPSASB).  

Previously, he served as Vice-Minister at Argentina’s Ministry of Health and Social Development and as Coordinator of Projects at Argentina’s Cabinet Office, was the inaugural Executive Director of the GSG and Chief Economist of The Portland Trust, a British NGO promoting peace and stability between Israelis and Palestinians through economic development.   

Sebastián holds a BA in Economics from the University of Buenos Aires (Argentina) and an MSc in Economic Development from the University of Sussex (UK). 

Gefei Yin is the Founder and Chief Expert of GoldenBee (Beijing) Management Consulting Co., Ltd., and a leading specialist in corporate social responsibility (CSR), ESG, and sustainability strategy and value accounting in China. Since 2003, he has focused on sustainability research, consulting, and industry promotion, helping enterprises and institutions integrate ESG principles into business performance and value creation.

In 2012, he initiated pioneering research on single-indicator CSR evaluation. Since 2017, he has led the development of key methodologies and platforms, including the Responsible Competitiveness calculation formula for CSR projects, the Comprehensive Value Creation Rate of Unit Net Assets concept, and the ESG Value Accounting Platform (Oneesg.cn), which evaluates ESG net value and risk–opportunity value for Chinese listed companies. Under his leadership, ESG value accounting has been conducted for all Chinese listed companies through Oneesg.cn since 2017, supporting the China Association for Public Companies in issuing ESG Value Accounting Reports for three consecutive years. His team has also completed more than 30 natural capital projects in China based on the Natural Capital Protocol and delivered the country’s first integrated capital accounting project in collaboration with Capitals Coalition.

Mr. Yin plays an active role in shaping sustainability standards and professional practice. He serves as Convener of China’s national standard Guidelines for Corporate Sustainable Value Accounting and Convener of ISO/PWI 32216 on Sustainable Value Accounting for Financial Institutions. He is a member of the Advisory Expert Committee for Sustainable Disclosure Standards under China’s Ministry of Finance, a member of the Sustainability Committee of the China Association for Public Companies, and an expert with ISO/TC 322 on Sustainable Finance. Since 2016, he has also served as a visiting lecturer on CSR for MBA and EMBA programs at Tsinghua University.