Impact investors play a critical role in international efforts to meet the United Nations Sustainable Development Goals. Estimates of the volume of capital managed in this sector range from USD 500 billion to 2 trillion and the figure is growing.

These investors have ambitious goals to drive positive economic, environmental and social change through investment. Investing with integrity is fundamental if impact investors are to meet these goals. Business integrity is central to fulfilling a development mandate, and should not only be a matter of compliance. Without this insight, the positive forms of impact that investors seek are in jeopardy.

While there is existing guidance on business integrity standards, this report is the first to explore in detail the realities of implementation in impact investing in emerging and frontier markets. It illustrates the challenges which arise and how impact investors can best respond.