Erika Karp

Erika Karp
Born Erika Karp
New York, New York, USA
Education Wharton School - University of Pennsylvania; Columbia University
Occupation Chief Executive Officer of Cornerstone Capital Inc

Erika Karp is an American entrepreneur, businesswoman and investment advisor as well as a writer and speaker on issues related to sustainable finance. She is the Founder and Chief Executive Officer of Cornerstone Capital Inc., an investment firm.[1] Acknowledged as a veteran executive on Wall Street, Karp is an advocate for greater corporate transparency, inclusion of environmental, social and governance (ESG) data in investment analysis, and the creation of a more sustainable form of capitalism through disciplined investment practices.

Karp is a founding Board member of the Sustainability Accounting Standards Board, a U.S. non-profit organization incorporated in 2011 to develop and disseminate industry-specific social and environmental financial-reporting standards.[2] She is an advisor to the UN Global Compact’s LEAD Board Development Program, a member of the World Economic Forum’s Global Agenda Council on Financing and Capital, and an Advisor to the Clinton Global Initiative’s Market-based Approaches track.

Prior to launching Cornerstone in August 2013, Karp was managing director and head of Global Sector Research at UBS Investment Bank. She also chaired the UBS Global Investment Review Committee and served on the UBS Securities Research Executive Committee and the Environmental and Human Rights Committee of the UBS Group Executive Board.

Philosophy

Central to all of Karp’s professional activities is the motivating principle that corporations and investors can drive positive social and environmental impact while optimizing competitive returns to shareholders. In seeking positive societal impact at scale, she also espouses the idea that capital markets should “accelerate the velocity of money” toward small and medium-sized enterprises pursuing sustainable growth and development globally. She told the Clinton Global Initiative “Plenary Session: Reimagining Impact” moderated by President Bill Clinton in 2014, “Our goal is to foster corporate excellence, which we define as the relentless pursuit of material progress toward a more regenerative and inclusive economy.” [3]

Writing

Karp has written extensively on issues including sustainable finance, impact investing, women in finance, workplace diversity, entrepreneurship, corporate governance and board development. Her work has been featured in online and print publications including The Economist, Bloomberg Businessweek, The Guardian, the Financial Times, Investor Relations Magazine and Forbes.

She launched and is a regular contributor to the Cornerstone Journal of Sustainable Finance & Banking (JSFB), published monthly, which offers global perspectives on progress toward sustainable finance, banking and capitalism across regions and industry sectors. The JSFB was ranked as one of the “Most Innovative Research Products” in Extel’s 2014 Independent Research in Responsible Investment Survey. Over 1,000 analysts, portfolio managers and managers from 500 investment firms participate in the survey. [4]

Speaking and media career

Karp presents on a broad range of topics including entrepreneurship, corporate leadership, impact investing, and women and diversity in the workplace. She has spoken at prominent venues around the world including the UN Principles for Responsible Investment (PRI), the Wharton School, the New York Stock Exchange, the Organisation for Economic Co-operation and Development (OECD), the Aspen Institute, the Clinton Global Initiative and the White House. On June 25, 2015, Karp delivered an address at the United Nations General Assembly before more than 1,000 public- and private-sector leaders gathered at the UN’s “Global Compact+15: Business as a Force for Good.” The event, presided over by UN Secretary-General Ban Ki-moon, was convened to demonstrate how the private sector is taking action and partnering to advance societal priorities.[5]

Management and corporate governance

Karp speaks frequently on management topics including how to inspire business innovation—whether leading a stand-alone company or working within a large organization—and engaging employees to provide a fulfilling work environment. She also addresses the importance of corporate governance, which she says “should be core to the business, and not in a corner.” [6] This includes the need to drive greater transparency, encourage corporations to optimally implement and articulate strategies for sustainable growth and excellence, and measuring return-on-investment in terms of financial, environmental and social returns on capital.

Sustainable and impact investing

Karp speaks about the opportunity for investors to create positive social and environmental change while reaping superior, risk-adjusted, market-rate returns. She argues that sustainable investing and finance practices can impact issues ranging from climate change and income inequality to healthcare, nutrition and education needs to rebuilding infrastructure. Sounding the call for corporate sustainability, transparency and governance excellence, Karp highlights the need for mainstream investors to push Wall Street and capital markets around the globe. “We’re at an inflection point where we can have a better and more sustainable form of capitalism if we act consciously, pragmatically and systematically,” she told Wharton Magazine. “As a social impact investor, you can indeed demand both competitive returns and positive societal impact.” [7]

Women and diversity in the workplace

Although women have made strides in the past 25 years, Karp notes that wide gaps remain, particularly when it comes to corporate board leadership and top executive positions.[8] She champions diversity that informs the workplace and improves decision-making by engaging with employees with different backgrounds, perspectives and styles.

Karp serves on the Board of Directors at the LGBT Center in New York.[9] She was a past member of the Board of Directors at Congregation Beit Simchat Torah (CBST), and part of the leadership campaign that helped secure the community’s new home. She was also a past national board member of GLSEN | Gay, Lesbian & Straight Education Network.

Entrepreneurship

In her speeches on entrepreneurship, Karp highlights her own journey leaving a top Wall Street investment bank to found Cornerstone Capital Inc., a next generation financial-services firm “purpose-built” for sustainable and impact investing.[10]

Media

Karp has had several appearances on Bloomberg Television [11] and written columns for Forbes [12] and The Economist,[13] among others.

Awards and honors

Karp has been named to AdvisorOne’s “Top 50 Women in Wealth,” [14] GOOD magazine’s “GOOD 100” [15] and the “Purpose Economy 100.” [16] She is also among 50 “conscious capitalists” profiled in Kim Curtin’s 2015 book, “Transforming Wall Street: A Conscious Path for a New Future.” [17]

In 2014, she was named as a “Woman of Influence” by the New York City Business Journal, as part of a national program honoring women who innovate, succeed and "pay it forward," and who stand out both for their achievements in the marketplace as well as their commitment to community and mentoring. [18]

She was honored in May 2015 by the Greyston Foundation of Yonkers New York, for demonstrating a lifelong commitment in support of sustainable business and social enterprise.[19]

Cornerstone Capital was a finalist for the 2014 Finance for the Future Award, which recognizes financial leadership in developing successful business models that produce financial returns and deliver environmental and social benefits.[20]

Education and early career

Karp received her B.S. in economics from the University of Pennsylvania’s Wharton School in 1985 [21] and her MBA in finance from Columbia Business School in 1991.[22]

She began her professional career at IBM’s ROLM Telecom division as an account representative. In 1989, she left IBM to get her MBA. In 1991, Karp became a director of institutional equity sales at Credit Suisse First Boston.[23]

Karp joined UBS Investment Bank in 1999 and was promoted to managing director, global head of Research Product Management in 2002.[24] She created the UBS Q-Series research initiative to drive investment research from across regions. She also joined the Global Investment Review Committee (GIRC), composed of researchers from around the world. In 2007, Karp was appointed head of Global Sector Research.

References

  1. ↑ Eric Roston (8 August 2013). "Former UBS Banker Wants to 'Accelerate the Velocity of Money'". Bloomberg. Retrieved 19 November 2013.
  2. ↑ Staff (2015). "Board of Directors". Sustainability Accounting Standards Board. Retrieved 21 September 2015.
  3. ↑ Staff (2 March 2014). "Erika Karp Speaks at Clinton Global Initiative". Cornerstone Capital Group. Retrieved 21 September 2015.
  4. ↑ Mike Tyrrell (8 August 2014). "The IRRI Survey 2014" (PDF). Extel. Retrieved 21 September 2015.
  5. ↑ Staff (6 July 2015). "Global Compact 15- Business As a Force for Good". UN Global Compact. Retrieved 21 September 2015.
  6. ↑ Dina Medland (13 November 2014). "Corporate Sustainability Is Corporate Excellence". Forbes. Retrieved 21 September 2015.
  7. ↑ Katie Kuehner-Hebert (Winter 2014). "Banking on Good Returns". Wharton Magazine. Retrieved 21 September 2015.
  8. ↑ Osborn, Katy. "What Corporate Boards Really Think About Diversity". Money. Time Inc. Retrieved 2 May 2016.
  9. ↑ Staff (2015). "Center Board of Directors". The Lesbian, Gay, Bisexual and Transgender Center. Retrieved 21 September 2015.
  10. ↑ Staff (2015). "Erika Karp, Expert on Sustainable Finance and Corporate Strategy". The Harry Walker Agency. Retrieved 21 September 2015.
  11. ↑ Staff (19 September 2013). "Mainstreaming Sustainable Finance". Bloomberg. Retrieved 12 April 2016.
  12. ↑ Erika Karp (10 December 2012). "The Power to Convene". Retrieved 12 April 2016.
  13. ↑ Erika Karp (23 March 2015). "Revisiting the Wealth of Nations: The Seas". Economist. Retrieved 12 April 2016.
  14. ↑ Staff (15 July 2011). "The 50 Top Women in Wealth". Think Advisor. Retrieved 21 September 2015.
  15. ↑ Staff (2014). "The 100". GOOD magazine. Retrieved 21 September 2015.
  16. ↑ Staff (2014). "The Purpose Economy 100". Purpose Economy. Retrieved 21 September 2015.
  17. ↑ Kim Ann Curtin (20 March 2015). "Transforming Wall Street". Transforming Wall Street. Retrieved 21 September 2015.
  18. ↑ Staff (11 December 2014). "Women of Influence Winners Announced". New York Business Journal. Retrieved 21 September 2015.
  19. ↑ Staff (1 August 2015). "Greyston Honors Falkenberg and Karp at 2015 Annual Gala". The Bronxville Bulletin. Retrieved 21 September 2015.
  20. ↑ Staff (2014). "Past Winners and Finalists". Finance for the Future Awards. Retrieved 21 September 2015.
  21. ↑ Kuehner-Hebert, Katie. "Banking on Good Returns". Wharton Magazine. The Wharton School: University of Pennsylvania. Retrieved 3 May 2016.
  22. ↑ "Columbia Business School 2014 Social Enterprise Conference". Columbia Social Enterprise. Retrieved 3 May 2016.
  23. ↑ "BrokerCheck". FINRA. Financial Industry Regulatory Authority. Retrieved 3 May 2016.
  24. ↑ Neil Stewart (27 November 2012). "Strength in Diversity". IR Magazine. Retrieved 19 November 2012.
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