About Us
The Predistribution Initiative (PDI) is a nonpartisan, multistakeholder non-profit that works with investors and their stakeholders to improve financial analysis and investment decision-making processes in ways that more adequately value workers, communities and nature.
We were founded in early 2019 by a team of professionals focused on sustainability issues and impact investing. We realized that while the sustainability and impact investing fields have made significant progress, the guidelines and frameworks that have emerged as industry standards focus primarily on portfolio companies and the investments of investors. Meanwhile, investment practices and structures themselves may be exacerbating the problems we seek to solve and creating systematic risks for large institutional investors, as well as systemic risks for society. Given increasing stakeholder concerns about these issues, we recognized that there were major blind spots that needed to be elevated and addressed.
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Reforming capitalism and true responsible investment requires looking at the full equation:
Portfolio Company Impacts + Investor Impacts = Responsible Investment
As an example, one of the first issues we identified relates to fund manager compensation and economic inequality. In existing ESG frameworks, metrics exist for investors to assess corporate executive compensation in their portfolio companies, including the ratio between CEO pay and the average worker. However, the pay gap ratios between asset portfolio company management executives and the average worker in a portfolio company are often even greater.
To understand the full story of how a particular investment decision may affect society, asset owners and allocators would need to evaluate fund manager compensation in addition to corporate executive compensation.
Furthermore, there may be opportunities to develop new fund and investment structures (with risk-adjusted returns for mainstream investors) that share more wealth with workers and communities. The potential to develop these structures was of strong interest to our founding team members, and is an area of ongoing focus.
To learn more about overlooked issues related to investment structures, please read PDI’s flagship paper ESG 2.0: Measuring and Managing Risk Beyond the Enterprise-Level
Our Vision and Mission
Our vision is a world in which the meaning of investment success is aligned with the health of the natural and human systems upon which the economy and financial system rest, aligning with the principles of Predistribution. A predistributive economy is one in which financial capital more adequately values human, social, and natural capital. In this paradigm, investors – who set the incentives for companies and other investees – factor the risks that people and nature take, and the value that they create into investment decision-making, financial analysis, and the distribution of returns.
Our mission is to align institutional investment governance and financial analysis practices with the principles of Predistribution.
Meet Our Team
Leadership Team
Delilah Rothenberg
Co-Founder | Executive Director
Delilah Rothenberg is a Co-Founder and the Executive Director of the Predistribution Initiative (PDI), a multi-stakeholder non-profit organization designed to support investors in aligning their investment governance, financial analysis, and asset allocation practices with the principles of system-level investing and systematic stewardship.
Delilah brings nearly two decades of experience in finance across asset classes – particularly private capital markets – having worked with private equity investors, lenders, and project developers on growth financing, ESG (environmental, social, and governance) integration, and impact strategy for over 12 years. Prior to private capital markets, Delilah worked in sell side equities with Bear Stearns and investment research with Gerson Lehrman Group (GLG).
Delilah serves on the Council of Institutional Investors (CII) Markets Advisory Group; is on the Advisory Panel for the Capitals Coalition; is an Advisor to For the Long Term (public treasurers focused on ESG); is an Executive Fellow at the Rutgers SMLR Institute for the Study of Employee Ownership and Profit Sharing; was an advisor to New York City Comptroller-elect Brad Lander’s campaign; and, is a former Open Society Foundations Fellow. She has served on various committees, advisory groups, and working groups for the Global Reporting Initiative (GRI), Sustainability Accounting Standards Board (SASB), Principles for Responsible Investment (PRI), Global Impact Investing Network (GIIN), Taskforce on Inequality and Social-related Financial Disclosures (TISFD); among others.
Raphaële Chappe
Co-Founding Partner | Program Director, Economic Research
Raphaële Chappe is Director of Economic Research and a Co-Founding Partner at PDI. Raphaële brings over 20 years of experience in law, economics, and finance with positions spanning academia, research, and industry. In addition to impact investing and sustainable finance, her research interests include monetary policy, shadow-banking, and the link between financial markets and wealth inequality. She has worked in fintech on innovations in decentralized finance and earlier in her career, specialized in tax structures for investment banks and private equity deals at Goldman Sachs, Ernst & Young, and KPMG. Raphaële is a former Open Society Foundations Research Fellow, and has taught courses in finance and macroeconomics at various institutions, including NYU Tandon School of Engineering, the Brooklyn Institute for Social Research, Parsons School of Design, and Drew University. She holds a Ph.D. in Economics from The New School for Social Research, and an LL.M from New York University School of Law.
Shannon Mullins
Program Director
Shannon Mullins brings almost 20 years of experience in corporate sustainability, societal impact and responsible business practices. Prior to PDI, she spent two years focused on advancing ESG integration throughout the investment lifecycle via private equity firm and portfolio company engagement and collaboration. Shannon was a practitioner with Deloitte’s sustainability and climate change team for seven years and held progressive internal responsibilities centered on the firm’s annual global impact reporting process during this time. Earlier in her career, Shannon provided client services related to human capital total rewards communications. Other relevant roles have included internal ESG-related advisory for business teams at Export Development Canada; philanthropic consulting services; and (actuarial) pension funding valuation activities for large, corporate clients.
Juan Jardon-Pina
Associate Director
Juan is a trained economist and has a background in public policy, investment banking, impact investing and innovative finance. He previously worked as an Investment Officer at Deetken Impact, analyzing investment opportunities with an impact and gender lens in the Latin American region. He also served as a Researcher for the Impact Finance Innovations Programme at the University of Oxford, where he had the opportunity to contribute to a Impact-linked Compensation research project in partnership with The ImPact, global membership community of families committed to aligning their assets with their values. Before transitioning to the impact investing and innovative finance sectors, he worked as an Investment Banker at Evercore Partners and as an economic adviser for the Mexican Ministry of Finance and the Mexican Ministry of Economy and Foreign Trade. He regularly serve as a mentor and judge in the Turner MBA Impact Investing Network & Training (MIINT), an experiential lab designed to give graduate students at business schools a hands-on education in impact investing.
Advisory Committee / Board of Directors
Bob Massie
Bob Massie has been one of the most respected leaders in the field of sustainability and finance for nearly forty years. A student anti-apartheid activist at Princeton in the 1970s, Massie obtained a master’s degree in social and theological ethics from Yale Divinity School in 1982 and a doctorate in corporate strategy from Harvard Business School in 1989. His dissertation focused on how institutional investors integrated moral and political concerns into their investment policies. In 1993 he served as a Senior Fulbright Scholar on the faculty of the Graduate School of Business at University of Cape Town. In 1998 he published Loosing the Bonds: The United States and South Africa in the Apartheid Years, which won the 1998 Lionel Gelber prize for the best book in the world on international relations.
In 1996 Massie became the first president of Ceres and helped to build it into the powerful coalition of investors, corporations, and sustainability organizations it is today. In 1998, believing that key capital market actors needed high quality, comparable sustainability data, he co-founded and chaired the Global Reporting Initiative. In 2002, he created and led the first Institutional Investor Summit on Climate Risk at United Nations headquarters in New York. That same year he was picked by CFO magazine as one of the 100 most influential leaders in finance. He also served for three years on the original International Integrated Reporting Commission (IIRC) chaired by Justice Mervyn King of South Africa.
His articles have appeared in publications such as the New York Times Sunday magazine, the Nation, Institutional Investor, and World Link, the magazine of the World Economic Forum. He has received numerous awards, including the Joan Bavaria Award and the Gold Medal of the Society for Progress at INSEAD.
Massie has also had a prominent role in the politics of his home state of Massachusetts, having served as the Democratic nominee for lieutenant governor in 1994 and as a candidate for governor in 2018. In recent years he has continued to work on mandatory sustainability reporting, the evolution of corporate governance, and the need for fundamental reform in the fields of accounting, finance, and economics. In the summer of 2023, he convened the Materiality Working Group, a monthly discussion group and clearinghouse of US and UK thought leaders who are focusing on charting the evolution of the intersection of sustainability and finance. In December 2024 he joined the Sustainable Investing Research Initiative (SIRI) within Columbia University’s School of International and Public Affairs as a Senior Research Scholar, Co-Chair of the Sustainable Finance Seminars, and director of the Pathways to Consensus program.
Amanda Feldman
Impact + ESG Advisor | Co-Founding Partner
Amanda is the Impact & ESG Advisor and a Co-Founding Partner at PDI. She brings experience from the 2021 G7 impact Investing Taskforce, UNDP’s SDG Impact, the Impact Management Project, Bridges Fund Management and Volans.
She serves as an Impact Advisor at MAZE, a member of the Independent Panel for Monitoring, Evaluation and Learning for the Private Infrastructure Development Group (PIDG), and a mentor for entrepreneurs at Bethnal Green Ventures, MAZE and BMW Foundations’s RESPOND Accelerator. Amanda holds a B.A. in English and Spanish literature from the University of Pennsylvania and a Master of Public Administration from the London School of Economics.
Communications and Creative Partners
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