Location: Antananarivo, Madagascar

Founded in Madagascar, HERi Madagascar S.a.r.l (HERi) is an enterprise with an inclusive business model that connects rural communities with access to clean energy, enhanced livelihoods and opportunities for sustainable development. HERi’s kiosks are operated as franchises by local female entrepreneurs. These energy-enabled kiosks are both retail outlets for life-enhancing products, and purchasing hubs for high-value crops – increasing both access and income within the communities we serve. Today the company has 85 kiosks, reaching a network of 200,000+ low-income rural households every day. By the end of 2017, HERi targets 150 kiosks within Madagascar with ambitions for international growth. This report was produced for the Social Stock Exchange Annual Research Book 2017. It delivers an independent take on the Environmental, Social, Governance, as well as Economic performance of the members of the Social Stock Exchange.

Location: Amersfoort, Netherlands

The Oikocredit Ecumenical Development Cooperative Society U.A. (“Oikocredit”) is a co-operative based in the Netherlands that offers loans, equity and capacity building funding to mostly mid growth-stage microfinance institutions, co-operatives, Fairtrade, and small-to-medium-sized enterprises in low-income and developing countries. It is one of the world’s largest sources of private funding for the microfinance sector, with €1.03 billion in total assets and €900.2 million in capital outstanding in 2015. Targeting financially-excluded groups, particularly rural or agricultural communities and women, Oikocredit invested in 809 partners across 69 countries in 2015, reaching 46 million end beneficiaries through its primary investments and microfinance partners. Investments in Oikocredit are attracted by 29 support associations (SAs) across 12 countries in Europe and North America; and by wholly owned local offices (NSOs) in Austria, Canada, Germany, France, USA, UK and Ireland. Investors’ capital is spread across Oikocredit’s total social investing activities. For every GBP invested, over 80% of the capital begins to flow into the field within three months, with 15% statutorily held on reserve. This report was produced for the Social Stock Exchange Annual Research Book 2017. It delivers an independent take on the Environmental, Social, Governance, as well as Economic performance of the members of the Social Stock Exchange.

Location: Luxembourg

MSME Bonds SA (The Symbiotics Bond Programme) is a loan syndication platform sponsored by Symbiotics SA, an investment company dedicated to inclusive and sustainable finance in emerging markets. The programme brings together socially responsible investors and financial intermediaries (FIs) with the aim of funding micro, small and medium enterprises (MSMEs) in less developed countries, improving their access to finance. As of January 2017, the Symbiotics Bond Programme has arranged 64 impact bond transactions for a total notional amount of $569 m, investing in 50 different intermediaries and 23 different developing countries. This report was produced for the Social Stock Exchange Annual Research Book 2017. It delivers an independent take on the Environmental, Social, Governance, as well as Economic performance of the members of the Social Stock Exchange.