Before she became a high profile name in political discourse, Gina Miller was co-founder of SCM Private, and founder of the True and Fair Campaign, which called for fee transparency in asset management. In a 2013 article in Professional Investor, she talked about the steps the investment profession would need to take to become more ethical, and to adapt more sustainable cultures
In the Spring 2013 edition of Professional Investor, Gina Miller argued that banks and financial services businesses would no longer be the same going forwards. After the Global Financial Crisis, measuring ethics and morality would become as important as measuring alpha and profit, she believed.
As a result, financial capital was out, Miller argued, and human capital was in. While previous ‘hard’ measures of success were based on profitability and financial strength, the industry would now be assessed on soft measures as well.
In the article, Miller called for a cultural change in the investment industry. She argued that getting employees to act with morality required every person in an organisation to adopt a cultural change, one that was back by a strong compliance model.
She also pointed out that culture stems from the top. Leadership plays a critical role in defining the ethical standards and culture of an organisation, she said, and to defining its attitudes to employment, fees, and products.
