Impact beyond the byline

Rachel Alembakis knew from the age of three that she wanted to be a journalist.

Over a 30-year career in journalism that boasts coverage finance spanning asset management, operations and custody across four countries, a good portion tracked the rise of sustainable investing and shaped the discourse around it.

Having farewelled journalism two years ago, today, she is shaping outcomes as U Ethical's stewardship manager and a board director at the Responsible Investment Association Australasia (RIAA). This all came about from what she describes as "the result of a series of left-hand turns, coincidences and good fortune."

Her curiosity about sustainable investing piqued after she graduated with a master's degree in international political economy from the London School of Economics and began pursuing opportunities in financial journalism.

"I ended up working for a trade publication called Global Pensions, which covered institutional investment," she says. While she was chasing stories, little did she know back then that she'd find a calling in a nascent subsector of investing.

"This was really the major fork in the road because I was there from 2003 to 2006, and it was the first phase of what was then called 'socially responsible investing'."

One day in 2004, she received a press release from a little-known non-profit called the Carbon Disclosure Project.

"It was one of their early reports and the first time that I had heard of this idea that a group of investors were pressuring companies to disclose carbon emissions on the grounds that climate change is an existential risk to the planet and, therefore, an investment risk," she recalls. Alembakis discussed it with her editor.

"I remember him saying, 'I don't see how relevant this is to investing. You've got 150 words to write about it.' That was really the beginning of a quest," she says.

Upon moving to Australia, Alembakis freelanced for trade publications. She regularly came across references on super fund websites to the United Nations Principles (PRI) for Responsible Investment.

Like a good reporter, Alembakis never stopped asking questions. She soon discovered their purpose and goals and, more importantly, what they required signatories to do in terms of reporting on their responsible investment approaches, the actions they were taking and the results of those actions.

Some of the signatories were led by very influential Australians. Over the years, Alembakis discovered and wrote about what that pledge meant for super funds and investment managers in terms of commitments and disclosures. That ultimately led to the launch of her own publication, The Sustainability Report.

"Then I came to another fork in the road. I was looking for a safe harbour to grow my business further, realising the constraints I was facing," she says.

That's when Rainmaker Information made her an offer she couldn't refuse. She joined the group and the publication was renamed FS Sustainability, which remains the only stand-alone trade publication to exclusively cover ethical, responsible, sustainable investment and corporate sustainability. Then an opportunity at U Ethical came along.

"I'd covered U Ethical for years and knew they had a deep, authentic approach to ethical investing and stewardship. It was too tempting not to put my hand up," she notes.

"U Ethical is, we believe, Australia's oldest ethical fund manager, having been established in 1985. Our beneficial owner is the Uniting Church in Victoria and Tasmania, but we have an independent board and management."

In 1985, the Synod searched for a fund manager to oversee its assets. When it couldn't find one willing to create an investment mandate aligned with the church's ethical principles, it established its own.

"That foundation remains central to who we are today. The values of the Uniting Church broadly align with progressive and mainstream views on environmental, social and governance (ESG) issues, and they continue to guide our ethical investment policy, which we also shape independently," she says.

Stewardship encompasses a full suite of activities, ranging from proxy voting and direct engagement to collaboration and government advocacy.

As stewardship manager, Alembakis is responsible for engaging externally, talking with companies, stakeholders, investors and clients.

When asked where the two worlds intersect, Alembakis says the soft skills rollover from journalism to stewardship have been very much congruent.

"I joke that I still ask hard questions, write, analyse and synthesise information. I'm just doing it for a much smaller audience. Persuasive writing is also a common theme.

"The skills of a journalist - analysing topics at speed, synthesising information, developing questions and making judgments - translate extremely well to investment management," she says.

When RIAA was looking to fill a director's seat in 2024, Alembakis' then-chief executive encouraged her to put her hat in the ring. She hesitated, thinking she was still too green at that point to make an impact at the board level.

"But sometimes, particularly when we're talking about diversity, it's important to have someone sponsor you and say, 'No, it's time for you to do this. It's time to take on the challenge'," she says.

"That kind of support is often what creates real change. When we talk about increasing diversity in companies, it's important to recognise that it's not just about setting targets. It's about asking what practical steps are needed to grow, develop and strengthen the talent pipeline."

At industry conferences and events, Alembakis can pack a room, and is frequently asked to share her insights and expertise or moderate panels. Alembakis insists her talents as an orator do not come naturally. To this day, she studies speaking techniques.

"It's almost 10,000 hours of repetition. You learn to manage the adrenaline. You learn how to connect with people," she says.

The drive to connect with people has been an undertone in Alembakis' career, perhaps sparked by her parents, both of whom worked in the caregiving sectors.

"My parents had a huge influence on me. Growing up in a household where community service and improving people's lives were valued had a profound impact on me. Raising standards for what constitutes a dignified human existence was very important," she says.

"Part of respecting human dignity means respecting the planet we live on, walking softly and being mindful. Those values shaped my ethical perspective and naturally align with the concept of responsible investment."

Even though she ran her own publication for eight years, Alembakis thrives on working in teams.

"I love working with talented people who have different viewpoints and finding ways to create something together that's better than what we could achieve individually.

"Being collaborative means supporting people, giving honest feedback and accepting honest feedback in return," Alembakis says.

Alembakis was making an impact well before she was in the trenches. There is already a lot to be proud of. In her new chapter, Alembakis is helping drive the next era of responsible investing. Her best work may still be ahead.

"I'm also the proud mother of two daughters that are starting out on their own adult lives, and they challenge me to think about the future and what that future should be for them to live thriving lives of their own," she says.

From observer to influencer. From the newsroom to the boardroom. From chronicling the rise of ESG and helping push it up the investing agenda to now having a hand in its future. For Alembakis, the journey has become full circle.