June 21, 2022 – Ecological and social transition and impact indicators

If everyone agrees that ecological, economic and social transition is required, how do we know if these changes will have the expected impacts? How to measure these impacts? What should we measure? Why is this important?


Presentation – Bouchra M’Zali

Presentation – Sara Lisa Ørstavik

Presentation – Fabiola Céspedes

Presentation – Alison Vipond

Video of the session


Milder Villegas


Milder Villegas is a Quebecois of Peruvian origin. He holds a MBA from UQAM and has over 25 years of experience in the field of finance, both traditional and solidarity finance. His career has led him to sit on many boards of organizations evolving in economic and social development. Since 2011, he is the General Director of Filaction, a development fund that supports Quebec SMEs, particularly in the areas of social economy, culture, tourism and diversity entrepreneurship. He is motivated by values of inclusion and access to opportunities regardless of race or socioeconomic profile. During his career, he has always been the promoter of alternative and innovative solutions that make the difference. In May 2015, he was appointed President of the International Association of Investors in the Social Economy (INAISE), an international network of some forty financial institutions around the world. He is also a board member of the International Free Software Association and CIRIEC Canada (Interdisciplinary Collaborative Research and Information Center).

Bouchra M’zali



Mzali Bouchra is a professor in the strategy, social and environmental responsibility department at the School of Management Sciences-University of Quebec in Montreal (Canada), and holder of the African Chair of Innovation and Sustainable Management UM6P. Holder of a Ph.D. in finance and a CFA, with her students, she has published numerous book chapters or articles in research-oriented journals and she has organized and participated in numerous international scientific conferences. where some of their work has been awarded prizes (Canadian Price: ASAC: 2005, 2006 and 2011; SAB Sustainable Finance Trophy: 2013). She has received various awards, including one for her contribution to education and research in corporate social responsibility awarded by the Sustainable Finance Initiative (2012). In 2018 with her co-authors, she received the prize for the best research in finance awarded by Finance Montreal (IFD-Principles for Responsible Investment: United Nations, Canada). Also in 2018, with its co-author, their paper was selected by Journal of Business Ethics as one of the 7 publications that will mark research for the next decade. She set up the prize for the best research in sustainable investment for researchers from French-speaking emerging countries, a prize overseen by the Principles for Responsible Investment, Francophone Chapter, of the United Nations and by the Forum for Responsible Investment (FIR, Europe ). She has directed MBA-research, certificate programs and created others.

For several years she has been involved in various institutions and at various times: has sat on international committees including that of the PRI Academic Network, on the boards of directors of financial institutions with development objectives and acts as an expert in the revision of university programs (Canada, Qatar) or in training (specialized seminars). It is also involved in the training of executives in many countries, including China, Malaysia, Morocco, Algeria, Guinea, Vietnam, etc.


Alison Vipond

Sustainability Policy and Innovation Lead

Ecology Building Society

Alison Vipond leads on Sustainability Policy and Innovation at Ecology Building Society. Ecology is a pioneering mutual with a mission to harness the power of its members to make a positive impact on the environment and society by enabling sustainable building and communities.  With a background in environmental research and policy, Alison is passionate about the role of finance to support positive change in society. Collaboration and innovation are at the heart of her role and she is responsible for ensuring Ecology continues to be ambitious and impact-focused as it drives forward on its ecological mission. Current areas of focus include carbon accounting, impact assessment and climate risk, where she is exploring new opportunities for financial services to enable society to mitigate and adapt to the climate emergency.

Fabiola Céspedes Quiroga

Strategic development and impact management specialist


For more than 20 years, my experience is related to the design and implementation of programs, projects and strategies for productive, economic and social development.  Since 2020, I am responsible for the economic development component (as manager of sustainable growth) of the Amazon Alliance Project managed by the NGO Cedro in Peru.

In the period 2015-2019, as an independent consultant, I worked with foundations, financial entities and international cooperation organizations in strategic planning processes, in evaluations of their results and impacts, in the design of systems and tools to manage their performance and social responsibility, and in sectoral diagnostics. I also advise foundations in the design of projects related to productive development, gender and microfinance.

In the period 2002-2014, as an official of institutions, national and international networks, I was in charge of the strategic and operational management of inclusive rural finance programs and projects in 10 countries in Latin America and the Caribbean.  These initiatives addressed issues of social performance, impact assessment, self-regulation, productive development, rural financial services and academic research.


Specialist, sustainable finance, impact management and overall portfolio performance



SDG Impact Specialist