To advise, and represent where necessary, AREF, its member funds and their investors on ESG and impact investing. 

Membership Structure (Preferred)

Chair (Should be an Investor Representative)   
Fund Management Representatives Maximum 4
Investment House Sustainability Specialists Maximum 3
Investment House Capital Raisers / Client Services Representatives Maximum 3
Investor Representatives Maximum 3
AREF Secretariat    

Investors Representatives need not be AREF members but they must be from a different house than the Chair and they must meet the criteria for membership of the AREF Investor Committee. All other Committee members must be Full, Affiliate or Associate Member representatives in accordance with normal AREF rules.

No firm may have more than one of the same type of representative on the Committee but that restriction does not apply to specialist working groups.

The Committee may set up specialist working groups looking at specific topics. Each working group should be chaired by a member of the Committee, but other members may be from the Committee or may be AREF members or non-members co-opted due to their specialist knowledge by the Chair of the Committee.

The AREF Chief Executive is not a member of the Committee but may be in attendance.

Current Membership

Membership Tenure

Given the widespread interest in this area it is likely that some Committee member roles will be over-subscribed and waiting lists will be maintained.
Membership will therefore be limited to 3 years after which members will be rotated off, unless there are no replacement applicants, in which case membership may be extended a year at a time.

Members are expected to make every effort to attend meetings.  Frequent non-attendance may prejudice continued membership.


  • To be aware of, monitor and discuss, all emerging UK and EU legislative and regulatory developments in relation to ESG and impact investing that may have a potential impact on AREF member funds and AREF best practice.
  • For formal consultations relating to ESG and social impact investing that may have an impact on AREF members, respond formally, under AREF name or submit a joint response with other industry groups.  Where submissions involve responses from other AREF Committees, agree with other Chairs where the lead sits.
  • Where necessary, engage with, and influence, policymakers by establishing formal and informal dialogue with appropriate government departments and other official agencies to ensure their ESG policy is sensible, coherent and does not engender unexpected consequences.
  • Subject to approval of financial spend by AREF Management Committee, commission specialist advice, research or reports where there are benefits to a broad sample of AREF members.
  • Produce and/or procure explanatory material for dissemination to members and other relevant audiences.
  • Keep under review, and advise wider membership on, appropriate measurement and benchmarking of environmental issues to define best practice.
  • Work with AREF Corporate Governance Committee and provide input to the evolution of the Code.
  • Promote PR opportunities to position AREF at the forefront of ESG and social impact investing for real estate funds
  • Work with AREF Education & Training Committee to promote seminars to highlight developments in regulation and best practice.
  • Consider items specifically delegated from Management Committee
  • Inform AREF membership promptly of urgent matters.
  • Review terms of reference as required.

Reports to

AREF Management Committee (Requests for approvals to AREF Management Committee required at least two weeks in advance)

Liaises with

  • AREF Corporate Governance Committee
  • AREF Investor Committee
  • AREF Public Affairs Committee
  • PIA (Property Industry Alliance), including other member organisations individually, particularly the Green Property Alliance
  • IPF
  • MSCI
  • AIFA (Alliance of International Fund Associations - RealPac (Canada), ASPIM (France), Property Council of Australia (Australia), AREF (UK) and PREA (US))
  • BBP (Better Buildings Partnership)
  • EREF (European Real Estate Forum)
  • PRI (United Nations)
  • Government
  • The IA
  • Other real estate and investment organisations as required


Working Groups as required

Meeting timing and frequency

Quarterly full meetings, ideally a month or thereabouts before the AREF Management Committee
Ad hoc meetings or conference calls as required
Minutes circulated to Committee and included in AREF Management Committee papers