PI Partnership – M&G Investments
world impact the company is having on people and the planet. “Helios Towers has a co-location business model where the mobile tower is not just used by one mo- bile operator, it can be used by up to four operators. This de-risks the use of that tower from an investment perspective, but it also lowers the cost for the custom- ers and reduces the carbon footprint,” ex- plains Constable-Maxwell. “The structure of their business model is inherently low- er risk because of that co-location, mobile mast sharing model which reduces costs and increases the likelihood of success.” Helios Towers is aiming to expand its towers by more than 10,000 across the eight markets it operates in by 2025 as well as increasing the number of sites in rural and underserved regions by about 1,500. As the company grows, how can a ‘double materiality’ perspective help in- vestors gain a more holistic picture of its prospects, encompassing financially ma- terial ESG risks and also the company’s real-world impact on people and planet? For Helios Towers, financially material
ESG issues would include employee retention, customer satisfaction and risk management around issues like bribery and corruption, all factors that are likely to affect the company’s growth prospects and long-term financial success. But addressing double materiality seeks to combine what is financially material to a company with what is material to people and the planet. “Helios is an excellent illustration of this concept,” says Consta- ble-Maxwell, “demonstrating robust man- agement of those financially material ESG issues (‘outside in’), but also a busi- ness model that is inherently driving eco- nomic empowerment and financial inclu- sion (‘inside out’).”
Impact at scale Mobile technologies and services contrib- uted to more than $130bn (£115bn) in eco- nomic value in sub-Saharan Africa in 2020⁶ – and this is projected to exceed $155bn (£138bn) by 2025, but with more than a fifth of the region’s people offline the coverage gap is significant. With its
population set to triple by 2100⁷, mobile and internet connectivity must play a sig- nificant role in supporting social and eco- nomic development.
...people can save, invest and build for a
better future, while creating the right environment to help entrepreneurs grow their businesses sustainably.”
“For people and groups with limited eco- nomic opportunities the question is: how can impact investors support their eco- nomic empowerment via improved access to information and communication, ena- bling them to access life-enhancing ser- vices like mobile health, education and banking, even in a rural community with- out traditional infrastructure. In this way, people can save, invest and build for a better future, while creating the right environment to help entrepreneurs grow their businesses sustainably,” says Constable-Maxwell.
1) UN, “With almost half the world’s population still offline, digital divide risks becoming ‘new face of inequality’, deputy secretary-general warns general assembly”, (
press.un.org), 27 April 2021. 2) World Bank, Democratic Republic of Congo, (
data.worldbank.org). 3) World Bank, Democratic Republic of Congo, (
data.worldbank.org). 4) SDG 9: Build resilient infrastructure, promote inclusive and sustainable industrialisation and foster innovation. 5) Google & IFC, “e-Conomy Africa 2020, Africa’s $180 billion internet economy future”. 6) GSMA, “The mobile economy, sub-Saharan Africa 2021”. 7) The Lancet, “Why sub-Saharan Africa might exceed its projected population size by 2100”, (
thelancet.com), 17 October 2020.
For Investment Professionals only. This is a sample representation of our work with a client. Outcomes will vary and there is no guarantee that we can achieve any particular results with any particular manager in any particular asset class. The value of investments will fluctuate, which will cause prices to fall as well as rise and investors may not get back the original amount they invested. Past performance is not a guide to future performance. The views expressed in this document should not be taken as a recommendation, advice or forecast. Issued by M&G Investment Management Limited, registered in England and Wales under number 936683 with its registered office at 10 Fenchurch Avenue, London EC3M 5AG. M&G Investment Management Limited is authorised and regulated by the Financial Conduct Authority.
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