The pilot session took place in London with a group of industry stakeholders, to explore the relevance, potential and impact of systems thinking in finance and investment. Governance change was considered as a powerful lever for systems transformation, making it a natural partner in this initiative. The session aimed to test and shape the concept of the group, exploring ideas, opportunities and actionable next steps, with discussion facilitated by Pensions for Purpose alongside ProSocial World and System Change Investing.

Fiduciary duty in a changing world

Trustees must act in the best interests of beneficiaries, but the world in which they deliver on that duty is transforming.

• Systemic risks such as climate change, inequality and geopolitical volatility are no longer abstract – they directly impact long-term portfolio performance.
• Trustees cannot secure retirement outcomes without addressing the systems that shape them.

This shift requires moving beyond surface-level fixes and embracing deeper, relational and systemic responses, including a whole-system approach that views human society as a sub-element of the Earth system. As one participant noted, system change is already happening, whether guided or not.

Members want more than pensions; they want liveable futures

Beneficiaries increasingly see their pension’s value as inextricable from the world they will retire into.

• Financial security is meaningless in a context of social collapse or ecological degradation.
• Trustees are being called to steward not just assets, but the future itself.

Hope lies in growing financial community interest in systems change; this meeting is proof.

Systemic health is market stability

Universal owners, such as pension funds, are deeply exposed to the economy as a whole and cannot diversify away from system-level risk.

• Long-term value depends on climate stability, social cohesion and functional institutions.
• Financial returns must be redefined in the context of resilience, not just growth.

This requires shifting the foundational logic underpinning investment from extractive to regenerative, and from fragmented efforts to coherent, whole-system transformation.

Opportunity for leadership and evolution

Pension trustees hold a unique form of power: long-term capital and public trust.

• The evolution of fiduciary duty is not just about compliance, but contribution, helping to shape the systems in which retirement security is possible.
• Leadership today is about coherence, care and a willingness to pause and reflect, not just to act.

Trustees are not expected to achieve system change alone, but they can play a catalytic role by using investment to incentivise corporate engagement in system change. The financial and corporate sectors may be the only ones with the reach and resources to drive voluntary transformation at scale.

Meeting Summary

1. Setting the stage: from fragmentation to coherence

The opening conversation revealed both passion and frustration.

• Participants acknowledged the fragmentation of mandates, metrics and worldviews.
• There was a collective call to move beyond narrow silos and toward a more unified purpose rooted in hope.

“Too much fragmentation is ineffective.”

“How do we build coherence and capacity to move forward?”

One attendee reflected on seeking allies for deeper transformation, rather than short-term fixes, recognising that authentic, systemic change begins with a shift in paradigm. Only coherence across sectors and systems will lead to real progress.

2. Authenticity, agency and inner work

Participants examined how the current system often discourages authenticity.

• Regulatory pressure, political noise and dominant logic all constrain deeper agency.
• One participant shared the personal journey of unlearning and relearning, peeling back layers of outdated beliefs to reconnect with a more authentic self.

“There is a gap between purpose and belief.”

“We need to reclaim agency within the system.”

Truly transformative leadership demands inner and outer work. Although the path may feel lonely, it is also necessary. Standing in the sustainable future and looking back from there can clarify what actions are needed now.

3. Facing complexity: global risks and real responses

The discussion explored today’s global risks from climate instability to institutional fragility. But a deeper crisis was named: our collective inability to pause long enough to respond meaningfully. Participants challenged the idea that technical fixes alone are sufficient.

• They urged a shift in foundational logic toward regenerative, systemic responses that match the complexity of our time.
• Systemic collapse is accelerating; we must err on the side of caution and act with urgency.

“Legacy models are being optimised for a world that no longer exists.”

“We need to embrace complexity, not simplify it away.”

Rather than framing this as a “meta crisis,” the group suggested “metamorphosis” – an evolutionary lens that invites creativity and grounded hope.

4. Future visioning: a decade from now

Imagining the system in 2035, participants envisioned a shift from singular financial metrics to a dual mandate: returns and sustainable outcomes.

• They explored how systems change, not just how we change systems.
• Real transformation begins with the courage to pause and “empty out,” making space for more coherent ways of being.

“System is a chain, and the weakest links are now visible.”

“We haven’t felt the strongest impacts yet, but they’re coming.”

Investment models must reflect these realities. Incorporating system change performance into environmental, social and governance (ESG) models could enable capital markets to drive transformation across the board, with System Change Investing (SCI) metrics as a powerful tool.

5. Signals of change: innovations and practice

Hope was drawn not from isolated solutions, but from cross-domain momentum. Examples included:

• Expanding definitions of capital to include ecological, relational and cultural value.
• Bioregional approaches integrating food, energy, education and governance.
• Learning ecosystems focused on adaptability and ecological literacy.
• The rise of adoption-focused practices and collaborative networks.
• Legal and accounting innovation (e.g., International Accounting Standard [IAS] 37 reform, fiduciary duty evolution).
• Emerging SCI models that rate companies on system change performance and enable fund-level overlays.

These are not silver bullets, but signs of life-aligned systems emerging and powerful, investable opportunities.

6. Reflections and commitments

The closing dialogue returned to a central theme: change will come by design or by disaster.

Participants acknowledged a deep truth. We all contribute daily to reproducing the current system, even as we try to transform it.

• Let us honour what came before, while letting go of what no longer serves.
• Let us recognise the double binds: that real change can threaten identity, security and belonging.

“System change is possible, but only if we connect belief to behaviour to decisions.”

“We are living in a time between worlds.”

A regenerative mindset is essential, as it restores balance between rationality and intuition, between individual agency and collective interdependence.

Key takeaways

1. Narratives must move from fear to hope, and fragmentation to coherence.
2. Agency must move back to asset owners. Real change starts with empowered decisions.
3. Purpose must be expanded to include the wellbeing of the environmental and social systems that support financial returns.
4. Governance reform is essential to unlock agency and stewardship of the overarching systems.
5. Incentives, especially accounting, need to reward long-term, positive impact, including system change performance.
6. Coherence across sectors and systems is essential for real progress.
7. System change is the most financially relevant sustainability issue. Ignoring it leaves value on the table.

Next steps for the group

The roundtable surfaced a strong desire for ongoing collaboration and action. Suggested areas of continued work:

• Narrative and storytelling – crafting a shared story that speaks to both institutional and public audiences, which is rooted in whole-system thinking and grounded hope.
• Fiduciary duty reform – reframing fiduciary responsibility to include sustainability and wellbeing. The evolution of duty must reflect the reality that pension outcomes depend on system-level health.
• Accounting innovation – developing metrics that reflect real value across time, place and systems.
• SCI models – integrating system change into existing ESG frameworks represents an actionable and scalable solution.
• Governance tools – creating structures that support stewardship and coherence. Making system-level health a core consideration in oversight and decision-making.
• Incentive redesign – aligning compensation and performance metrics with systemic health. Financial tools can help reduce investment risk and enhance returns by rewarding contributions to system change.
• Inner work & learning spaces – cultivating environments that support authentic leadership and mindset transformation. True change demands both technical innovation and personal evolution.
• Purpose – evolving legal and corporate purpose frameworks from doing the wrong thing pays to doing the right thing pays. This can unlock voluntary, market-aligned system transformation.

This group is not just discussing change; it is becoming part of it. As one participant noted, quoting Margaret Mead: “A small group of thoughtful, committed citizens can change the world; indeed, it’s the only thing that ever has.”