David is the manager of the Rathbones Multi Asset Portfolio Funds, managing in excess of £5bn (Sept 23). He started his career in 1984, having left school before finishing his A levels. He began his career as a dividend clerk in Investment Operations, before moving into a portfolio management role in 1991 despite encountering many headwinds. He is from a working class background and attended a state comprehensive school. He is passionate about embedding diversity in the industry’s culture so the best talent is identified and  nurtured, irrespective of ethnicity, gender or socio-economic background.

Why is corporate culture becoming more important as a strategic focus?

I think there is a growing recognition that corporate culture drives performance / financial outcomes, both good and mediocre. Investors are becoming more suspicious of companies which pay less attention to their stakeholders, such as employees or customers. In today’s world, the transparency evident through social media means that poor culture is more likely to be found out and in worst cases can lead to poor sales, litigation and, potentially, long lasting destruction of brand value.

In your view, why is it important to set a higher standard of stewardship and behaviour within the investment industry?

If we are going to hold the companies in which we invest to account for their impact on their stakeholders and the wider society, then we cannot leave ourselves open to accusations of hypocrisy. If we do not adopt best practice then our calls for action will likely be ignored and if that happens we will have let our clients down.

Why did you decide to sit on the ACT Global Leadership Council and what does it mean to you personally?

While I have seen improvements over the past 20 years I feel the industry still has some way to go to attract the best talent. Asset managers would benefit from input from a wider base of cultures and socio economic backgrounds, for example as well as a better gender balance. This would bring them closer to the consumers of the businesses in which they invest. Too many are drawn to mathematical models and data, not helped by the fact most sit the same exams, rather than understanding the changes going on in the real world. The industry is dominated by looking to the past for hints of what the future might look like. I’m not saying we should rip up the good work done now, but we should add greater diversity of thought to bring more challenge and ultimately better outcomes for our clients. I hope I can help this process in a small way by working with the Council to try and identify a way of achieving the changes needed.