Rating Services

Inclusion [SR] has designed three rating systems to measure the social performance, financial sustainability, and the Environmental, Social and Governance (ESG) practices of an institution.

Our ratings provide independent and expert analysis on financial, social, and ESG practices for responsible investment decisions and to empower responsible management of financial institutions and organizations.

1. Social Performance & Impact Rating

The Social Performance and Impact Rating (SPIR) provides independent analysis to better understand how effective an organization is at translating its social mission into practice.

The SPIR is based on an analysis of the organisation's capacity and ability to oversee, manage and monitor its performance in its drive to achieve its social mission.

It is our belief that an organization that performs better and receives a higher SPIR will have a higher likelihood of positively affecting the lives of its clients in the future and be less likely to cause harm.

The analysis is based on 7 factors and more than 400 indicators, and it is fully aligned with the Social Performance Task Force’s Universal Standards for Social Performance Management and the Client Protection principles.

Which factors does the SPIR rating measure?

1 - Social Mission
2 - Governance
3 - Beneficiary Focus
4 - Social Outcome or Impact
5 - Organization 
6 - Environmental Concerns
7 - Financial Sustainability

Delivery of the SPIR



Why do a SPIR rating?

  1. To assess your organisation's effectiveness at translating its mission into practice
  2. To identify areas of improvement relevant to social performance within your organisation
  3. To increase your organization's reputation based on its commitment to social performance
  4. To attract interest from impact investors, donors and clients
  5. Earn trust with important stakeholders of the industry
  6. To increase access to new sources of funding
  7. To empower responsible investment

2. Financial Sustainability Rating

Our Financial Sustainability Rating (FSR) provides independent analysis on long-term institutional viability and financial sustainability while at the same time integrating relevant social performance factors into the assessment.

Our Financial Sustainability Rating provides an independent opinion on the long-term institutional viability and financial sustainability of any organization, while at the same time integrating, where possible, relevant Social Performance Factors into the assessment such as client protection, governance, and environment.

Inclusion's FSR is not a credit rating, although creditworthiness is assessed in terms of the organisations relationship with its creditors, our financial ratings look at various dimensions of the organization in question, with the aim of providing an opinion on the likelihood that the organization will remain a viable business in the long run.

The FSR assesses the organization’s financial strategy and operations to the extent they are aligned with its social mission or goals. It addresses issues such as transparency, and how balanced are the interests between all stakeholders, in terms of remuneration and margins in determining whether it seeks to maintain a balance between serving the interests of all its stakeholders, including management, employees, funders and its clients in addition to those of its shareholders. We also look at how effectively the organization uses its financial resources in support of its mission and target market.

Finally, the FSR captures the organization’s past financial performance, its current financial strength and risk factors. The assessment looks towards the overall sustainability and to what extent it balances the financial interests of all its stakeholders.

Which factors does the FSR rating measure?

1 - Stakeholder Balance
2 - Effective Use of Financing Resources
3 - Capital Structure
4 - Asset Quality
5 - Management Strength
6 - Earnings Power
7 - Liquidity

Delivery of the FSR

Why do a FSR rating?

  1. To acquire independent information about your organization’s institutional and financial viability
  2. To acquire a double-bottom line assessment (financial and social performance)
  3. To support the integration of social performance factors into an organization’s management and operations
  4. To attract interest from investors, donors and clients
  5. Earn trust with important stakeholders of the industry
  6. To increase access to social responsible capital
  7. To empower responsible investment

3. Environmental, Social & Governance Rating

The Environmental, Social and Governance (ESG) ratings provides independent analysis about the environmental, social and governance performance and quality of ESG management of a company.

This rating provides ESG information to support responsible investment and to empower responsible management.

Which factors does the ESG rating measure?

'E-dimension' or environmental criteria looks at how a company performs as a steward of the natural environment;
'S-dimension' or social criteria examines how a company manages relationships with its employees, suppliers, customers and the communities where it operates;
'G-dimension' or governance looks at a company's leadership, executive pay, audits, and internal controls, and shareholder rights.

Delivery of the ESG

Why do an ESG rating?

  1. To include environmental, social and governance factors into financial decisions.
  2. To support responsible investment strategies.
  3. To better integrate ESG factors in your organization strategy and meet your objectives in these areas.
  4. To distinguish your organization in the market that demands more ESG criteria.
  5. To demonstrate your organisation's competitive advantage to investors, donors, clients.