A RIAA research paper has urged investors to rethink how capital investment aligns with Indigenous priorities and economic empowerment.
A First Nations-led research paper has challenged investors to rethink how capital is deployed across the Australian economy, arguing that genuine progress on closing the gap requires a fundamental shift in how investment decisions engage with Indigenous peoples, values and economic aspirations.
Released by the Responsible Investment Association Australasia (RIAA), Charting the Path examines the current state of First Nations investment and sets out a blueprint for building a values-aligned market grounded in culture, Country and intergenerational stewardship.
The report launched on 3 December on Gadigal Country at an event featuring lead author Caleb Adams and a panel of industry practitioners.
The report contends that responsible investing has grown rapidly, yet investors still overlook how their decisions affect First Nations communities. RIAA described the work as a “landmark” contribution that identifies what must change to create an investment ecosystem that delivers lasting and shared prosperity.
Adams, director of ESG and sustainable investment at Evans & Partners, said the research demonstrates Indigenous rights and ambitions are increasingly material to long-term returns.
“The research highlights that First Nations rights, values and ambitions present material opportunities and risks for investors across the Australian economy, and abroad,” Adams said.
“A consistent theme throughout the research was the potential for shared value – where First Nations prosperity and investor outcomes reinforce one another. However, many of the most promising opportunities remain unrealised.”
Adams said a stronger connection between First Nations leadership and non-Indigenous investors would be essential, alongside investment structures capable of expressing diverse cultural notions of value.
The paper outlines three areas where change is required:
- Increasing the representation and leadership of First Nations peoples across the investment ecosystem;
- Shifting governance and accountability systems so they reflect Indigenous rights and values; and
- Directing capital flows toward First Nations-led economic development and community wellbeing.
William Leak, project lead and co-chair of RIAA’s First Nations Peoples’ Rights working group, said the report aimed to provide a clear framework for action.
“Charting the Path aims to equip investors with the tools and knowledge to deepen their engagement with First Nations economies,” Leak said. “Through its proposed Theory of Change, it lays a strong foundation for industry action, particularly addressing systemic barriers.
“It makes a compelling investment case for aligning capital with First Nations priorities—recognising this can support risk management, unlock unique opportunities, and support portfolio development that is more inclusive and sustainable.”
RIAA said the paper is intended to spark further research, experimentation and collaboration across the sector, and urged investors to help build an investment environment that reflects Indigenous economic strengths and aspirations.
“This is not simply about participation; it’s about a finance system grounded in self-determination and respect,” said RIAA co-CEO Estelle Parker. “By aligning capital with the rights and values of First Nations peoples, Australia can lead globally in directing capital in a way that is just and built to last.”
