The history of
Steward Redqueen
From its inception 25 years ago, Steward Redqueen has been focused on helping organisations integrate sustainability and understand and manage their impact on society.
Since 2000 we have challenged the status quo and invested in new concepts. Together with our clients, we have always been at the forefront of new approaches to integrating sustainability and steering for impact.
In the below timeline you can get a sense of our journey with some selected key projects and corporate milestones.
2000
Making the business case for sustainability
In 2000, strategy consultant René Kim firmly believes in the business case for sustainability, but sees that the traditional consulting firms do not recognise that. He decides to leave the Boston Consulting Group to join Triple Value (what would later become Steward Redqueen). Shortly after, Wouter Scheepens joins from ABN AMRO. In its early years, the firm focused on helping individual organisations integrate sustainability into their core strategy by demonstrating its business value.
2003
Sharing findings on the added value of CSR
In 2003, the findings of the pioneering consulting assignments on the business value of sustainability are brought together in a landmark publication on the added value of corporate social responsibility to 19 leading Dutch multinational enterprises. The publication is co-authored with Jacqueline Kramer, the later Minister of Housing, Spatial Planning and the Environment of The Netherlands.
2005
Developing award-winning sustainability reports
Businesses increasingly recognise and move forward on sustainability, sharing progress in the first sustainability reports. Leading multinationals like ASML (tech), DSM and AKZO (chemicals), ABN AMRO (banking) and Aegon (insurance) hire Steward Redqueen to understand the value of focusing on sustainability and developing sustainability reports, for which ABN AMRO won the GRI Best Report Award in 2007
2006
Conducting the first economic impact assessment
Businesses also become more interested in quantifying their added value to society and the economy. Heineken asks Steward Redqueen to focus on this question, for which we design a unique approach based on input-output modelling developed by Nobel prize winner Vassily Leontief. This study for Heineken on their added value in terms of jobs, revenues and taxes in African markets was the first of now 250+ (socio)-economic impact assessments.
2009
Evaluating development effects
As impact-focused organisations and investors grow more interested in the stories behind their data, the need to understand what drives results becomes increasingly important. In 2009, we began a long-term partnership with British International Investment (then CDC Group) to independently evaluate the performance of their investments across Africa and Asia. This collaboration led to more than 30 evaluations for BII, and has since expanded to over 100 additional evaluations for other impact-driven investors, helping them learn, improve, and deliver greater impact.
2010
Changing our name to Steward Redqueen
A split-off of one of Triple Value’s partners leads to a new entity and new name for the firm: Steward Redqueen. It is a combination of stewardship and the Red Queen Hypothesis in biology, which is a coevolutionary concept where species must continually evolve new adaptations in response to evolutionary changes in other organisms to avoid extinction. The name embodies our view on what a successful organisation should do: becoming better stewards of their surroundings while gaining competitiveness. We believe that goes hand-in-hand.
2012
Launching the first ESG tool for private equity
In the early days of ESG integration, private equity lacked practical tools to systematically manage environmental, social, and governance risks. Through our work with impact-focused investors, we identified a clear need for standardisation in ESG practices. In response, we partnered with Dutch development bank FMO to develop the very first ESG risk management tool specifically designed for private equity fund managers. This groundbreaking tool enabled investors to embed ESG considerations across the entire investment cycle, from due diligence to portfolio monitoring and investor reporting, setting a new standard for the industry. The tool has been updated more recently and is still widely used.
2014
Conducting the first continent-wide economic impact study
Our socio-economic impact studies increase in scope and size, both in terms of focus areas (economic, social, environmental), geographic scope and sectors (FMCG, mining, banking). Together with Standard Chartered we for instance developed a set of landmark studies on the effects of banking services across Africa, looking at the value added to the economy and the ways it supports trade and employment. This study was followed by deep-dives on East Africa, Ghana and Indonesia.
2015
Reviewing the UN PRI
Over the years we worked with 150+ different clients in the financial sector, across all asset classes and investment themes. Due to our expertise and network in the responsible finance system, we are asked by the United Nations Principles for Responsible Investment, the leading global investors’ platform for learning, engagement, and the sharing of best practices on responsible investment at its 10 years’ anniversary.
2016
Training 100+ impact investors on ESG and IMM
In a partnership with the Global Impact Investing Network (GIIN), we develop training modules on ESG management and impact measurement and management. These training modules were delivered to 100+ impact-focused investment fund managers across 12 global hubs over several years, helping investors to integrate sustainability and impact considerations in the
2017
Advancing thought leadership on sustainability
Over the years, our team members have contributed to the public discourse on sustainability and impact through the publication of various guides and books. Partner Wouter Scheepens has been particularly active in this space, writing extensively on the role of company boards in steering the transition to a more sustainable economy, as well as on how multinationals and start-ups can collaborate to drive sustainable innovation.
2018
Establishing a presence in Asia to be closer to clients
After almost 15 years of continuous operations in Asia, Steward Redqueen opens an office in Singapore, now led by our Director Asia Pauline Brunner. From the office, we have been more directly serving our clients in Singapore, Malaysia, Vietnam, India, Indonesia, Japan and more.
2019
Reviewing the world’s major climate fund
Steward Redqueen has a long track record advising on questions climate change, such as climate investments or GHG emissions measurement. An example is our 2019 review of the Green Climate Fund, the world’s largest climate investment fund for developing countries. It took place after its first 5 years of operations, and at the eve of its first 10 billion replenishment round. Our review identifies key challenges to GCF’s effectiveness and efficiency, providing actionable insights to enhance its impact in both climate change mitigation and adaptation. Other pioneering clients in the climate field include the GEF, CIFs, Climate Fund Managers or the EBRD.
2021
Launching the Joint Impact Model (JIM)
In our work with impact investors, we noted various approaches to measuring the impact of core indicators. To help standardise approaches, particularly in data-scarce environments, we develop the Joint Impact Model, a web-based tool that facilitates measurement and monitoring of impact indicators such as jobs, contribution to GDP, and GHG emissions related to investments of financial institutions. It is now used by 80+ leading development banks and impact investors.
2022
Strengthening our services in the United States
To better and more directly serve our clients in the Americas, Steward Redqueen opens an office in Washington DC, now led by our Managing Director USA Maulik Doshi. In the US, we work with corporates as well as clients in the financial sector on measuring their contributions to the US economy and societal impact.
2024
Developing an ESG tool for financial institutions
In partnership with FMO we developed the fully online ESG Toolkit for financial institutions. The tool to empower banks and financial institutions to be supported in managing various aspects of ESG risk on both transaction and portfolio levels.
2025
Celebrating 25 years of Steward Redqueen
As a firm we have seen trends come and go, just as we have seen interest for sustainability and impact rise and fall. Our commitment to making business work for society has remained steadfast throughout.