In 1993, he began selling shares in Earth Sanctuaries to private investors. In compiling the required documentation, he concluded that Earth Sanctuaries' animal population was being overlooked by traditional accounting methods. Then, last year, came the new accounting rule, originally aimed at helping farmers value slow-maturing crops. In coming years, Wamsley hopes Earth Sanctuaries can double its earnings annually as it opens sanctuaries closer to major urban centres such as Sydney and Melbourne. He admits it's tough convincing investors as well as fellow conservationists of his unique business model.
Australian environmentalists say fencing off large areas threatens other wildlife.
Financiers, meanwhile, say valuing native animals as assets of tangible financial value is too radical for most investors. Many of our clients are committed to species preservation, and want to make a small investment in the company without expecting to make much of a financial return. Fund manager James Thier, executive director of Australian Ethical Investment, has little intention of raising his stake. He has held a small position in Earth Sanctuaries since the company was floated. In addition to concerns over the company's policy of fencing off reserves and breeding animals, Thier also worries about competition posed by national parks.