ESG Investor’s weekly round-up of new hires in the sustainable investing sector, including the ISSB, AllianzGI, EQT, PGIM and KPMG.
Trustees of the IFRS Foundation have appointed Sue Lloyd as Vice-Chair of the International Sustainability Standards Board (ISSB). Lloyd will step down from her current role as Vice-Chair of the International Accounting Standards Board (IASB) to take up the new position from 1 March. Janine Guillot, CEO of the Value Reporting Foundation (VRF), has been appointed as a Special Advisor to the ISSB Chair, effective 1 February 2022. Both the VRF and the Climate Disclosure Standards Board are being consolidated into the IFRS Foundation as part of the establishment of the ISSB, which aims to provide a global baseline of sustainability-related disclosure standards. The Trustees appointed Emmanuel Faber as Chair of the ISSB in December and will interview candidates for remaining ISSB members in early February 2022. As Vice-Chair, Lloyd will support the Chair and will focus particularly on the ISSB’s work on technical standard-setting issues and developments. Lloyd has served as a Member of the IASB since 2014, and Vice-Chair since 2016. In addition to her IASB responsibilities, since 2020 she has played a leading role in the establishment of the ISSB, including serving as an IASB representative on the Technical Readiness Working Group (TRWG), formed by the Trustees to provide a running start to the technical work of the ISSB. “Sue brings a wealth of standard-setting experience and technical knowledge that will be vital to the ISSB. She is already fully immersed in the topic, having been part of the working group developing the climate and general sustainability disclosure prototypes,” said Faber. As Special Advisor, Guillot will provide strategic advice and counsel, with specific responsibilities for the consolidation of the VRF into the IFRS Foundation and the establishment of the ISSB. Guillot has served as CEO of the VRF since it was formed through the merger of the Sustainability Accounting Standards Board Foundation (SASB) and International Integrated Reporting Council in 2021. Prior to being CEO of SASB, she was Chief Operating Investment Officer for the California Public Employees’ Retirement System (CalPERS).
€647 billion AUM active manager Allianz Global Investors (AllianzGI) is establishing a dedicated Private Markets Impact unit within its Sustainable investment platform. Led by Matt Christensen, Global Head of Sustainable and Impact Investing, the unit will combine existing equity and debt investing expertise with a newly created impact measurement and management capability. AllianzGI said the 12-strong team would complete its sustainability platform, formed in 2021. Under Lead Portfolio Manager Martin Ewald, the Private Equity Impact Investing team will invest in real assets and private companies which contribute to solving global environmental and/or social issues. The Development Finance & Private Debt Impact Investing team, overseen by Lead Portfolio Manager Nadia Nikolova, invests in de-risked sustainable loans in emerging and frontier markets. The team builds partnerships with development finance institutions and agencies, donors and commercial investors to mobilise private capital for sustainable development. To support the firm’s private equity and debt investing franchise, AllianzGI has created an Impact Measurement & Management team, led by Diane Mak, and launched an impact framework to facilitate the due diligence and selection of investments that contribute to material and positive impact. The approach supports “rigorous measurement and management of impact” over the lifecycle of the investment. Mak joined AllianzGI in August from Y Analytics where she oversaw TPG Global’s impact assessments and management activities. “Impact investing is fast-growing out of its niche. Investors want to see a positive change for the planet while generating a return, and impact investing offers a solution to these twin goals. The future growth trajectory of impact investing depends on asset managers demonstrating how the impact can be measured and reported,” said Christensen.
Eugenia Unanyants-Jackson will step into the newly created role of global head of ESG at PGIM, the global investment management business of Prudential Financial, effective February 1. Based in London and reporting to chief operating officer Taimur Hyat, Unanyants-Jackson will be responsible for shaping and coordinating ESG strategy and approach across PGIM, including chairing the PGIM ESG Council and engaging with clients, consultants, regulators, and industry associations. Having joined PGIM Fixed Income in 2020 as the firm’s inaugural head of ESG Research, Unanyants-Jackson was most recently charged with continuing to integrate ESG considerations into all aspects of the firm’s fixed income investment process, analysing ESG risks and opportunities and assessing potential negative or positive impacts on the environment and society. During her tenure at PGIM Fixed Income, Unanyants-Jackson led the development of ESG Impact Ratings, a proprietary tool to help clients invest according to their ESG preferences. She also oversaw the first publication of PGIM Fixed Income’s ESG Annual Report, detailing the ESG ratings framework and helping ensure clients understand the firm’s approach to ESG across all portfolios. “In recognition of the critical importance of ESG across our client base, we want to invest in further enriching our ESG expertise, research, analytical capabilities, and industry leadership across PGIM,” said Hyat. “With over a decade and a half of specialist expertise in sustainable investing and ESG, Eugenia not only brings an incredible breadth of knowledge, but also true leadership in the investment management industry as we drive new ways of thinking about ESG analysis, integration and engagement.”
Swedish private equity group EQT has added three impact experts to the Mission Board of EQT Future, the impact-driven fund it launched In Q4 2021. The three new members of the board are Ho Ching, who recently retired as CEO of Temasek, Naina Lal Kidwai, the former Country Head of HSBC India, and Svein Tore Holsether, President and CEO of Yara International. In addition, Hedda Pahlson-Moller, Co-founder and CEO of TIIME.org, has been appointed Impact Director and will be responsible for coordination of the Mission Board and the development of the EQT Future fund’s impact objectives. EQT established the board to “provide external objectivity” to the fund’s strategic direction and to “challenge and support” its investment advisory team. It is co-chaired by Paul Polman, former CEO of Unilever, UN Sustainability Ambassador, and co-founder of IMAGINE, and Jacob Wallenberg, Chairperson of Investor and Vice Chairperson of ABB and Ericsson. The fund applies EQT’s active ownership model to accelerate sustainable transformation of companies while creating attractive risk adjusted returns.
Audit, tax and advisory services group KPMG has appointed Mike Shannon as Global Head of ESG Assurance. In this newly established role, reporting to Larry Bradley, Global Head of Audit, KPMG International, Shannon will be responsible for embedding and executing on ESG Assurance “as an integral element of KPMG’s overall global audit strategy”. Shannon was recently Global Head of the Chemicals and Performance Technologies practice, and National Audit Industry leader for Chemicals for KPMG in the US. “Across the globe, KPMG firms have skilled professionals who are passionate about ESG and collectively committed to bringing better quality ESG insights to clients and investors. The guidance from the International Sustainability Standards Board and proposed rulemaking from the US Securities and Exchange Commission can only help to enhance the quality and consistency of ESG data being gathered and reported and should help investors, stakeholders and the wider public digest that information more easily,” said Shannon. KPMG said it is making significant investments to respond to expanding client demand for ESG services, as outlined in a recently announced global ESG plan. “ESG Assurance is a key area of investment and focus for organisations across the globe. KPMG professionals can only collectively continue to enhance the trust of investors, stakeholders and the wider society if the information that businesses publicly report is robust and independently assessed,” said Larry Bradley, Global Head of Audit, KPMG International. “I am confident that Mike will continue to drive KPMG’s ambition and commitment to deliver ESG Assurance that can serve the public interest.”