Klaas KnotFinancial Stability Board – Klass Knot , president of Dutch regulator De Nederlandsche Bank , has been appointed vice-chair of the Financial Stability Board for a three-year term, and will chair the FSB from December 2021.The FSB’s new chair from next month is Randal Quarles , governor of the US Federal Reserve . Quarles replaces Bank of England governor Mark Carney, who chaired the board for seven years.Carney said: “Randy and Klaas will provide strong leadership and continuity as the FSB pivots towards the implementation and evaluation of post-crisis reforms, and to addressing emerging vulnerabilities in the global financial system. Their appointment demonstrates the FSB’s unique role as a member-led, international body for cooperation on global financial stability.”The FSB consists of senior regulators, central bank governors and government officials from 24 countries as well as representatives of 10 international bodies, the ECB and the European Commission.Dimensional – The $596bn (€466.4bn) asset manager has made a series of changes to its leadership team, including the appointment of Michael Holmes as chief technology officer. He joins from Bridgewater Associates and has worked in financial services technology for 25 years.Elsewhere, Carlo Venes has been appointed head of global institutional services, effective 1 January. He is currently head of institutional for Asia excluding Japan, and has worked at Dimensional since 2011.John Romiza is to relinquish his role as co-head of global equity trading in the new year to focus on his responsibilities as co-CEO of Dimensional Fund Advisors, with Ryan Wiley becoming sole head of global equity trading. Jason Lapping is to transition from head of Asia Pacific trading to head of international equity trading.The company has also hired Al Sears from BAM Advisor Services as vice president, focusing on technology, and Darcy Keller from the Financial Times as head of corporate communications.“Our clients know we take a long-term view in how we think about markets. We also make long-term investments in our people. Investors in the future will have different needs than today, and we’re strengthening our leadership team so we are well positioned for our clients in the decades to come,” said Gerard O’Reilly, Dimensional co-CEO and CIO.Lyxor Asset Management – The €140.8bn asset manager has named David Lake as chief executive officer for its UK business. He replaces Matthieu Mouly who has moved to France to continue as global head of sales for Lyxor’s exchange-traded fund (ETF) arm.Lake is currently Lyxor’s head of ETF sales for UK and Ireland, a role he will keep alongside his chief executive duties. He joined in June 2017 from Source ETF, where he also led the sales team for the UK and Ireland.Lionel Paquin, CEO of Lyxor Asset Management, said that the UK was “a key market” for the company and it would continue to grow its operations in the country.AXA Investment Managers – AXA IM has named Robert Price as a portfolio manager in its “buy and maintain” fixed income team. He transfers from the company’s liability-driven investment (LDI) team, but will continue to work with European LDI clients. He will also focus on AXA IM’s “cashflow delivery investing” strategies, which have just reached £3bn (€3.4bn) in assets under management.Lionel Pernias, head of the buy and maintain team, said: “As pension schemes become more focused on cashflow delivery, we continue to see growth and demand from providers on buy and maintain credit strategies.”Hewlett-Packard – The €1.9bn Dutch pension fund for computer hardware company Hewlett-Packard has appointed Rita van Ewijk and Otto van’t Hof as trustees on its eight-strong board, representing the employer and workers, respectively. Van Ewijk is an external board member. She also chairs the €170m Pensioenfonds Cindu International.Pensioenfonds Sabic – Pascal Wolters has been appointed as the new independent chairman of the €2.5bn Dutch pension fund Sabic as of 1 January 2019. He is to succeed Jo Mastenbroek , who has been at the helm for two years.Wolters has previously worked for 16 years in asset management, pensions and support at the €409bn civil service scheme ABP and its asset manager and pensions provider APG. Prior to this, he was on the board of the €209bn healthcare scheme PFZW. Since May, he has been an expert board member at SPOV, the €3.9bn Dutch pension fund for public transport.Pensioenfonds Detailhandel – Selma Gouderjaan is to start as trustee for employees at the €20.7bn pension fund for the retail sector (Detailhandel) as of 1 January. She has been trustee for trade at the trade union FNV since 2015, representing union members at chemists and the retailer Ahold.KPMG – KPMG has hired a trio of advisers from Mercer to open an office in Bristol, in the south west of England. George Fowler joins as a partner to focus on larger pension schemes; Paula Champion is a director focusing on mid-sized schemes in the south of England, while also supporting KPMG’s Birmingham-based pensions business; and Matt Flower joins as a senior manager with responsibility for business development.LifeSight – Willis Towers Watson’s UK defined contribution master trust has appointed Caroline Fawcett as a trustee. She replaces Gill Barr, who has stepped down at the end of her term. Fawcett spent 11 years in various roles at Legal & General, and is now a non-executive director at the Money Advice Service alongside a number of other non-exec roles.AZL – Annemieke Visser has succeeded Arthur van der Wal as member of the supervisory board at pensions provider AZL, part of NN Group. Visser – a former director of Delta Lloyd, which was taken over by NN last year – is also director of pension services at Nationale-Nederlanden Life Insurance .AZL’s supervisory board also comprises Michel van Elk, Henriëtte Prast and Willem Stevens. Van der Wal left the board following his appointment as chief executive at Syntrus Achmea Real Estate & Finance on 1 September.ShareAction – Fergus Moffatt has become the responsible investment campaign group’s head of UK policy, joining from the UK Sustainable Investment and Finance Association. Moffatt replaces Bethan Livesey , who moves to a part-time role as senior fellow. DWS, FSB, Dimensional, Lyxor, AXA IM, Hewlett-Packard, Sabic, Detailhandel, KPMG, Lifesight, AZL, ShareActionDWS Group – The €692bn asset manager has named a new chief operating officer and head of coverage for Europe, the Middle East and Africa (EMEA), with the incumbent staff set to leave this week.Jon Eilbeck , currently COO, is to exit after 19 years at Deutsche Bank’s asset management businesses. He will be replaced by Mark Cullen , currently head of group audit at Deutsche Bank.Thorsten Michalik , head of EMEA coverage, is also set to leave after an 18-year career at Deutsche Bank. Dirk Goergen , head of sales for private clients in Germany at Deutsche’s private and commercial bank, will take up the role as well as leading on DWS’ digital distribution strategy. Both Cullen and Goergen will join DWS’ executive board. Asoka Woehrmann, who replaced Nicolas Moreau as CEO of DWS Group last month, said Cullen and Goergen were “outstanding individuals” with “a diverse set of qualities” to bring to their roles.He added: “I would like to thank Jon Eilbeck and Thorsten Michalik for their exceptional contributions to both DWS and Deutsche Bank over many years of service and wish them well for the future. With these changes to our executive board, we have the right leadership team in place to focus all our efforts on doing our best for our clients, our investors and our colleagues in DWS.”A spokeswoman for DWS said there were no further board-level changes planned.
Yesterday, the UK Sustainable Investment Forum (UKSIF) said a review it carried out “indicate[s] large scale non-compliance among trustees, who have mostly failed to publish their SIPs as the ESG regulations require”.Of a sample of 70, two-thirds of schemes UKSIF believed should have published their SIPs had not done so by mid-November. Among those who did, the policies were “vague and non-committal”, said UKSIF, which is a membership organisation for finance industry entities committed to growing sustainable finance.It called on The Pensions Regulator (TPR) to carry out a review to investigate levels of compliance in the UK pensions sector and for the government to set up a central registry to host trustees’ policies on ESG issues as many pension schemes did not have websites.It also said government and TPR should provide trustees with more guidance to educate them about how to manage climate-related financial risk.Guy Opperman, pensions minister, said he was “very disappointed and very concerned” by the findings.“UKSIF should pass the information to TPR for it to take swift action against any pension schemes not complying with the law,” he added.“The new requirements only came into force in October so we should expect disclosure to evolve quickly over the next few years”Caroline Escott, policy lead for investment and stewardship at the PLSACaroline Escott, policy lead for investment and stewardship at the Pensions & Lifetime Savings Association (PLSA), said it strongly urged all schemes to put searchable disclosures online as required under the new regulations.She also said disclosure was “one part of a complex and evolving process” for trustees.“The new requirements only came into force in October 2019 so we should expect disclosure to evolve quickly over the next few years,” she added. “Introducing hasty extra regulatory requirements is unlikely to result in any tangible benefits.”What does the regulator have planned? A spokesperson for TPR said the regulator will be “developing a strategy to set out the improvements we expect over a specific time period”.“This is likely to include steps to identify non-compliance and plans for when we will routinely enforce against the requirements. We may take action ahead of this against schemes where a failure to engage with climate risk and other ESG requirements appears to be part of a pattern of wider governance failings.”As part of its new supervision TPR was already talking to trustees of major schemes to make sure they were aware of their responsibilities to comply with the October 2019 investment regulations.The spokesperson also noted the work TPR was doing with government and industry bodies to develop guidance to help trustees identify, assess and disclose their scheme’s exposure to climate risk. The guidance is due to be published for consultation in March.TPR published guidance on the new SIP requirements for DC schemes in late June last year.The only way is up?Stuart O’Brien, partner at law firm Sackers, said UKSIF’s report included “some pretty bruising findings” but that it arguably was not surprising pension schemes had adopted stock wording for their expanded SIPs.“My sense is that in a lot of cases that was a conscious choice to get compliant by the deadline, but with a view to spending more time developing more comprehensive policies this year and in time for the next SIP update deadline of October 2020,” he said.“I am hopeful that things will get a lot better this year.”Simon Jones, head of responsible investment at Hymans Robertson, welcomed UKSIF’s recommendations and said many trustees were “only at the starting point of their journey”.“We expect they will continue to evolve their approach to climate change investing and develop their policies over coming months and years,” he said.“Like everyone – politicians included – schemes are at the start of a steep learning curve on ESG matters”Terry Saeedi, pensions partner at Clyde & CoTerry Saeedi, a pensions partner at Clyde & Co, expressed a similar sentiment, saying that pension scheme trustees – like politicians and others – “are at the start of a steep learning curve on ESG matters”, in particular with respect to climate change.“Focusing on granular detail – such as poor publication rates of policies like the statement of investment principles – risks missing the point, while leaving us on the burning platform,” she said.She also questioned the efficacy of “additional regulatory burdens”, saying supporting pension schemes to put ESG matters at the heart of their investment strategy was a better approach, and that pressure from within the pensions industry, such as the red voting lines campaign developed by the Association of Member Nominated Trustees, and growing activism by members, were also likely to be more persuasive.Robertson said that by dealing with members’ climate change-related demands now, “trustees may find they foster a more engaged environment with a membership that feels part of the decision”.UKSIF’s report can be found here. The UK’s pension fund lobby group has warned against rushing to introduce additional regulatory requirements after an advocacy group reported that many pension schemes had not met new disclosure obligations relating to environmental, social and governance (ESG) matters.Effective 1 October last year, trust-based defined contribution (DC) schemes with more than 100 members have to have updated their statement of investment principles (SIP) to document their approach to financially material considerations, which include ESG considerations such as climate change.The SIP has to be published on a website and there is also a requirement to state a stewardship policy.From October this year, schemes will have to publish statements explaining how their policies have been implemented.
On the radio, The Batesville Bulldogs remain unbeaten defeating The Greensburg Pirates 45-14.On the web, The East Central Trojans improved to 3-4 by outscoring The Connersville Spartans 49-23.Other WRBI area games.Franklin County 56 South Dearborn 20Lawrenceburg 34 Rushville 0Milan 26 South Decatur 6Indian Creek 61 North Decatur 27Indy Washington 65 Oldenburg Academy 7Columbus East 41 Madison 7Jennings County 49 Seymour 3Northeastern 44 Union County 10