People moves

Hanneke Smits: My plans for 30% Club

BNY Mellon IM CEO takes up role as global chair of diversity campaign

The new global chair of the 30% Club has told ESG Clarity her focuses in the role will be women’s track records, increased diversity at the executive level – not just on boards – and racial equality.

Hanneke Smits (pictured), CEO of BNY Mellon Investment Management, was announced this week as the global chair of diversity campaign 30% Club, succeeding outgoing global chair Ann Cairns, who took up the role in 2020 after joining the campaign as co-chair a year earlier. Founded by Dame Helena Morrissey in 2012, the 30% Club aims to increase gender diversity of boards and senior management in the world’s largest companies.

Smits has focused on diversity throughout her career, telling ESG Clarity “we know it leads to better decision-making”, and in interview with ESG Clarity in March 2021 talked about having male and female sponsors throughout her career and setting up Level 20, a not-for-profit that aims for 20% of senior roles in the private equity sector to be occupied by women.

“Diversity has always been a part of my journey and career. In my private equity career, when I became CIO there weren’t many like me in other organisations,” Smits told ESG Clarity.

“And it has led me to my role at Newton and BNY, which were founders of the 30% Club.”

She mentioned the sponsorship programme at Level 20 and how the 30% Club has also seen a decade of cross-mentoring programmes, something she wants to continue to move ahead with.

“It is fantastic to see chairs of organisations continuing to put forward women for these senior roles.”

Smits applauded the progress of the 30% Club so far. Under the leadership of Cairns, the 30% Club formed new chapters in Mexico, Colombia and Chile and welcomed Poland, Ecuador and an investor group in France to the campaign. She also broadened the UK chapter’s target to focus on racial equality, which included the launch of the Mission INCLUDE strand of the 30% Club’s company mentoring programme enabling individuals from all underrepresented groups to participate, and launched the Leaders for Race Equity CEO development programme last year in partnership with Change the Race Ratio and Moving Ahead.

Smits’ focus will be on women fund managers who take maternity leave, and how this impacts their track records and ability to progress, as well as analysing the diversity on boards of asset managers – “we need to practice what we preach”, she said.

She also wants to reach the “30% tipping point around the world” in terms of board diversity and pushing women to the executive level, not just focusing on boards.

“Even today, the baseline target of reaching 30% women – either at board or senior management level – remains a stretch for many organisations throughout the world. Reaching the campaign’s ultimate goal of gender parity will take significant effort and investment.

“If they aren’t diverse, what are the steps being put in place to ensure they are in future? There is still a lot of work to be done in the workplace.”

Finally, she wants to continue the work around addressing intersectionality and setting racial equality targets.

“I look forward to continuing to grow the 30% Club internationally and tackle a wider range of diversity challenges, inside and outside the boardroom,” she added.

BlackRock engagement head to depart

Leaving in April

BlackRock is losing its head of sustainability policy and engagement, Paul Bodnar, who is leaving the asset manager in April for a role at the Bezos Earth Fund.

Bodnar, who announced his departure on LinkedIn, will have been at BlackRock for two years. In October, Bodnar switched roles from global head of sustainable investing to his most recent job as head of sustainability policy and engagement.

In his post, he acknowledged the difficult position the company has been in amid an anti-ESG push in many parts of the US.

“BlackRock has changed the way the financial sector thinks about sustainability. It was one of the first to recognise the potential for climate risk to reshape finance, and to help investors navigate and participate in that transformation,” Bodnar wrote. “It has also been steadfast about the difficult realities of the transition and the need to retain a laser focus on fiduciary duty, even amidst intense public debates about whether asset managers are doing too little, or too much, to address climate change.”

At the Bezos Earth Fund, Bodnar will “help lead its work on climate finance, industry and diplomacy,” he wrote.

Prior to joining BlackRock in April 2021, he was chief strategy officer at renewable energy nonprofit RMI. Before that, he was special assistant to former President Barack Obama and senior director for energy and climate change at the National Security Council.

BlackRock declined to comment on Bodnar’s departure. The Bezos Earth Fund did not respond to a request for comment.

Editor’s note: This story has been updated to reflect Bodnar’s most recent position at BlackRock.

CCLA appoints stewardship lead

Tessa Younger, who joined the firm last month, has taken up the role

CCLA Investment Management has expanded its sustainability team with the appointment of a stewardship lead for the environment.

Tessa Younger, who joined CCLA last month, has taken up the role.

She will help contribute to the climate work undertaken by Helen Wildsmith and CCLA’s wider sustainability team.

Younger will lead CCLA’s ‘Better Environment’ work, managing all stewardship on environmental issues, including climate change and nature.

The aim of the project is driving clear improvements at the companies in which CCLA invests. 

She will report to James Corah, head of sustainability at CCLA.

Prior to joining CCLA, Younger spent many years at PIRC, an independent corporate governance and shareholder advisory consultancy, where she most recently held the position of head of engagement. 

At PIRC, Younger was responsible for developing active ownership strategies for asset owner clients.

She was also in charge of steering engagement with listed corporates, and effecting market-wide change through the promotion of strong policy stances, with a particular focus on climate risk and carbon emissions. 

She ran the engagement programme for the Local Authority Pension Fund Forum (LAPFF) whose members comprise most of the local authority pension funds in the UK. 

During this time, Younger also worked closely with CCLA while collaborating on investor initiatives and campaigns.

This included leading on a ‘Say on Climate’ initiative to encourage FTSE companies to put their climate transition plans to a shareholder vote.

James Corah, head of sustainability at CCLA said: “Tessa’s track record in active ownership and of leading industry coalitions on climate is exemplary and will support us greatly in our ongoing efforts to protect the natural environment and bring investors together to build a better, healthier, natural world.”

This appointment is the latest in a series of senior hires CCLA has made to its sustainability team. 

Late last year, CCLA announced the appointment of Dame Sara Thornton (former UK Independent Anti-Slavery Commissioner) as a consultant on modern slavery and Martin Buttle to lead CCLA’s ‘Better Work’ stream focused on ensuring fair and sustainable working conditions.

Redington appoints first chief people officer

Katherine FitzGerald takes up the role, joining the firm’s executive leadership team

Redington has expanded its senior team with the appointment of its first chief people officer focused on staff wellbeing and engagement.

Katherine FitzGerald takes up the role, joining the firm’s executive leadership team. She joined Redington as head of people in 2020, and leads all aspects of the firm’s people operations.

This includes culture, well-being and engagement, recruitment and onboarding, alongside performance management.

Since joining Redington, FitzGerald has been involved in a number of people, organisational development and change initiatives at the firm. This includes a refresh of Redington’s family-friendly policies.

Alongside her people and leadership expertise, the Redington executive leadership team will also benefit from FitzGerald’s 20 years of experience working with and engaging stakeholders at all levels on businesses strategic objectives.

Prior to joining Redington, she held several senior people and strategy roles with a focus on collaborative team working, coaching, organisational and implementation skills.

Sylvia Pozezanac, CEO at Redington, said: “The most critical driver of our success at Redington is our incredible and talented team. We are therefore thrilled to recognise this by creating a new executive role. 

“We are proud to appoint Katherine as our chief people officer and to our leadership team. Katherine has had a significant impact since joining Redington and this promotion reflects her many contributions and her skills. I look forward to continuing to work closely with her in this new capacity.”

Downing expands renewables asset management team

Hopstadius joins to enhance the performance of Downing’s renewable energy assets

Downing has appointed Magnus Hopstadius as portfolio director within its infrastructure asset management team. 

Hopstadius has been recruited to enhance the long-term performance of Downing’s renewable energy assets.

This includes maximising returns, ensuring proper health and safety procedures are in place, capital expenditure investments, and running optimisation projects.

Hopstadius joins from independent renewable energy company RES, where he has worked for 14 years predominantly in Sweden and Norway. 

His work there involved wind farms and grid companies, but also solar and storage projects, as well as operations and maintenance services.

Before RES, Hopstadius worked as a project engineer for the construction of a new ‘waste-to-energy’ power plant, including district heating, which consisted of steam generators for electricity production. 

He has also worked as an energy consultant helping customers lower their energy usage. 

Hopstadius, portfolio director at Downing, said: “I’m excited that the portfolio consists of multiple technologies and a broad range of disciplines. 

“The asset management team sits as an integrated function within the overall Downing investment strategy and I’m looking forward to adding my expertise to ensure investors achieve maximum return for their renewable energy investments.”

Danielle Strothers, head of asset management at Downing, added: “Magnus’s expertise will allow us to continue to develop our levels of service to our investors. 

“Optimising our assets to their full potential is what makes us stand out as an investment manager, and Magnus’s expertise will significantly contribute towards that.”

Credit Suisse AM poaches from HSBC for active ownership head

Christine Chow joins on 1 April 2023

Credit Suisse Asset Management has expanded its sustainable investing team with the appointment of a head of active ownership.

Christine Chow will join Credit Suisse AM on 1 April 2023 as head of active ownership and managing director.

Chow, who has extensive experience in sustainability, will join from HSBC Asset Management.

In her new role Chow will focus on further accelerating Credit Suisse AM’s efforts in the area of voting and engagement across all asset classes, an important pillar of its sustainability strategy. 

Credit Suisse AM, in a statement announcing the appointment, said it considers it its responsibility to exercise its ownership rights in the best interest of its clients and in accordance with its sustainability criteria, to generate sustainable added value. 

Chow will work alongside the head of ESG integration, Dominik Scheck, and the head of sustainability research, Nisha Long, who joined in January 2023. The team has also made further key hires in recent months to strengthen its efforts.

She will be based in London and will report to Jeroen Bos, global head of sustainable investing. 

Bos said: “Sustainability is of key importance to our clients and society, so I am very excited by the wealth of experience and talent that is joining our team. 

“This will enable us to further accelerate our active ownership efforts under the leadership of Christine, and build up our sustainability research capabilities under the leadership of Nisha, further strengthening the integration of sustainability and ESG considerations into the service we deliver to clients.”

Sustainable investing experience

Chow was formerly HSBC Asset Management’s head of stewardship, a role she assumed in September 2021. 

During her time at HSBC, Chow implemented a comprehensive stewardship programme and won the Sustainable and ESG Investment Woman of the Year (large firms) award in 2022. 

Earlier in her career, she held roles at Schroders, Aon (Hewitt Bacon & Woodrow), Federated Hermes and IHS Markit. 

Chow was an adjunct professor in finance at the Hong Kong University of Science and Technology and is an Emeritus Governor of the London School of Economics and Political Science. 

Currently, she is an appointed adviser to the Hong Kong Accounting and Financial Reporting Council, the independent regulator of the accounting profession. 

Search ESG Clarity