Noticeboard PEOPLE MOVES


The Institutional Investors Group on Cli- mate Change (IIGCC) has appointed six new members to its board.


The campaign, which was created 20 years ago to support investors in Europe working towards a net-zero future, wel- comed Bruce Duguid, who is head of stew- ardship at Federated Hermes, and Claudia Kruse, APG’s managing director of global responsible investment and governance, to its board. Graham Cook, chief investment officer of the Environment Agency Pension Fund, joins them, as does Kelly Christodoulou, listed ESG and stewardship manager at AustralianSuper.


IIGCC chair Faith Ward (pictured) welcomed the group’s new deci- sion makers. “The new members bring differ- ent skillsets and a


diversity of perspectives that will undoubtedly prove extremely beneficial. I look forward to 2022 being another land- mark year.” Amundi’s head of ESG research, engage- ment and voting Caroline Le Meaux and


NOTICEBOARD


The trustees of the Reuters Supplementary Pension Scheme have agreed a buy-in that protects the benefits of all its members. The £310m deal is the scheme’s first with Legal & General. The scheme is sponsored by Refinitiv, part of the London Stock Exchange Group. Legal & General has had a busy end to the year in the defined benefit scheme de-risking market. In the final days of 2021, it agreed a £49m buy-in with the retirement scheme of a fashion house that specialises in underwear and linge- rie. The deal covers Triumph International Pension Scheme’s 140 deferred and 210 retired members.


Sandy Boss, global head of investment stewardship at BlackRock, join them. PKA’s chief executive, Jon Johnsen, has been confirmed as vice chair, while Adam Matthews, chief responsible investment officer at the Church of England Pensions Board, was among those re-elected. Elsewhere, Nest has announced that Brendan McCafferty will be its next chair. The former chief executive of Axa’s five- year term starts in February. He replaces Otto Thorensen, who is stepping down. The group behind The People’s Pension master trust has appointed a new chief operations officer.


Joanne Palmer (pic-


tured) brings three dec- ades of banking, finan- cial services and trustee experience with her when she joins B&CE


in January. Her most recent position was at Lloyds Banking Group, where she held several senior roles.


B&CE chief executive Patrick Heath-Lay said he is delighted to start the year with Palmer joining the team, as her expertise will be vital for the group’s ambitious plans for growth.”


These could contribute to an estimated £45bn worth of risk settlement deals agreed between the trustees of final salary schemes in the UK and insurers during 2021, according to Aon. This would make it the third successive year that the market has reached this level. This is based on Aon believing that almost £30bn worth of bulk annuity deals closed in the second half of the year. It puts this down to lower volatility, improved pricing as well as better fund- ing and affordability positions. Meanwhile, Local Pensions Partnership Investments (LPPI) has appointed Chronos Sustainability to help it achieve a net-zero portfolio by 2050.


Chronos will work on an investment plan 8 | portfolio institutional | December-January 2022 | issue 109 CALENDAR


Forthcoming portfolio institutional roundtables: February


– Fixed income March


– Private markets April


– ESG & bonds May


– ESG: A just transition


June – Emerging market debt July


– Equities September


– Responsible investing October


– Defined contribution


November – Preparing for 2023


covering the next 30-years to help the pen- sion pool meet its commitment to be car- bon neutral by 2050.


LPPI’s head of responsible investment, Frances Deakin, said: “The energy transi- tion presents a uniquely challenging 30-year investment context for our long- term portfolio management. Reaching net zero by 2050 is an appropriate but extremely challenging goal, requiring new data and expert advice. “Working


closely with Chronos will


enrich our insights, inform our thinking and assist the development of a transition plan aligned with responsible investment, managing risks, identifying opportuni- ties, and achieving positive outcomes for our client pension funds.”


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