UK regulator hires Legal & General IM's Sacha Sadan for new sustainability role

© Reuters. FILE PHOTO: Nikhil Rathi CEO of the London Stock Exchange UK Division arrives at 10 Downing Street in London

By Simon Jessop

LONDON (Reuters) – Britain’s financial markets regulator has hired one of the UK’s most important corporate governance figures, Legal & General Investment Management’s Sacha Sadan, to lead the development of its sustainable finance policy, it said on Monday.

The Financial Conduct Authority said Sadan, who had served as head of investment stewardship with Britain’s biggest asset manager for around a decade, will take up the newly created role of director of environment, social and governance this summer.

The appointment follows a recent government decision to add a consideration of the UK target of reaching net zero carbon emissions – part of the global shift to a low-carbon economy – to the FCA’s remit.

The regulator has also introduced rules requiring companies listed in London to improve disclosures around climate-related risks.

“The FCA is rightly seen as an international leader on the role financial regulation should play in delivering a more sustainable and greener future,” FCA Chief Executive Nikhil Rathi said.

LGIM CEO Michelle Scrimgeour said in a statement that a search was underway for Sadan’s replacement.

In the meantime head of responsible investment integration Michael Marks will lead the stewardship team of 17 at the asset manager, part of insurer Legal & General.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

READ  Firefighters make progress against deadly Los Angeles wildfire

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.



Please enter your comment!
Please enter your name here