Environmental, Social, Governance (ESG) Committees

Purpose

The ESG Technical Committee and ESG Examination Subcommittee are responsible for developing and maintaining the Global ESG Disclosure Standards for Investment Products. The ESG Working Group, which was active from 1 January 2020 to 31 December 2020, was also instrumental in the development of these standards.

ESG Technical Committee members

Former Managing Director, Head of Sustainability in Active Equities, UBS Asset Management, United States (Retired)

Bruno Bertocci, retired, was the former Head of Global Sustainability in Active Equities at UBS Asset Management, where he led the development of the team's positive screening process. He managed the global equity investment group at Stein Roe & Farnham and worked as a regional portfolio manager and global equity portfolio manager at Rockefeller & Co. Mr. Bertocci represented UBS on committees that include the US Social Investment Forum, the Institutional Advisory Group for the Sustainability Accounting Standards Board, and the Task Force on Climate-related Financial Disclosures. He was also a member of the UBS Sustainability Council. Mr. Bertocci holds an AB degree from Oberlin College and an MBA degree from Harvard Business School.

Senior Director, Wealth Management Solutions, Ameriprise Financial, United States

As a Senior Director of Manager Research at Ameriprise Financial, Ben Becker is responsible for research and coverage of International and Global equity strategies. Ben also leads the Ameriprise Investment Research Group’s sustainable investing effort which includes leading the due diligence process on sustainable investing products and providing sustainable investing thought leadership on firm-wide projects and to Ameriprise advisors and clients.

Ben graduated from the University of Missouri, Columbia with a B.A. in Political Science. He also received his M.B.A. with an emphasis in Finance from the Carlson School of Business at the University of Minnesota, and holds the Chartered Financial Analyst (CFA) designation and Certificate in Investment Performance Measurement (CIPM) designations.

Senior Risk Specialist, Australian Prudential Regulation Authority (APRA), Australia

Joanna Chang, CFA, is an Investment Risk Specialist at the Australian Prudential Regulation Authority (APRA). She provides advice and guidance on investment risk matters relating to regulated institutional asset owners such as pension funds and insurers. Australian pension fund assets under APRA regulation total around $A2 trillion. Ms. Chang's area of specialisation is investment risk governance covering key aspects of the investing process from investment objective and strategy formulation through to implementation. Her scope of work covers all asset classes from fixed interest and listed securities through to alternative assets. She regularly engages with both domestic and overseas peer regulators, industry bodies and investment service providers on investment related matters. This has included working with the UK Financial Conduct Authority on policy initiatives. In addition, she has recently served as a Technical Advisor to the Australian House of Representatives Standing Committee on Economics. Ms. Chang’s current areas of focus include climate change financial risks. She is regularly sought out as a conference speaker on this topic and was also involved with the work of the Australian Sustainable Finance Initiative.

Prior to joining APRA, Ms. Chang held several roles within Westpac Banking Corporation's institutional division across financial markets trading and corporate advisory areas.

Ms. Chang’s volunteer work with CFA Institute includes exam question reviews and engagement on online member education initiatives. She holds a Commerce degree majoring in Accounting and Finance from Macquarie University (Sydney) and a GARP Financial Risk Manager designation.

Managing Director, Head of ESG, Polymer Capital Management, Hong Kong

Anthony Cheung specializes in Green & Sustainable Investment, ESG Investing and Climate Governance in Asia. Anthony is the Managing Director, Head of ESG at Polymer Capital Management and he has served various asset management roles in London, Singapore and Hong Kong including Gartmore, Pictet and BNP Paribas. He was the first in Asia who attained the Certified ESG Analyst (CESGA®) designation and was awarded Regional ESG Leader Award by Insights and Mandate (I&M) in 2019.

Anthony actively advocates sustainability governance best practice. In addition to the CFA Institutes’ ESG Technical Committee, he serves as Supervisory Board member of the World Benchmarking Alliance (WBA), and Steering Committee member of the World Economic Forum Climate Governance Initiative (CGI) Hong Kong. With his deep ESG expertise, coupled with his experience serving in various industry positions and board directorships, Anthony works closely with financial industry and asset owners to promote ESG best practices and initiatives in Asia.

Senior ESG DirectorFounder and Managing Partner, Petra Funds GroupClose Group Consulting Inc., United States and Canada

Tamara is Senior Director, ESG Advisory for the Petra Funds Group. Prior to Petra she founded Close Group Consulting, a global boutique ESG strategy and due diligence advisory firm for financial and capital markets. She has over 25 years of combined experience in capital markets, risk management, and ESG strategy, and previously spent 10 years in senior leadership roles at PSP Investments as well as various investment management positions for global investment firms. Tamara is an experienced board director, investment committee member and strategic advisor for various firms and foundations.

Consultant, United Kingdom

Clive Emery was Head of Multi Asset Strategies at Invesco, where he focuses on sustainable multi-asset solutions, and he was one of two Net Zero investment champions at the firm. He launched the Summit Responsible Range, five risk-targeted responsible multi-asset funds, for which he pioneered Responsible Asset Allocation (RAA), a separate and additional step to the traditional tactical and strategic asset allocation processes. He is a member of the Sustainability and Responsible Investment (SRI) committee of the Investment Association, a contributor to the UK Sustainable Investment and Finance Association’s policy vision, a member of TISA’s SRI committee, and a member of the Disclosure & Labelling Advisory Group developing sustainable disclosure regulation for the UK fund industry with the Financial Conduct Authority and Her Majesty’s Treasury.

Managing Director, Sustainable Finance Americas, S&P Global Ratings, United States

Michael Ferguson is a Managing Director and the Team Leader for the Sustainable Finance group at S&P Global Ratings. He manages a team of 20 North American and LatAm Sustainable Finance Analysts. He has been involved in the development, roll-out, and updating of our Climate Transition Assessment, and is responsible for the inclusion of ESG risks into our credit ratings. He also supports our efforts on Second Party Opinions (SPOs). He is responsible for developing the learning curriculum on ESG throughout S&P Global Ratings. Much of his thought leadership research revolves around energy policy and labor issues, especially in the United States.

Michael joined S&P Global Ratings in December 2011 and was in the North American Energy Infrastructure practice as a credit analyst for approximately seven years, covering project financings and power companies. Previously, he worked as a forensic accounting consultant with FTI Consulting in Washington, DC. He worked on a wide array of cases, ranging from stock option backdating and revenue recognition to embezzlement and Ponzi schemes. Michael also worked in the Financial Services Assurance practice at Ernst & Young LLP; he audited hedge funds, insurers, and banks, as well as government agencies.

Michael graduated from the University of Notre Dame in 2005 with a Bachelor of Business Administration degree in Finance and a Bachelor of Arts degree in Political Science. He also received an International Business Certificate. He received a Master of Science degree in Accountancy from the University of Virginia in 2006 and a Master of Business Administration degree from Duke University in 2011, as well as a Masters of Liberal Arts in Sustainability from Harvard University in 2023. Michael is a Chartered Financial Analyst, a Certified Public Accountant, a Chartered Alternative Investment Analyst, and a Certified Fraud Examiner. He also holds the CFA Institute ESG Investing Certificate.

Director of ESG Research, Breckinridge Capital Advisors, Inc., United States

Head, Global Industry Standards, CFA Institute, United States

Chris Fidler is a Head in the Global Industry Standards department at CFA Institute. Mr. Fidler leads the promotion of CFA Institute industry codes and standards globally and helps to identify areas where new standards are needed. He currently leads the development efforts for the CFA Institute ESG Disclosure Standards for Investment Products. Prior to joining CFA Institute, Mr. Fidler was a management consultant at Thought Logic Consulting, LLC, and served in a number of management roles at Capital One Financial Corporation. Mr. Fidler holds a Bachelor of Science degree in engineering from the University of Illinois and a Master of Business Administration from the Darden School of Business at University of Virginia.

Senior Principal Consultant for Wealth Business, Mercer, Singapore

Anubhuti is a Senior Principal Consultant for the Wealth Business in Mercer, Singapore. She is responsible for delivering investment solutions and advice and driving strategic partnerships across South-east Asia.

She has over 17 years’ professional experience in the investment industry with a focus on quantitative strategies and equities. Before joining Mercer, she was the CEO for Singapore and Head of Equity Quant Investments (formerly Rosenberg) for APAC at AXA Investment Managers. She was responsible for developing the strategy and driving the business, research, sustainability and investment agenda for Rosenberg in the region. She was a member of regional and global leadership teams including Asia Executive Committee and Rosenberg Global Management Committee and worked on multiple complex client and business projects.

Prior to this, she served as the Head of Portfolio Management and Deputy Chief Investment officer for the region. During that period, the business delivered several important milestones, developed complex new investment capabilities, undertook leading-edge platform-wide ESG integration and completely overhauled the portfolio construction process.

Anubhuti is an active contributor on investing, leadership and ESG related topics. She advocates for diversity, mentoring and knowledge-based volunteering to advance the investment industry. She has served on the global CFA Institute Education Advisory Committee as a member and Vice-chair for a term of 6 years. She is a member of the Nominating Committee for CFA Institute Board of Governors. She has been appointed as a member of the CFA Institute ESG Technical Committee starting September 2022.She sits on the Advisory Board of Singapore Chapter of CAIA Institute. She is a mentor and champion at Financial Women’s Association of Singapore and supports LGBT Great.

Anubhuti holds a Master’s degree in Financial Engineering and a Bachelor’s degree in Engineering (First class Honors) from Nanyang Technological University and a Certificate in Computational Finance from Carnegie Mellon University. She is a CFA and CAIA Charterholder and has Certificates in ESG Investing and Investment Performance Measurement (CIPM).

Senior Vice President and Director of Responsible Investing, Federated Hermes, United States

Martin serves as Senior Vice President and Director of Responsible Investing, leading firm-wide integration of sustainable finance, thematic research and stewardship across $750 billion in global asset classes. Federated Hermes has over 60 ESG subject-matter experts and one of the world’s largest engagement databases with 20 years of proprietary data analytics representing $1.4 trillion in assets under stewardship. He is a senior member of Federated Hermes’ Risk Management Committee, Proxy Voting Committee, Global Product Advisory Board and is a former Equity Portfolio Manager. Martin is an Adjunct Professor of Sustainable Finance at the University of Rochester Simon Business School, serves as an advisory member for the International Sustainability Standards Board (ISSB) and Forbes Finance Council ESG and Sustainability Group Lead. He graduated from Cornell University magna cum laude with a BS in applied economics, earned a MS in law & accounting from the London School of Economics (LSE) and completed a post-grad in advanced risk management from the Yale School of Management. Martin is a CFA charterholder and FSA credential holder.

Founder and Managing Partner, ESG Portfolio Management, Germany

Christoph M. Klein, CFA, is founder and managing partner at ESG Portfolio Management. Previously he served as a portfolio strategist, managing director, and head of ESG credit at Deutsche Asset & Wealth Management. Prior to his current role, he served as partner and head of fixed income credit at TriPoint Asset Management. Mr. Klein also worked as a multi-strategy portfolio manager for credit hedge funds at CPM Advisors and as an analyst and portfolio manager for corporate and convertible bonds at Deutsche Asset & Wealth Management. He has served as a visiting scholar at Salomon Center for the Study of Financial Institutions at New York University. Mr. Klein began his career as a private banking investment strategy analyst at Deutsche Bank. He was a member of the UN PRI Fixed Income Working Group and serves as an instructor for ESG seminars for Moody's Analytics. Christoph received his diploma in business administration from the University of Trier.

Director, Sustainable Investment, IFM Investors, United Kingdom

Amanda leads on development and implementation of IFM Investors’ sustainable investment strategy across UK and EU, working with the investment teams to deliver for clients and stakeholders. She has extensive experience embedding sustainability across organisations and for clients and was previously responsible for policy and strategy at Barnett Waddingham, a UK-based investment and pensions consultancy. Formerly at The Pensions Regulator (TPR) for most of a decade, Amanda worked across a number of policy areas including sustainable finance and investment, trustee governance and standards, and consolidation of pension schemes.

Amanda is a non-actuary member of the Institute and Faculty of Actuaries Sustainability Board, advising the profession on policy and regulation of environmental and social issues. She is also a charity trustee and currently holds the Vice Chair role on the board of Age UK West Sussex, Brighton & Hove; using her time and expertise to support the community.

Head of ESG Stewardship, Managing Director, Cerberus Operations and Advisory Company UK Limited, United Kingdom

Ms. Mariotti is the Head of ESG Stewardship, Managing Director on Cerberus’ Environmental, Social, and Governance (ESG) team. Ms. Mariotti joined Cerberus in 2022 and works across our portfolio companies, desks, and investments to help implement evolving ESG and sustainability initiatives. Ms. Mariotti was most recently a Managing Director in the Portfolio Operations Group at Blackstone, where she helped develop the Firm’s global emissions reduction program. Prior to Blackstone, Ms. Mariotti held leadership roles in management consulting at Accenture and IBM Business Services, where she sold and delivered performance improvement programs for industrial clients across North and South America, Continental Europe, and the United Kingdom. Earlier in her career, Ms. Mariotti worked as an engineer in several technical and hands-on operational roles and gained experience working in diligence at DNV GL. Ms. Mariotti has previously served on the boards and in leadership roles for numerous energy organizations, including the World Energy Council and the Energy Institute. Ms. Mariotti received a bachelor’s degree in Civil and Environmental Engineering, with specialization in Sustainability and Safety Management Systems, and a Master of Engineering, with a focus in Solar Technology, from La Sapienza University in Rome. She also earned a Master of Engineering, with a focus in Operational and Business Risk Management, from the University of Bologna and an Executive M.B.A., with distinction, from the University of Oxford Saïd Business School.

Executive Director, ESG Portfolio Specialist, Calvert Research & Management (Morgan Stanley Investment Management), United States

Kate Marshall is an ESG Portfolio Specialist for Calvert’s Applied Solutions team, which manages Calvert’s Responsible Index series, thematic indexes and active risk managed strategies. Calvert Research & Management has approximately 32 billion in assets under management and is a division of Morgan Stanley Investment Management (MSIM), which manages over 1 trillion in assets. As an ESG Portfolio Specialist, Kate is responsible for client servicing and portfolio management support. In her role, she prepares and delivers materials to clients to communicate the team’s investment philosophy, portfolio performance and product positioning. She also supports day to day portfolio management activities including client and regulatory reporting, portfolio monitoring and research. In addition, Kate helps to shape the team’s custom investment solutions offerings.

Prior to MSIM, Kate worked at BSR (Business for Social Responsibility) where she primarily advised private equity firms on ESG integration, including impact investing and ESG due diligence. Kate also worked with consumer goods and food and agriculture companies to design and implement supply chain sustainability and women’s empowerment programs. Before working at BSR, Kate was the lead ESG Analyst for the Materials sector at Sustainalytics where she conducted company and sector-level research, advised clients on ESG integration and contributed to the firm’s research methodology development.

Kate holds a Master of Public Policy from the University of Toronto and a Bachelor of Arts in International Relations from the University of British Columbia.

ESG Product Specialist and Co-Chair of ESG Strategic Steering Committee, Western Asset Management, United Kingdom

Brishni Mukhopadhyay, CFA is the ESG Product Specialist and Co-Chair of the ESG Strategic Steering Committee for Western Asset Management, which is a Specialist Investment Manager of Franklin Resources, Inc, the holding company for Franklin Templeton Investments and its subsidiaries. Prior to this, Brishni worked at Lazard Asset Management, J.P. Morgan Asset Management and J.P. Morgan Investment Bank.

Brishni is currently the Chair of the ESG Working Group responsible for the Certificate in ESG Investing, having previously served as the Vice-Chair of the working group with CFA UK since inception in 2017. Brishni holds a M.S. in Operations Research (Finance) from Columbia University, M.Eng. in Mechanical Engineering from the University of Sheffield and is a CFA charterholder.

Head of Sustainability Operations, LuxFLAG, Luxembourg

Ahmed joined LuxFLAG in 2020 where he is Head of Sustainability Operations. He is responsible for the operational translation of LuxFLAG's strategy, the label developments and leads the team that reviews label applications. Prior to joining LuxFLAG, Ahmed spent his career in asset management in Luxembourg and in the United Arab Emirates, where he held business implementation and product management and development roles. Ahmed also intervened as guest teacher in Sustainable Finance at NEOMA Business School (France) in the M.Sc. International Finance - Real Estate and Wealth Management track.

Head – Sustainable Investment, DSP Asset Managers, India

Hardik is a sustainability-focused leader with over 15 years of experience spread across Environmental, Social and Governance (ESG) research & investing, Climate Change and Carbon Credits advisory, and Business Intelligence domains.

At GMO, Hardik was responsible for building its global ESG capability across investment product areas and asset classes. His efforts included creation of GMO’s proprietary country ESG model as well as the company-level GMO ESG Score, helping various investment teams with their ESG integration and engagement efforts, and designing Fund level ESG reports for GMO strategies.

Prior to joining GMO in 2017, he led a global team of analysts focused on ESG ratings and thematic research at Sustainalytics. Previously, he was an ESG Ratings associate at MSCI and, as a senior climate change consultant with Ernst & Young, has helped register a wide variety of carbon credit projects with the UNFCCC under the Clean Development Mechanism defined in the Kyoto Protocol.

An engineering graduate, Hardik also holds a post-graduate diploma in management (Finance), the Fundamentals of Sustainability Accounting (FSA) credential issued by the SASB, Sustainability, the Climate Risk (SCR) credential by the GARP, and the CFA charter.

Senior Vice President and ESG Practice Leader, Callan, United States

Thomas H. Shingler is a senior vice president and Callan’s ESG practice leader. Based in Callan’s New Jersey consulting office, Tom leads our ESG research and education efforts, providing ESG support to Callan consultants, and creating solutions for Callan’s clients. He also collaborates with our team of ESG subject matter experts to develop research and insights into trends for the benefit of clients and the industry. Tom works with a variety of clients, including public and corporate defined benefit and defined contribution plans, as well as endowments and foundations. His responsibilities include strategic planning, investment implementation, manager evaluation, education, and special projects. Tom is a member of Callan’s Management and Manager Search committees, and is a shareholder of the firm. Prior to Callan, Tom was co-head of consulting at Orion Consultants, a consulting firm serving the fixed income divisions of global investment banks, where he worked for 11 years. He was responsible for managing several client relationships, new business development, and leading the firm’s market research studies. Tom earned an MBA from the University of Pennsylvania Wharton School and a BA in history from Princeton University.

Director of Investment Research, Morningstar, Canada

Ian Tam, CFA is Director of Investment Research, for Morningstar Canada, a wholly owned subsidiary of Morningstar, Inc. In his current role, Tam is tasked with evangelizing Morningstar’s thought leadership across multiple stakeholder groups within Canada’s investment industry inclusive of individual investors, advisors, asset managers, industry trade bodies, and regulators. In 2021, he was the elected Chair of the Canadian Investment Funds Standards Committee (CIFSC.org), a cross-industry organization that oversees mutual fund, ETF, and segregated fund classifications in Canada. The CIFSC recently announced the launch of a framework that helps Canadian investors identify investment funds with ESG-related approaches written in their prospectus disclosures. Tam holds a Bachelor of Applied Science in Mechanical Engineering from the University of Waterloo and holds the Chartered Financial Analyst® designation.

ESG Examination Subcommittee members

Investor Trust Services Leader, PwC Switzerland, Switzerland

Dimitri Senik, CFA, leads the Investor Trust Services at PwC Switzerland. Mr. Senik provides assurance services to investment managers and investors with respect to investment process and governance, investment performance and risk management, GIPS compliance, and ESG Investing. He is a member of the Investment Committee of the Pension Funds of PwC Switzerland. Mr. Senik has been a long-standing volunteer in the standard-setting bodies for the GIPS standards and currently chairs the GIPS Standards Technical Committee. He is also a member of the GIPS Standards Expert Group of the Asset Management Association Switzerland. Mr. Senik chairs the ESG Verification Subcommittee of CFA Institute, which is currently engaged in the development of the new ESG Disclosure Standards for Investment Products. He holds a degree in international economics and is also a Chartered Certified Accountant.

Partner, ESG Advisory, ACA Group

Crista DesRochers, CIPM, joined ACA Group's ESG team from the Performance Services team, where she provided Global Investment Performance Standards (GIPS®) consulting and verification services to investment managers across the globe. She brings more than 15 years of investment management consulting experience to the ESG team and specializes in ESG assurance-related services. Crista is an active volunteer with CFA Institute. She is currently a member of the GIPS Standards Technical Committee and the ESG Verification Subcommittee, and a former member of the United States Investment Performance Committee (USIPC). Crista earned her BA in Business Administration with a concentration in Finance from Washington State University and is a member of CFA Institute and CFA Society of New York.

Partner, Financial Services, Ernst & Young LLP

Chris is a New York–based Partner in the FSO Assurance practice of Ernst & Young LLP. He has over 20 years of experience in the financial services industry servicing Wealth and Asset Management (WAM) clients. Chris focuses much of his time working with investment advisors, regulated investment companies including exchange traded funds, non-registered funds and service providers. He also leads the firm’s WAM Assurance ESG go-to-market strategy focusing on value-added services and providing various limited assurance reports. Chris has a BA in Economics / Accounting from the College of the Holy Cross. He is a CPA licensed in Massachusetts and New York.

Claudia Gollmeier, CFA, CIPM, Managing Director (Singapore) and Senior Investment Officer at Colchester Global Investors. As a Senior Investment Officer, Claudia manages global and emerging bond portfolios. She also conducts ongoing economic and ESG research. Before joining Colchester, Claudia held positions at UBS Reality investors and was a portfolio manager at Western Asset Management.
Claudia also chairs the PRI Sovereign Debt Advisory Committee, having previously been a PRI Fixed Income Advisory Committee member and chaired the PRI Sovereign Working Group. She is a member of the CFA UK ESG Working Group, which developed the first professional ESG qualification. In addition, Claudia sits on the CFA Institute ESG Verification Subcommittee.

Vice President, Performance Practice Leader, Fairview Performance Services

Greta Nathan is the performance practice leader at Fairview Performance Services where she is responsible for establishing and maintaining the company's products and services. She has over 25 years of industry experience and has performed Global Investment Performance Standards (GIPS®) verification and consulting services in each of her previous positions. Ms. Nathan was most recently with ACA Performance Services, where she worked with some of the firm’s largest, most complex global clients. Previously, she worked at Vincent Performance Services LLC and at CAPS, Inc. Ms. Nathan began her career as an audit manager at PricewaterhouseCoopers LLP, providing audit and other services to a range of investment management firms. She serves as Chair of the GIPS Standards United States Investment Performance Committee (USIPC) and member of the Global ESG Disclosure Standards Verification Subcommittee. Ms. Nathan earned a BS in mathematics and an MBA in accounting from Union College.

Deloitte, Switzerland

Ophélie Peypoux is a Director at Deloitte France, where she leads the French SRI Label and Global Investment Performance Standards (GIPS®) consulting and verification services to investment managers in France and abroad. She has over 14 years of industry experience. Prior to joining Deloitte in 2011, Ophélie Peypoux worked in financial markets, as a salesperson for credit derivatives, ETFs and equities. She holds a master’s in management from EDHEC Business School.

Deloitte & Touche LLP, United States

WeESG, France

Clarisse specializes in responsible investment, with both executive and non-executive experience. She has worked for asset owners, managers and universities across Europe, Asia and the Americas. Clarisse sits on the S&P’s Global Sustainable Finance Scientific Council and UK’s Prosperity Fund’s Brazil Green Finance Committee. She is the academic advisor of the CFA’s ESG Investing certification and supports academic programming for the University of Cambridge and ESSEC Paris-Singapore. Clarisse holds a MSc on sustainability from HEC Paris.

Deputy Chief Risk Officer, Amundi Asset Management US, Inc., United States

Allen is the Deputy Chief Risk Officer for Amundi Asset Management US, Inc. where the risk team oversees Performance and GIPS analytics, investment risk and compliance, and liquidity and operational risk management. Allen is a member of CFA Society of New York and a contributor to the Performance and Risk Analytics Group. He sits on the Steering Committee of GARP Chicago Chapter as well as the Advisory Council of Fellow of Canadian Securities Institute. He is a CFA charter holder and a CPA in the State of Illinois in the US. Allen holds a bachelor’s and a master’s degree in business administration and is an awardee of Director’s Scholarship of University of Oxford Saïd Business School.

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