Ethics Schmethics

    As the Nordic slowly eases back into the post-summer routines, we follow the developments of Norges Bank Investment Management CEO succession saga. After the resignation of Yngve Slyngstad as CEO last October, the Norwegian central bank hired Nicolai Tangen, previously CEO of UK-based hedge fund AKO Capital as Slyngstad’s successor, after a five-month search. Forward five more month: the latest testimony before Norway’s Parliamentary Finance Committee this week did not resolve major issues surrounding this important recruitment, staining the reputation of the Norwegian institution.

    On the positive side, it appears that the pandemic crisis appears to have had an enduring effect on ESG investments by raising awareness about the benefits of this asset class for investors and asset managers. Indeed, data from inflows to global funds suggests that demand for exposure to this market segment is at an all-time high.

    This week, we also caught up with Lars Eibeholm after his summer break to hear about his move from the Nordic Investment Bank (NIB) to SEB where he was appointed as Head of sustainability for Denmark in April.

    At the beginning of the month, the London Stock Exchange (LSE) announced the establishment of the Sustainable Bond Market Advisory Group – a forum for market participants to provide input on the LSE’s Sustainable Bond Market and act as a consultative body on future developments.

    Meanwhile, Institutional Shareholder Services (ISS) was busy launching two new services. First, ISS ESG unveiled the ISS ESG Fund Ratings and Screening a new solution to assess the ESG performance of more than 20,000 investment funds, globally. A few days later, ISS launched the Global Proxy Distribution Shareholder Identification Service designed to assist custodians and intermediaries in meeting requirements under the EU Shareholder Rights Directive II (SRD II), due to come into force on September 3rd.

    Elsewhere, the Institutional Investors Group on Climate Change (IIGCC) launched a consultation on a draft Net-Zero investment Framework. The framework was developed with the support of over 70 global investors, representing more than $16 trillion in assets.

    Back in Sweden, AP7 increased the size of its green impact mandate with Impax Asset Management by SEK500 million, taking the total investment to SEK1.4bn.



    Image by Free Photos on Pixabay

    Aline Reichenberg Gustafsson, CFA
    Aline Reichenberg Gustafsson, CFA
    Aline Reichenberg Gustafsson, CFA is Editor-in-Chief for NordSIP and Managing Director for Big Green Tree Media. She has 18 years of experience in the asset management industry in Stockholm, London and Geneva, including as a long/short equity hedge fund portfolio manager, and buy-side analyst, but also as CFO and COO in several asset management firms. Aline holds an MBA from Harvard Business School and a License in Economic Sciences from the University of Geneva.

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