Vanguard Hires First Head of ESG Strategy for UK and Europe

    Stockholm (NordSIP) – Vanguard, one of the world’s leading asset managers, appointed Fong Yee Chan as its first Head of ESG strategy for UK and Europe. Chan will be based in London and report to Matthew Piro, head of Vanguard’s portfolio review department in Europe.

    “The ESG landscape is evolving rapidly with new regulation, an increasing number of investment offerings and different perspectives on the best way to approach ESG,” Sean Hagerty, head of Vanguard, Europe, says. “I am delighted that Fong Yee has joined Vanguard. Her deep ESG expertise will help accelerate our efforts to inform investors about our perspective on ESG topics, and we will continue to seek ways to deliver value to investors.”

    Prior to joining Vanguard, Chan worked at FTSE Russell, a subsidiary of London Stock Exchange Group since 2017, first as a Senior Product Manager and then as Director of Sustainable Investment Products since July 2020. Prior to that she worked as an ESG Product Director at eFront, atechnology provider for the private equity industry, and a Senior Manager at the UN Principles for Sustainable Investment.

    The decision may suggest that Vanguard will start to focus more on ESG integration and sustainable investment. In a recent report, Majority Action, an NGO focusing on holding corporations accountable for their investments, criticised Vanguard for their lack of shareholder action on climate change in 2020.

    According to the report, the asset manager “continued to undermine global investor efforts to promote responsible corporate climate action—despite their public commitments to hold corporate directors accountable in the 2020 proxy season.” The report argued that  Vanguard was among a number of companies that “were just as likely to support management at utilities that had not made a net-zero commitment.”

    Image by Tumisu from Pixabay

    Filipe Albuquerque
    Filipe Albuquerque
    Filipe is an economist with 8 years of experience in macroeconomic and financial analysis for the Economist Intelligence Unit, the UN World Institute for Development Economic Research, the Stockholm School of Economics and the School of Oriental and African Studies. Filipe holds a MSc in European Political Economy from the LSE and a MSc in Economics from the University of London, where he currently is a PhD candidate.

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