People's Pension Appoints New Head for Climate-Focused Investments
The People's Pension, a UK master trust with 6.5 million members and £25 billion in assets, has appointed Leanne Clements as its new head of responsible investment. This move comes as the pension fund aims to enhance its climate awareness and sustainability, following a recent league table ranking it second lowest among UK providers due to lack of clear interim targets and exposure to fossil fuels and deforestation risks.
Clements, who will report directly to newly hired CIO Dan Mikulskis, will oversee the shift towards climate aware equities. Initially focused on developed market equities, this shift will eventually expand to other asset classes. Mikulskis, while involved in discussions about ESG and sustainability, has not yet revealed specific details about a new climate strategy or implementation timelines.
The People's Pension, despite not having a formal net zero strategy, maintains a net zero ambition. It has announced plans to shift £15 billion of its equity holdings towards a climate aware investment strategy, aiming to reduce the carbon footprint of the default portfolio by 30%. With assets expected to double to £50 billion within the next five years, the fund is committed to responsible investment.
With Clements' appointment and Mikulskis' leadership, the People's Pension is taking significant steps towards enhancing its climate awareness and sustainability. The fund's ambitious plans for reducing its carbon footprint and doubling its assets under management demonstrate a strong commitment to responsible investment.
