Claudia Chapman, former head of stewardship at the UK’s Financial Reporting Council (FRC), is set to join State Street Global Advisors to head up its EMEA stewardship operations.
Chapman will report to Ben Colton, the asset management giant’s global head of asset stewardship. The firm has been expanding its stewardship team, with applications still open for an equivalent role in the Americas and the firm also advertising for a vice-president role in its London stewardship team two months ago.
When she announced her departure from the FRC, Chapman also said she would be responsible for building a stewardship team.
Chapman held the stewardship role at the FRC for just over three years, having joined the regulator in 2015 as a policy adviser. She began her career at the Institute of Chartered Accountants in England and Wales, before moving to the Association of Chartered Certified Accountants where she spent nine years, including as head of policy and campaigns.
While at the FRC, she led the team responsible for setting and maintaining the revamped UK Stewardship Code, as well as spending a seven-month secondment with the Financial Conduct Authority, working in its ESG and asset management supervision divisions.
At the end of August, the FRC announced that Andrea Tweedie, Chapman’s deputy, would replace her in the role.
Chapman’s departure comes as the UK government is preparing to review the regulatory framework for stewardship, including the FRC Stewardship Code.
The government’s revised green finance strategy will see a review in Q4 looking at topics including non-equity stewardship, aligning expectations and the need for common definitions.
Depending on the review’s outcome, and evidence it has solicited beforehand, the government hinted that “further action to ensure the effectiveness of the stewardship regulatory framework may be necessary”.