Carl Rosen is stepping down as Executive Director of the International Corporate Governance Network (ICGN) to start his own advisory firm.
Rosen has been at the ICGN, the not-for-profit body which represents over 500 investors with around $18trn (€14.4trn) under management, for three years.
The news comes as the ICGN meets in Rio de Janeiro for its annual conference and general meeting.
“After three hectic years I am leaving ICGN,” Rosen said on Linked-In. He has formed a new firm called Rosen Global Advisors.
“I want to thank all members for their support. In my new advisory business I will work in the spirit of ICGN – to improve corporate governance standards worldwide.” He said he would provide more details in August.
Rosen started his career with investment bank Alfred Berg and had a spell in the 1990s as Editor-in-chief of economics magazine Affarsvarlden.After heading up governance firm Nordic Investor Services from 2002-2004, he spent five years as Head of Corporate Governance at Swedish state pension fund Andra AP-fonden (AP2) before taking the helm of the ICGN secretariat in 2009.
Among the initiatives developed under Rosen’s tenure has been the ‘model mandate’ project and guidance on political lobbying and donations.
At an event hosted by GES Investment Services earlier this year Rosen remarked there is a lot of “window dressing going on” at investors relating to the environmental and social aspects of ESG.
It was not immediately clear who would take over from Rosen. A spokesperson said the incoming board will discuss a succession plan shortly.
Kerrie Waring, the ICGN’s Chief Operating Officer & Company Secretary, who joined in 2008, was named a Rising Star of Corporate Governance by The Millstein School of Corporate Governance. The ICGN’s 11-member board is chaired by Christy Wood.