The United Nations-backed Principles for Responsible Investment has named Wolfgang Engshuber to succeed Donald MacDonald as chairman.
Engshuber, Chief Administrative Officer of Munich Reinsurance America, was elected to the post by the PRI’s Advisory Council. He takes over from MacDonald, a trustee of the BT Pension Scheme, who has completed his term.
The appointment comes at a pivotal time for the PRI, which was launched in 2006. In April it moves to a mandatory fee as opposed to the current voluntary contribution.
And there is some change at the top, with New York-based chief operating officer Jerome Tagger leaving to be succeeded by Mark Blair, as director of operations and finance in London.
The initiative now has more than 870 signatories with some $25trn in assets under management.
As representative for Munich Re, Engshuber was one of the PRI’s founding signatories and has already spent 18 months on the Advisory Council. He’s also a directorof MEAG New York, the manager of Munich Re’s North American assets.
After a transition period, Engshuber will retire from Munich Reinsurance America.
“I strongly believe that the integration of environmental, social and corporate governance (ESG) issues will become mainstream for the investment community, and PRI, with support from UNEP Finance Initiative and UN Global Compact, will be a catalyst and thought leader for this development,” said Engshuber.
Engshuber has a Masters of Law Degree and a PhD in economics from the University of Munich. He studied at the London School of Economics and worked for the International Monetary Fund and the German Ministry for Developing Countries.
Meanwhile, there have been several new signatories. They include: Rothschild & Cie Gestion, France; EPS Value Plus AG, Switzerland; North Sky Capital, US; Responsible Assets, Denmark; Merlon Capital Partners, Australia.