Abrdn completes sustainability governance team with two senior appointments
UK asset manager Abrdn has created two senior roles to complete its new sustainability governance team following Amanda Youngās departure and Dan Grandageās appointment as Chief Sustainability Officer.
The firm has poached sustainable investment veteran Kristina Church from BNY Mellon in the role of Global Head of Corporate Sustainability, and promoted its Chief Corporate Affairs and Investment Relations Officer Sarah Moody to Chief Corporate Affairs and Sustainability Officer.
Both will sit on a newly formed Executive Sustainability Committee chaired by Moody, and work alongside Grandage to accelerate Abrdnās sustainability strategy.
Church was previously Global Head of Commercial Sustainable Solutions at BNY Mellon and has also led sustainability efforts at Lombard Odier Investment Managers and Barclays Investment Bank.
āIām looking forward to working with Sarah Moody and Dan Grandage in their newly expanded roles and leading the amazing corporate sustainability team at Abrdn. It is a huge privilege to join Abrdn at a time of transformation, with the groupās commitment to sustainability matched by a desire to keep evolving, challenging and pushing forward in what is a complex area, as the most important issues always are. Iāve also long admired the work done by Abrdn around social policy, and I am excited to get started,ā she said in a Linkedin post announcing her new role.
Abrdnās āstrategic repositioningā
The FTSE 250 asset manager posted net outflows of almost Ā£14 billion in 2023 and is now implementing a transformation programme that seems to involve a massive governance shake-up: Young left the firm in April after a decade leading responsible investment, and CEO Stephen Bird is also stepping down.
The change of CEO after four years is part of a āsignificant strategic repositioningā for Abrdn, which is also looking to reduce costs by Ā£150 million a year by 2025 and will cut 500 jobs as part of the process.
The company plans to publish its first climate transition plan this year, but has already announced two carbon reduction targets: 50% in portfolio carbon intensity by 2030 and 50% absolute reduction for operational emissions by 2025.
As of 2023, portfolio carbon intensity has decreased by 41% and operational emissions have been reduced by 69%.
The firm has yet to disclose Scope 3 emissions from its investments, and has not committed to setting science-based targets.
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