Super’s biggest problem likely lies within funds themselves, with many using legacy operational infrastructure ill-suited to the needs of the major financial organisations they’ve become.
The race to the bottom on low cost, benchmark aware solutions for a post-YFYS world has pretty much been run. But while the perception of value currently sits on price, that might not be where it ends up, according to Fidelity’s Simon Glazier.
Cbus gets a new head of stewardship
Stephen Monnier has joined Cbus as its new head of stewardship, bringing “extensive global and local experience” across sustainable investment, sustainable solutions and ESG integration.
“With Cbus’ strong focus on responsible investment Stephen brings a wealth of experience and expertise to Cbus Super and will be a valuable addition to the responsible investment team in the role of head of stewardship,” said head of responsible investment Ros McKay, adding that Monnier’s background in risk management adds a “unique set of skills and perspectives”.
Monnier joins Cbus from BlackRock where he was head of sustainable and transition solutions for Australasia, and worked across its Australasian and UK/European operations with roles in Sydney and London over the last 12 years. He also held analyst and risk management roles at Newton Investment Management Limited (London), Macquarie Bank and Bankers Trust.
Monnier’s appointment builds on the 2022 appointment of McKay, who was brought on to spearhead the fund’s total portfolio approach to managing ESG risks and integration of ESG into the investment process, as well as embed the goals of its climate roadmap to reduce emissions and tackle the “embodied carbon” of emissions from the building and construction sector. Then CIO (now CEO) Kristian Fok said the fund’s commitment to “managing these opportunities and risks has never been more important”.
Under previous head of responsible investment Nicole Bradford, Cbus benchmarked external managers based on their climate change “care factor” and made it a factor in the decision to award future mandates. It also set a 45 per cent emissions reduction target for 20230.
