Large pension schemes have invested significant time and effort into their first round of Taskforce on Climate-related Financial Disclosures (TCFD) reports. These are often highly detailed, technical documents and it’s easy to get bogged down in the detail and lose sight.
In this fireside chat, Renata Kostrzewa, Head of Responsible Investment at BP Pension Fund, and Alex Lindenberg, Managing Director at Redington, discussed how we can use these reports to make more informed, better investment strategies.
In this conversation hosted by Karen Shackleton of Pensions for Purpose, we discussed:
Data quality – making progress when data is imperfect and methodologies are underdeveloped.
Scenario analysis – is this useful and how should it drive decision-making?
Net-zero objectives – what do these mean in practice?
The importance of manager monitoring and oversight – how the output helps with TCFD reporting.
Engagement versus divestment – how can investors strike the right balance?
The role of biodiversity and natural capital in meeting climate objectives.
This one-hour event included a roundtable discussion, where other asset owners were able to share their personal experiences and ask questions throughout.
Who was this event for?
The session is open to anyone involved in the governance of assets and pension funds such as trustees of corporate defined benefit plans, trustees of corporate defined contribution plans; master trusts; LGPS pensions managers and committee members, and in-house pension teams.
Sponsor
Speakers' biographies
Alex Lindenberg, Managing Director, Redington
As a strategic advisor to institutional investors with c.£40bn in assets, Alex has significant depth and breadth of experience in helping clients to navigate a range of investment and funding challenges. He works collaboratively with investment committees, in-house teams and trustee boards to align investment strategies with client objectives and implement changes efficiently and effectively. This includes integrating responsible investment considerations into all aspects of the investment process including objectives, portfolio construction and implementation. Prior to joining Redington, Alex worked at an economics consultancy engaging with central bank policymakers and institutional investors. He holds a Master’s degree in International Political Economy from the London School of Economics.
Renata Kostrzewa, Head of Responsible Investment, BP Pension Fund
Renata is Head of Responsible Investment at the BP Pension Fund. In 2018, she joined the Fund’s internal asset manager, BP Investment Management (BPIM), to establish the investment risk framework, oversee listed equities research management and execution, and progress BPIM’s ESG integration and stewardship activities. Given the rapid development of the ESG space and increased regulatory requirements, Renata moved to the BP Pension Trustee team to lead the newly established function dedicated to responsible investment and the integration of climate change across all Fund investments. Prior to joining BP Pension Fund, Renata worked at Goldman Sachs, in London and New York, covering market risk management and analysis across various portfolios in the firm’s fixed income and equities businesses, as well as Goldman Sachs Asset Management. Renata holds a Master of Arts in Mathematics of Finance from Columbia University, New York.
Host
Karen Shackleton, Director and Founder, Pensions for Purpose
Karen has worked in the finance sector for over 30 years. As well as being Founder of Pensions for Purpose, she is Deputy Chair of the Strategic Investment Board for the Ministry of Justice and a non-executive director and Chair of the Board of Resonance Ltd, a social impact investment company.
She sits on the Advisory Council of the Impact Investing Institute. Karen also provides independent investment advice to the London Boroughs of Islington, Camden and Hounslow through MJ Hudson. She was the Chief Executive/Managing Director of AllenbridgeEpic Investment Advisers from 2010 to 2013.
Prior to that, she had ten years’ experience as a fund manager and director for County NatWest and BZW Investment Management (now BlackRock).
Paris Alignment Forum
The Paris Alignment Forum was established by Pensions for Purpose to help pension funds and other asset owners on their journey towards alignment with the goals of the Paris Agreement. We do this by sharing climate-related thought leadership written by our members (asset managers, consultants and lawyers), by running free training workshops for trustees and by engaging in industry-wide conversation through our quarterly all-stakeholder and asset-owner events. To join the Paris Alignment Forum, please email the Forum Lead.
Pensions for Purpose
Pensions for Purpose exists as a bridge between asset managers, pension funds and their professional advisers, to encourage the flow of capital towards impact investment. Our aim is to empower pension funds to seek positive impact opportunities and mitigate negative impact risks. For more information, please email our Membership Manager.
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