The Financial Conduct Authority (FCA), the conduct regulator for financial services firms and financial markets in the UK, announced today the appointment of Sacha Sadan to the newly created role of Director of Environment, SocialSocial criteria examine how it manages relationships with employees, suppliers, customers, and the communities where it operates. and GovernanceGovernance deals with a company’s leadership, executive pay, audits, internal controls, and shareholder rights..
In his new position, Sadan will be responsible for developing and advocating for the FCA’s approach to sustainable finance domestically and internationally, and for leading the development of policy that will help ensure the long-term safety and soundness of firms, the proper functioning of markets and the protection of consumers.
Nikhil Rathi, Chief Executive of the FCA, said:
“The FCA is rightly seen as an international leader on the role financial regulation should play in delivering a more sustainable and greener future. We welcome the recent addition to our remit of a requirement to have regard to the UK target of net zero carbon emissions. I am delighted to have someone of Sacha’s experience and insight joining us to help us accelerate this important work.”
The newly created role from the FCA comes as the regulator is increasing focus on ESGEnvironmental, social, and governance (ESG) criteria are a set of standards for a company’s operations that socially conscious investors use to screen potential investments. and sustainable finance issues. In December 2020, the FCA released a final rule for UK premium listed companies, requiring them to include a statement in their annual financial report stating whether the disclosures are consistent with the recommendations of the Taskforce on Climate-related Financial Disclosures (TCFD), and to explain if they are not consistent. Last month, UK Chancellor of the Exchequer Rishi Sunak sent letters to financial regulators, including the FCA, requiring them to embed climate change considerations in their decisions and actions, in alignment with the UK government’s commitment to achieve a net-zero economy by 2050.
Sadan joins the FCA from Legal and General Investment Management (LGIM), where he worked for ten years, most recently serving as Director of Investment Stewardship.
Sadan said:
“I’m delighted to join the FCA to help promote the UK as a global financial leader in ESGEnvironmental, social, and governance (ESG) criteria are a set of standards for a company’s operations that socially conscious investors use to screen potential investments.. Throughout my career as an asset owner, fund manager and global stewardship director I’ve focused on the protection of consumer interests and responsible capitalism. I look forward to using my experience to help pursue these key objectives at the FCA.”
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