The $20 trillion United Nations Principles for Responsible Investment has started the process of electing a ne chair after it confirmed that the current chairman, Donald Macdonald, will step down in October.
Mr. Macdonald, a board member of the BT Group PLC pension scheme, the U.K.'s largest, has been chair of the PRI since it was formally launched in April 2006 at the New York Stock Exchange by then UN Secretary General Kofi Annan.
Under Mr. Macdonald's chairmanship, the PRI has grown to 753 signatories, including 205 asset owners and 404 fund managers. Mr. Macdonald's tenure will formally end at the next PRI annual general meeting in October at the PRI in Person conference in San Francisco.
The PRI said its board, which is made up of 11 representatives from asset owner signatories and two representatives from the UN, would appoint a new chair in the lead up to the meeting, with the new chair expected to formally take over after October.
Hugh Wheelan is managing editor of Responsible Investor