Wolfgang Engshuber was named chairman of the United Nations' Principles for Responsible Investment initiative.
He succeeds Donald MacDonald, trustee director of the £33.9 billion ($54 billion) BT Pension Scheme, London, whose term at the UNPRI ended in 2010, according to UNPRI spokesman Joshua Kendall.
Mr. Engshuber, chief administrative officer of Munich Reinsurance America, was one of the founding contributors to the initiative and is a member of the Advisory Council, UNPRI's governing board.
He will serve a three-year term as chairman.
“I strongly believe that the integration of environmental, social and corporate governance issues will become mainstream for the investment community, and PRI, with support from UNEP Finance Initiative and U.N. Global Compact, will be a catalyst and thought leader for this development,” Mr. Engshuber said in a news release. “I believe PRI will contribute in making the next decade an age of responsible business.”
UNPRI was begun in 2006 to promote and support investors to implement responsible investing. It has about 870 signatories from 45 countries, including major pension funds like the $228.5 billion California Public Employees' Retirement System, $146.4 billion California State Teachers' Retirement System and 3.1 trillion Norwegian kroner ($535 billion) Government Pension Fund-Global.