Amanda Young, the former Chief Sustainability Officer at Abrdn, has been appointed as a Senior Advisor for the Global Ethical Finance Initiative (GEFI). This move comes after her departure from Abrdn in May 2023, amid structural changes within the firm’s sustainability team.
With over ten years of experience in sustainability and responsible investment, Young is a significant addition to the GEFI mission as an agent of change who seeks to engage governments and financial institutions toward advancing sustainable finance.
Background Experience
Young has been named by peers as an expert in driving sustainability agendas in finance. In GEFI, she has previously worked; before joining GEFI, she had a leading role in the Scottish Taskforce for Green and Sustainable Financial Services.
Her time at Abrdn was defined by some significant progress in ESG activity for the firm but ended amidst quite significant change for the company. Abrdn found it difficult to keep the engine running behind ESG investment with the loss of several senior leaders, including Eva Cairns who handles sustainability insights and climate strategy. Sources said these changes were the result of a wave of cost-cutting moves the company made, which damaged morale in the team.
Abrdn Sustainability Track Record
The sustainability and ESG investment space has taken off in the last few years. Firms like Schroders have released a plethora of ESG funds, but Abrdn was not at par. Schroders data goes so far as to suggest that the company launched 14 ESG funds and closed four since 2022, against the backdrop of Abrdn launching six but closing seven.
Abrdn stated that it has launched a total of 23 funds and closed nine worldwide since 2022, which comprised exchange-traded funds (ETFs), model portfolios, and segregated mandates. For this reason, despite efforts made, it faces criticism over its method to sustainability and general work environment.
Role at GEFI
At GEFI, Young will combine her experience for positive change impacting the ethical finance practice and sustainable investment ecosystem. GEFI is a focus on governance and values in the financial sector-to contribute to positive societal change through sustainable finance.
The organization has taken an active role in engaging with the global and regional discourse on ethical finance. Young’s appointment comes at a time when GEFI has been continuously scaling up its reach in ESG, focusing on promoting output-driven outcomes in conjunction with financial services and policy makers.
Forthcoming Initiatives
To mark her new appointment, Young will join GEFI for its Festive Fireside on December 19, 2023, at offices of Martin Currie. This session will be used to review the past year for GEFI and to set out objectives going forward, including strategic plans through to 2025.
Implications for Sustainable Finance
Young’s appointment to GEFI highlights growing value that the finance sector places in experienced leaders to drive the sustainability agenda.
And, Abrdn exit underlines pressure firms are undergoing in managing cost with the need to stay strong on the sustainability agenda.
GEFI will greatly gain from the experience and leadership of Young because it moves forward with growing its sustainability vision in the global finance arena, a field where ESG investing remains such an intricate issue.
Source: GEFI announcement, Financial News reports