Power shifts at Danish pension fund, as ESG chief wins investment veto

"You have to walk the talk -- and that's what we believe we're doing by giving equal status to the head of ESG and the head of investments," said the CEO of Danish pension fund PBU. The fund's head of ESG now has the authority to block investments that do not square with PBU's ESG criteria. This power shift makes PBU a pioneer amongst its peers.

Head of ESG at PBU has the power to stop investments that do not live up to the pension funds ESG criteria.

Sune Schackenfeldt, the CEO of Danish pension fund PBU since 2016 has been mulling how to give the pension fund's ESG function more punch and allow the person in the role to become more important in the investment process.

Last December, he decided -- in a somewhat unusual move -- to give the power of veto to his head of ESG.

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