Local government investment pool LGPS Central has hired Sheila Stefani as head of stewardship within its responsible investment team starting on 22 May, while Sameed Afzal has joined the team as a senior stewardship analyst.  

 

LGPS Central said the appointment of Stefani reinforces its commitment to RI and engagement. Stefani joins the Wolverhampton-based pool from TPT Retirement Solutions. She has worked in environmental, social and governance research and active stewardship, and her career includes roles at ICGN Global Stewardship Committee, Church Commissioners of England Pensions Board, and Minerva Analytics. Several industry publications are in her name, and she is a member of numerous industry associations.  

 

In her new role, Stefani will lead on engagement with companies and policymakers on ESG issues and oversee the pool’s proxy voting process and strategies. She will also be responsible for setting engagement priorities, developing engagement strategies and working with the team on ESG integration and manager oversight across asset classes. 

 

The pool’s director of RI and engagement, Patrick O’Hara, said Stefani’s strong research background had equipped her with valuable analytical capability.  

 

“Sheila's deep knowledge of corporate governance complements the team's existing skill set and will add considerable value to the team across the breadth of activities we undertake from stewardship through to integration. We are looking forward to working with her and together confronting the challenges facing the investment industry in respect of the evolution of responsible investment,” O’Hara said. 

 

The appointment comes after pension funds took a stand against the directors of large oil and gas firms during this annual general meetings season, voting against their reappointments. LGPS Central, along with other large schemes, voted against the reappointment of BP’s chair Helge Lund at the firm’s last AGM, for example. It also offered to provide evidence in a case ClientEarth tried to bring against Shell, but the High Court dismissed the application for a trial last week. 

 

O’Hara has previously spoken about the difficulty for pension funds to effect change through stewardship while many shareholders are apathetic or focussed on short-term gains.  

 

“It is essential that more mainstream investors consider E and S factors when voting at AGMs and integrate these considerations into their voting decisions... There are still too many investors who don’t use their votes proactively or holistically or with a long-term lens,” he said.  

 

    

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