UK regulator hires Legal & General IM's Sacha Sadan for new sustainability role

By Simon Jessop

LONDON (Reuters) - Britain's financial markets regulator has hired one of the UK's most important corporate governance figures, Legal & General Investment Management's Sacha Sadan, to lead the development of its sustainable finance policy, it said on Monday.

The Financial Conduct Authority said Sadan, who had served as head of investment stewardship with Britain's biggest asset manager for around a decade, will take up the newly created role of director of environment, social and governance this summer.

The appointment follows a recent government decision to add a consideration of the UK target of reaching net zero carbon emissions - part of the global shift to a low-carbon economy - to the FCA's remit.

The regulator has also introduced rules requiring companies listed in London to improve disclosures around climate-related risks.

"The FCA is rightly seen as an international leader on the role financial regulation should play in delivering a more sustainable and greener future," FCA Chief Executive Nikhil Rathi said.

LGIM CEO Michelle Scrimgeour said in a statement that a search was underway for Sadan's replacement.

In the meantime head of responsible investment integration Michael Marks will lead the stewardship team of 17 at the asset manager, part of insurer Legal & General.

(Reporting by Simon Jessop; Editing by Jan Harvey)