Seminar – Strategy and Tactics for Effective Engagement

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17 May 2019

11:00 -18:00


Registration for this event is closed.

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St John's College

St Johns St



United Kingdom


Investor engagement on environmental, social and governance issues was examined at the conference on 17 May 2019, jointly organised by the Centre for Endowment Asset Management at Cambridge Judge (CEAM) and Principles for Responsible Investing (PRI). 

Attracting over 100 investment professionals, the conference included:

  • Opening from PRI’s Head of Active Ownership, Paul Chandler, who highlighted the importance of ESG integration globally for PRI signatories.
  • Keynote from Professor Elroy Dimson and Dr Oğuzhan Karakaş, on PRI commissioned research “Coordinated Engagements”, which discusses the nature and benefits of co-ordinated, collaborative and international efforts to influence investee companies on environmental and social issues. 
  • Emerging researches from Jiali Yan using stock returns to measure what drives a firm’s environmental and social performance and from Vaska Atta-Darkua focusing on the impact of investment exclusions.
  • Panel discussion in which investment practitioners shared their experience and knowledge on the opportunities that the related research offers to practitioners.
CEAM Effective engagement seminar.



17 May 2019

11:00 – 12:00

Registration and sandwich lunch

12:00 – 12:05


Dr David Chambers, Reader in Finance, University of Cambridge and Academic Director, Centre for Endowment Asset Management (CEAM)

12:05 – 12:20


Paul Chandler, Head of Active Ownership, PRI

12:20 – 13:40

Keynote presentation

Chair: Valeria Piani, Director, Sustainable Investing, UBS Asset Management

  • Coordinated Engagements – Speakers: Elroy Dimson, Professor of Finance, Cambridge Judge Business School and Dr Oğuzhan Karakaş, Senior Lecturer in Finance, Cambridge Judge Business School, University of Cambridge

13:40 – 14:00

Refreshment break

14:00 – 15:30

Research presentations

Chair: Dr David Chambers, Reader in Finance, University of Cambridge and Academic Director, Centre for Endowment Asset Management (CEAM)

  • What Drives a Firm’s ES Performance? Evidence from Stock Returns – Speaker: Jiali Yan, Lancaster University Management School
  • Investment Exclusions – Speaker: Vaska Atta-Darkua, Cambridge Judge Business School, University of Cambridge

15:30 – 15:45

Refreshment break

15:45 – 17:10

Panel discussion: Opportunities for practitioners

Chair: Alan Jagolinzer, Professor of Financial Accounting, University of Cambridge

  • Carola van Lamoen, Head Active Ownership at Robeco
  • David Harris, Head of Responsible Investment at FTSE International Limited
  • Maria Lombardo, Head of Responsible Investment EMEA , Invesco
  • Rob Stewart, Head of Responsible and Charity Investment, Newton Investments

17:10 – 17:15

Closing remarks

Katherine Ng, Head of Academic Research, Principles for Responsible Investing (PRI)

17:15 – 18:00

Networking reception


David Chambers

Invesco Professor of Finance, Cambridge Judge Business School and Academic Co-Director of the Centre for Endowment Asset Management

David’s research interests span asset management and financial history; he has published in leading academic journals in finance and in economic history. He is the Academic Co-Director for the Centre for Endowment Asset Management at Cambridge Judge Business School. David sits on the editorial board of the Financial Analysts Journal. He is a member of a number of investment committees in both Cambridge and London and is a Fellow of Clare College, Cambridge. David received his PhD in 2008 from the London School of Economics. Prior to returning to full-time education in 2001, David worked for 20 years in investment banking in asset management, mergers and acquisitions and venture capital in Europe, Japan and the United States.

Elroy Dimson

Research Director (Finance), Cambridge Judge Business School, University of Cambridge,

Elroy chairs the Centre for Endowment Asset Management at Cambridge Judge Business School. His research focuses on long-horizon investing, active ownership and case studies on investing, and his publications are on investment management, endowment strategy, responsible investing and financial market history. Elroy chairs the Advisory and Policy Boards of FTSE Russell, and serves on the Supervisory Council of the Geneva Finance Research Institute; until 2016 he chaired the Strategy Council of the Norwegian Government Pension Fund Global. Elroy is a Fellow or Honorary Fellow of CFA UK, the Institute of Actuaries, the Royal Historical Society, the Risk Institute at Ohio State University, and Gonville and Caius College, Cambridge. He is also Emeritus Professor of Finance at London Business School where he did his PhD.

Jiali Yan

PhD student in Accounting and Finance, Lancaster University

Jiali is a PhD candidate in Finance at Lancaster University Management School. Her research interests include corporate social responsibility, socially responsible investing, corporate governance and institutional investors. Her first paper sheds light on the potential dark side of the ESG rating industry. Her second paper examines the dynamic relationship between environmental-social performance and stock returns. Prior to joining the PhD programme at Lancaster University, Jiali received a bachelors degree in Economics from South Western University of Finance and Economics and a research masters degree in Finance (Distinction) from Lancaster University. Her work has been presented at the American Finance Association Annual Meeting PhD Poster Session 2018, the Second Conference on CSR, Economy, and Financial Markets, the 30th Australasian Finance and Banking Conference, and IFABS Conference 2017.

Carola van Lamoen

Head of Active Ownership, Robeco

Carola heads the Active Ownership team, responsible for the Robeco’s engagement and voting activities. She is Co-Chair of the Board Governance Committee of the International Corporate Governance Network (ICGN) and Chair of the Investment Committee of the Dutch governance platform Eumedion. Before joining Robeco in 2007, she was Corporate Governance Policy Advisor at the Dutch Ministry of Finance. Carola has been active in the field of corporate governance since 2001. She holds a Master’s in Business Administration from Erasmus University Rotterdam.

Rob Stewart

Head of Responsible and Charity Investment, Newton Investments

Rob leads the Responsible Investment Team and also Charity Investment at Newton. Apart from these leadership roles he manages a number of portfolios which have an ethical/SRI mandate. Prior to joining Newton Investment Management in 2003, he acquired a range of experience at Goldman Sachs as global equity manager. Previously he worked at CIN Management as both a Japanese and UK portfolio manager. Rob is a Governor of a London school which has charitable status.

Valeria Piani

Director, Sustainable Investing, UBS Asset Management

Valeria joined UBS in the Stewardship team in December 2017. She is responsible for co-ordinating and undertaking our engagement with investee companies relating to environmental and social factors. Prior to joining UBS, Valeria was Associate Director at the Principles for Responsible Investment (PRI) where she led the work of the ESG Engagements team. Valeria was responsible for developing and managing a range of collaborative engagements on environmental, social and governance topics. One of her recent publications include a “Practical guide to active ownership in listed equity”, published with the PRI. Her research on the effectiveness of shareholders’ collaborative engagement activities with companies on ESG issues has also been published by the Business & Society Journal and Emerald Group Publishing and was selected by the editors as an Outstanding Author Contribution in the 2014 Emerald Literati Network Awards for Excellence.

Katherine Ng

Head of Academic Research, PRI

Katherine is the Head of Academic Research Programme at the Principles for Responsible Investment (PRI). The programme aims to inform and engage responsible investment practitioners with academic research that is thought-provoking, analyses current thinking and future trends, and provides practical recommendations. She also builds the Academic Network, which is a community of interest in RI that is composed of over 4,500 investors and academics around the world. Previously, she managed the Research and Insights programme at ACCA the global accountancy body, developing, commissioning and communicating impactful research. Katherine was previously an academic researcher working on European Commission funded research on science and society in the fields of neuroscience, nanotechnology and technological advancement. 

Paul Chandler

Head of Active Ownership, PRI

Paul leads the PRI’s work on active ownership, providing guidance to investors on active ownership practices and coordinating a programme of collaborative engagements. Prior to joining the PRI in 2014, Paul worked in ESG research and engagement for Regnan, an Australian specialist ESG provider, and before that worked for Colonial First State Investments, an Australian superannuation provider. Paul holds a Master of Environment with a specialisation in climate change from the University of Melbourne and a Bachelor of Business majoring in finance from the University of Technology, Sydney (UTS).

Oğuzhan Karakaş

Associate Professor in Finance, Cambridge Judge Business School

Academic Co-Director, Centre for Endowment Asset Management

Oğuzhan’s research focuses on corporate governance, ownership and control, private equity, dynamic investment strategies, and corporate social responsibility. His research has been published in the highest ranked financial journals and his paper titled Active Ownership (with Elroy Dimson and Xi Li) is the recipient of prestigious awards, including the 2016 FIR-PRI Finance and Sustainability European Research Award. Prior to joining Cambridge Judge Business School, Oğuzhan was an Assistant Professor of Finance at the Carroll School of Management at Boston College. He has served as a part-time consultant to a hedge fund on establishing trading strategies. His PhD is from London Business School.

Vaska Atta-Darkua

PhD student in Finance, Cambridge Judge Business School

Vaska is a PhD student in Finance at Cambridge Judge Business School, University of Cambridge. She conducts research on responsible investing topics; currently focusing on negative portfolio screenings. Vaska holds a BSc in International Economics from the University of Essex and an MPhil in Finance from Cambridge Judge Business School. Prior to returning to full time education for her MPhil and PhD degrees, Vaska spent four years as an econometrics consultant in London. Her first paper examines the impact on firms when a large institutional investor publicly excludes them from its portfolio for (perceived) unethical behavior. Her second paper investigates the impact of sector screening for a well-diversified long-term investor. Her third paper surveys industry professionals on their sector exclusions views. Her work has been presented at the European Commission Conference on Promoting Sustainable Finance and the Inaugural Irish Academy of Finance Conference.

David Harris

Group Head of Sustainable Business, London Stock Exchange Group

David is responsible for ensuring that sustainability is included into the LSE’s activities at a group level. He has 15 years experience working in responsible investment and sustainability. He was vice-chair of the UK Sustainable Investment and Finance Association between 2012 and 2015. He was on the advisory committees for both the United Nation’s Principles for Responsible Investment and the European Sustainable Investment Forum and last year chaired the UN Sustainable Stock Exchange’s Working Group to develop model ESG reporting guidance for exchanges globally.

Maria Lombardo

Head of Responsible Investment EMEA, Invesco

Maria is Invesco’s Head of Responsible Investment for the EMEA region. Having more than twenty years of experience in senior management in investment banking and emerging economies equity capital markets, she became an expert in responsible investing and sustainable finance. Prior to joining Invesco, she was co-ordinating the global investor initiative group at CDP in London. Maria progressed into capital markets in sales and relationship management for Emerging Market Equities, with prominent European investment banks UBS and Sberbank where she acquired specific expertise in Eastern European and Russian equities. During her time at CDP, she requalified in sustainability management and responsible investing at Cambridge Institute of Sustainability Leadership. Maria graduated from Bocconi University in Milan and holds a CEMS MBA at UCLL in Brussels and Bocconi.

Alan Jagolinzer

Professor of Financial Accounting, Cambridge Judge Business School

Alan is the head of the Accounting Faculty Subject Group at Cambridge Judge Business School and the Director of the Cambridge Centre for Financial Reporting & Accountability. His research interests span financial reporting; international accounting; corporate governance; executive compensation and incentives; insider trading; he has published at the leading academic journals in accounting and economics. Alan sits on the editorial boards of The Accounting Review and The Journal of International Accounting Research. In 2015, he was a Fellow of the International Accounting Standards Board, London. Prior to joining Cambridge Judge Business School, he was an Associate Professor of Accounting at the University of Colorado-Boulder and an Assistant Professor of Accounting at the Stanford University Graduate School of Business.

Papers presented

Active Ownership

Elroy Dimson, Oğuzhan Karakaş and Xi Li

The Drivers of Successful Engagement

Elroy Dimson, Oğuzhan Karakaş and Xi Li

Co-ordinated Engagements

Elroy Dimson, Oğuzhan Karakaş and Xi Li