LONDON, 25 March 2014 – The Principles for Responsible Investment (PRI) today announced the appointment of Martin Skancke as the new Chair of its Advisory Council. Mr Skancke, a leading global advocate of long-term and responsible investment, will join the PRI on 1 April and will be based in Norway. He succeeds Dr. Wolfgang Engshuber, who completes his 3-year term as Advisory Council Chair this year.
Mr Skancke previously served as Director General and Head of the Asset Management department at the Norwegian Ministry of Finance, where he designed and established the Norwegian Government Pension Fund, a founding signatory to the PRI and one of the world’s largest sovereign wealth funds (SWFs), with assets under management of more than US$ 800bn.
He spent four years as Head of the Domestic Policy department at the Office of the Prime Minister of Norway, acting as chief advisor to the Prime Minister on economic policy issues, including pension reform. In 2011, he left the Ministry of Finance to establish his own consultancy firm to help governments in developing countries create their own SWFs. He has also worked at McKinsey & Co. advising Norwegian and international companies on business strategy.
“Martin’s work has been instrumental in changing the way companies and markets behave, as well as how pension funds invest, and we are very pleased to welcome him to the PRI,” said Fiona Reynolds, Managing Director of the PRI. “His practical experience advising governments, institutional investors and corporations at the highest level on policy matters, coupled with his work establishing the Norwegian Government Pension Fund as one of the world’s largest and most influential responsible investors, leave him well placed to lead the PRI Advisory Council.”
“Much of my career has been devoted to promoting well-functioning financial markets that are useful to society. One important aspect of this is increasing the impact and effectiveness of asset owners as responsible investors. I look forward to accelerating this very important work at the PRI,” Mr Skancke said. “In a few short years, the PRI has grown to become an influential global investor network driving the development of a more responsible and sustainable model of capitalism.
Active ownership is part of the solution to building and protecting wealth for current and future generations. I look forward to being part of the next phase of the PRI’s development and making sure the PRI delivers maximum value to its signatories. I would like to thank my predecessor Dr. Wolfgang Engshuber for his leadership over the last three years.”
A CFA-holder, Mr Skancke earned a Masters in Economics at the London School of Economics and holds degrees from the Stockholm School of Economics and the Norwegian School of Economics and Business Administration. He served as Chairman of the World Economic Forum’s Public & Institutional Investors Industry Agenda Council from 2010-2011 and was Norwegian representative in the drafting of the Santiago Principles for SWFs in 2008.