The Investment Association has appointed three female directors to its board effectively doubling the number of women at its senior level.
Brooks Macdonald boss Caroline Connellan (pictured), Columbia Threadneedle Investments CEO EMEA Michelle Scrimgeour and Newton Investment Management chief Haneke Smits will be joining the board effective immediately.
The additions will bring female board representation up to 39% from 22% and above the targets outlined by the Women in Finance Charter.
Dan Watkins COO, EMEA at JP Morgan Asset Management has also been appointed to the board.
‘Commitment to diversity’
The UK asset management trade body said the appointments reflect its commitment to increase diversity in the industry.
Prior to the reshuffle, its 18-strong board featured just four women.
“The board of directors sits at the heart of the IA and it is essential that we have a diversity of backgrounds and perspectives around the table,” said Chris Cummings chief executive of the IA.
“We know that firms with diverse management teams make better decisions, so I am particularly pleased that we have been able to increase the diversity of our board with these four new appointments.”
Outgoing members
The incoming board members replace Quilter and Legal and General Investment Management CEOs, Paul Feeney and Mark Zinkula and Andrew Laing deputy chief executive at Aberdeen Standard Investments, who have all decided to retire.
Board members are able to retire or seek-re-election every three years.
Former Janus Henderson co-head Andrew Formica will also be stepping down. He was dropped from the asset manager in August with a $12m severance package after the firm decided to ditch its dual-management structure a year following the merger.
IA chairman Peter Harrison said: “I would like to pay tribute to the contribution of those retiring directors, who have given us many years of service. Their wisdom and experience have helped to build the IA into the organisation of influence that it is today.”
